Platinex Inc. (CSE:PTX) said exploration at the Muskrat Dam critical minerals project in Ontario has uncovered anomalous levels of rare metals, including tantalum, rubidium, cesium, niobium, and lithium.
The project, situated approximately 125 kilometers northeast of Frontier Lithium (TSX-V:FL, OTCQX:LITOF)’s PAK lithium project and 125 kilometers northwest of Newmont’s Musselwhite gold mine, holds strategic importance within a mineral-rich region.
Exploration conducted in September 2023 unveiled promising indicators of mineralization within the Axe Lake claim block, according to Platinex.
Among the key highlights of the discovery are the identification of chemically evolved granitic pegmatite dyke swarms along the Severn River, spanning a minimum area of 0.5 by 2.2 kilometers. These pegmatites exhibit anomalous levels of tantalum, reaching remarkable concentrations of 158 parts per million (ppm), a notable 225 times higher than its mean upper continental crust value.
The presence of beryl-type pegmatites with elevated levels of rubidium (845 ppm), cesium (42 ppm), niobium (64 ppm), and lithium (141 ppm) further underscores the project's potential for rare metal mineralization.
The distribution of these pegmatites is controlled by the Axe Lake Deformation Zone (ALDZ), a major ductile transcurrent fault system extending 30 kilometers across the property.
According to Fred Breaks, a geological advisor with Platinex, tantalum is not easily found in economic concentrations.
“(T)hese very early indications are particularly interesting as they shine a light on the Axe Lake Deformation Zone and the structural control of the mineralization in a major fault system,” Breaks told investors.
Breaks noted the ratio of niobium to tantalum, which indicates that tantalum was being concentrated compared to niobium. “The significance of the other rare metals found in these grab samples serve as indicators to the tantalum, which in today’s world, has the higher value.”
Platinex's President and CEO, Greg Ferron, expressed enthusiasm for the project's potential, highlighting the project's original focus on copper/nickel prospectivity and the transformative nature of the recent discoveries. "The comprehensive work by Dr. Breaks and Mr. Osmani on the Axe Lake Deformation Zone has added a significant new aspect to the project," Ferron said.
The Muskrat Dam Critical Minerals Project, held by Green Canada Corporation (GCC), in which Platinex holds majority equity ownership, is poised to benefit from its inclusion in the Ontario Junior Exploration Program (OJEP). Under OJEP, Platinex Inc. (CSE:PTX) stands to receive a grant covering 50 percent of qualifying exploration expenses accrued between April 1, 2023, and February 15, 2024, with a maximum grant amount of $200,000.