Published On: February 19th, 2024
Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) shares exciting news about their recent work at the Muskrat Dam Critical Minerals Project, which covers important parts of the Muskrat Dam Lake greenstone belt in Northwest Ontario. Through field observations and the analysis of bulk rock chemical data from samples gathered at the Axe Lake claim block in September 2023, Platinex has identified remarkable levels of rare metals (Rb, Cs, Ta, Nb) and lithium. While previous government surveys suggested promising geological conditions in the area, this exploration initiative marks the inaugural effort to specifically target rare metals, affirming their presence within the Axe Lake Deformation Zone (“ALDZ”) within the Muskrat Dam Lake greenstone belt.
Muskrat Dam Critical Minerals Project
The Muskrat Dam Critical Minerals Project is located 125 km northwest of Newmont’s Musselwhite gold mine and 125 km northeast of Frontier Lithium’s PAK lithium project. It is held by Green Canada Corporation (GCC), where Platinex Inc. holds the majority equity ownership. Platinex has the right to earn a 100% ownership interest in the project, which is subject to certain conditions. The Project has a land package of 12,934 ha (129 square kilometres).
Figure 1: Muskrat Dam Critical Minerals Project Geological Map
New Discovery Highlights
- Field observations and bulk rock chemical data from samples collected at the Axe Lake claim block revealed anomalous levels of rare metals (Rb, Cs, Ta, Nb) and lithium
- The Axe Lake Deformation Zone (“ALDZ”) in the Muskrat Dam Lake greenstone belt demonstrated a chemically evolved, tourmaline-muscovite granitic pegmatite dyke swarm over a minimum 0.5 by 2.2 km area on the Severn River
- Beryl-type pegmatites with anomalous Rubidium (Rb) (845 ppm), Cesium (Cs) (42 ppm), Tantalum (Ta) (158 ppm), Niobium (Nb) (64 ppm), and Lithium (Li) (141 ppm)
- Tantalum showed the highest value of 158 ppm or 225 times its mean upper continental crust value
- 40% of Nb/Ta ratios are below 2.0, signifying extreme fractionation
- Pegmatite distribution was controlled by the ALDZ. It is a major ductile transcurrent fault system that has a 30 km inferred strike length on the property
Mr. Greg Ferron, President and CEO of Platinex Inc., commented,
“The Muskrat Dam Critical Minerals Project was originally staked for its copper/nickel prospectivity, but the comprehensive work by Dr. Breaks and Mr. Osmani on the Axe Lake Deformation Zone has added a significant new aspect to the project.”
Meanwhile, Dr. Fred Breaks, Geological Advisor of Platinex Inc., also highlighted the importance of the findings and said,
“Tantalum is not easily found in economic concentrations, so these 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 of interest, is the ratio of niobium to Tantalum which suggests 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.”
About Mr. Greg Ferron
Mr Greg Ferron, the President and CEO of Platinex Inc., is a seasoned leader with a demonstrated track record in the mining industry. He plays a crucial role in guiding Platinex’s strategic direction, contributing significantly to its ongoing success. Under Ferron’s leadership, Platinex Inc. has achieved notable progress in its exploration projects.
Ontario Junior Exploration Program (OJEP)
The Muskrat Dam Critical Minerals Project has been selected for the Ontario Junior Exploration Program (OJEP). This initiative by the Government of Ontario supports early exploration projects and provides a grant covering 50 percent of qualifying exploration expenses incurred at the project between April 1st, 2023, and February 15th, 2024. The maximum grant amount approved for the project is $200,000.
About Tantalum
Tantalum is resistant to corrosion and has superconductivity and exceptional hardness. Its significance in modern technology stems from its applications in electronic circuits, capacitors, semiconductors, superalloys (such as those used in jet engines), and medical implants. As of 2023, the price of Tantalum stood at around USD 190 per kilogram. Forecasts predict a Compound Annual Growth Rate (CAGR) for Tantalum demand of approximately 5.26%.
Investor Outlook and Financials
- Tantalum discovery at Muskrat Dam Critical Minerals Project will provide an edge to Platinex Inc. in its wealth creation journey for the investors
- With this discovery, Platinex Inc. demonstrates a diversified portfolio with projects in prolific Ontario mining camps, including copper-nickel-PGE, gold, uranium, and now critical minerals
- Platinex Inc.’s share price stands at CAD 0.035 per share as of February 8th, 2024, with a 52-week range movement of CAD 0.02 – 0.055 per share
- The Company’s market capitalization is CAD 11.625 million, with 332.2 million shares issued and outstanding
About Platinex
Platinex Inc. is a Canadian mining company headquartered in Toronto, focused on creating shareholder value through strategic acquisitions and the advancement of high-quality projects in Ontario’s prolific mining regions.
The Company’s current assets include the W2 Copper-Nickel-PGE Project in northern Ontario and a 75% interest in the South Timmins Mining joint venture with Fancamp Exploration, targeting gold exploration near IAMGOLD’s Côté Gold operation. Platinex also possesses a variety of net smelter return (NSR) royalties on gold, PGE, and base metal properties in Ontario. With a robust and diversified project portfolio and a skilled technical team, the Company is dedicated to thoroughly exploring and assessing each project to optimize shareholder value.
Disclaimer
The Content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video (Content), is a service of COLITCO LLP and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is not a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Colitco LLP is neither licensed nor qualified to provide investment advice through this platform. Users should make their inquiries about any investments, and Colitco LLP strongly suggests the users seek advice from a financial adviser, stockbroker, or other professional (including taxation and legal advice), as necessary. Colitco, at this moment, disclaims any liabilities to any user for any direct, indirect, implied, punitive, special, incidental, or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Colitco LLP. Some images/music used on this website is copyrighted to their respective owner(s). Colitco LLP does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions, or are believed to be in the public domain. We have used reasonable efforts to accredit the head wherever it was indicated as or found to be necessary.
