Platinex Inc. (CSE:PTX) has announced that as a result of additional staking in December 2022, the company’s Muskrat Dam Property in northwestern Ontario now totals 12,934 hectares, including the 7,025 hectare Axe Lake property, which shows the potential to host lithium-bearing pegmatites and will be the focus of initial exploration activity.
The resource projects developer also said Dr Fred Breaks has joined the company as a technical advisor.
Platinex noted that Breaks is a known expert on lithium, having discovered the two largest lithium-rich rare-element deposits in Ontario - the Separation Rapids Pegmatite of Avalon Advanced Materials Corp and the Pakeagama Lake Pegmatite of Frontier Lithium.
READ: Platinex closes acquisition of Muskrat Dam and finishes property purchases at Shining Tree and W2 projects in Ontario
The company noted that Ike Osmani, a technical advisor to the company on the Shining Tree and W2 programs, will also provide technical assistance on the Muskrat Dam Project.
Platinex also revealed that the main objective of the initial exploration activity at the Muskrat Dam Project will be to map and sample the white pegmatites on the Axe Lake property to confirm the presence and grade of lithium mineralization.
As well, the company stated that it has granted 5 million stock options to members of its board, officers, technical advisory committee, and consultants. Platinex said the stock options will be granted at a strike price of $0.05 for a period of three years with standard vesting provisions.
In addition, the company noted that 6,465,169 common share purchase warrants expired on December 31, 2022, and January 9, 2023.
The Muskrat Dam Project, which also contains compelling copper-nickel-platinum group elements, gold, and chromite targets, comprises six property blocks in the highly-prospective Muskrat Dam Lake (MDGB) and Rottenfish River (RRGB) greenstone belts, according to the company.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
The company’s current assets include a 100% ownership interest in the 160 square kilometre (km2) district-scale W2 Copper-Nickel-PGE Project in the Ring of Fire and a 100% interest in the 225 km2 Shining Tree Gold Project in the Abitibi region of Ontario, a world-renowned gold district.
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