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Power Group Signs LOI to Acquire Newfoundland Platinum and Palladium Project
Toronto, Ontario--(Newsfile Corp. - October 8, 2020) - Power Group Projects Corp. (TSXV: P...
About this update from Power Group Projects Corp.
[{"type":"text","content":"Power Group Signs LOI to Acquire Newfoundland Platinum and Palladium ProjectToronto, Ontario--(Newsfile Corp. - October 8, 2020) - Power Group Projects Corp. (TSXV: PGP) (\"Power Group\" or the \"Company\") is pleased to announce that it has entered into a binding letter of intent (the \"LOI\") with Pallplat Metals Inc. (\"Pallplat\" or the \"Vendors\") for the acquisition of the Muddy Gullies project in Newfoundland, Canada (the \"Muddy Gullies Property\" or the \"Property\"). In consideration for the purchase of the Property, on signing of a definitive agreement, the Company will issue the shareholders of Pallplat 12,900,000 common shares in the capital of the Company. The Muddy Gullies Property is prospective for the exploration of platinum and palladium minerals and is comprised of 83 mineral claims. The Property is located 28 kilometers northeast of Gander, Newfoundland.The completion of the transaction contemplated by the LOI remains subject to the Company and Pallplat entering into a definitive agreement and the approval of all regulatory and other approvals, including the approval of the TSX Venture Exchange. About the Muddy Gullies PropertyThe Muddy Gullies Property is located 28 kilometers northeast of the town of Gander, NL. Route 330 affords easy access to the property as does Muddy Gullies access road which runs east from route 330. The Property comprises 83 claim units covering ~20.73 square kilometres. The Property is host to several historical platinum, palladium, copper and gold showings, as indicated by the Mineral Occurrence Database System, Department of Natural Resources, Newfoundland & Labrador. The Property is underlain by a portion of the Gander River Ultramafic Belt (GRUB LINE) which consists of pyroxenite and lessor serpentinite, magnesite, amphibolite, hornblendite, and gabbro. The mafic and ultramafic rocks of the GRUB LINE are considered to be an ophiolitic suite of volcanic and plutonic rocks which have tectonically emplaced over the Gander Groups. Local and Regional Geology The Muddy Gullies Property straddles the tectonic boundary between the Dunnage Zone to the northwest and the Gander Zone to the southeast. The Davidsville Group sediments represent rocks of the Dunnage Zone on the Muddy Gullies Property and consist of pebble conglomerate, sandstone, shale and siltstone. Areas to the west of ...