Platinex acquires Muskrat Dam critical minerals project

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Platinex (CSE: PTX) has signed a binding letter of intent to option a 100% ownership interest in the Muskrat Dam critical minerals project. The project is located in northwestern Ontario approximately 125 km northeast of Frontier Lithium’s PAK lithium project and 125 km northwest of Newmont’s Musselwhite gold mine. The project comprises six property blocks, which together cover 10,950 hectares in the highly prospective Muskrat Dam Lake and Rottenfish greenstone belts.

The project includes the Axe Lake property, which could potentially host lithium-bearing pegmatites, the company claims. A major high-strain zone, the northwest-trending Axe Lake deformation zone, is interpreted to pass through the property. This major structural zone potentially provided pathways for granitic melts and evolving pegmatites, potentially lithium- and other rare metals-bearing, to be emplaced into volcano-sedimentary rocks on the property. 

The Muskrat Dam project also contains compelling copper-nickel-PGE, gold, and chromite targets. Inco, Canadian Occidental, and other operators carried out historical exploration in the area during the 1970s and 1980s. However, Platinex says the belt has seen little modern exploration, providing an opportunity to make potential discoveries.

“The acquisition of the Muskrat Dam project fits well with our strategy of acquiring large-scale projects in significant greenstone belts in Ontario. This acquisition is being completed on attractive earn-in terms with a low up-front cost. Our initial focus will be to confirm the nature of mineralization at the Axe Lake property and potential lithium grades through a prospecting and evaluation program,” said Greg Ferron, CEO of Platinex.

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