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Platinex Announces Acquisition of Muskrat Dam Critical Minerals Project in Northwestern Ontario
TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt 9PX) (“Platinex” or the “Company”) is pleased to announce that it has signed a bi
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[{"type":"text","content":" TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt 9PX) (“Platinex” or the “Company”) is pleased to announce that it has signed a binding letter of intent to option a 100% ownership interest in the Muskrat Dam Critical Minerals Project (the “Muskrat Dam Project” or the “Project”). The Muskrat Dam 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 (6) property blocks, which together cover 10,950 hectares (109.5 km2) in the highly prospective Muskrat Dam Lake (MDGB) and Rottenfish (RGB) greenstone belts (see Figures 1 and 2). Figure 1: Northwestern Ontario Mines and Prospects The Project includes the Axe Lake Property, which shows potential to host lithium-bearing pegmatites. A major high-strain zone, the northwest-trending “Axe Lake deformation zone” (ALDZ), as termed here, 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 Cu-Ni-PGE, gold, and chromite targets. Inco, Canadian Occidental, and other operators carried out historical exploration in the area during the 1970s and 1980s. However, the belt has seen little modern exploration, providing an excellent opportunity to make potential discoveries. The acquisition positions Platinex as a significant player in this new area of interest as critical mineral exploration activity increases in Ontario. It also complements the Company’s more advanced W2 Cu-Ni-PGE project, which controls the Lansdowne House Igneous Complex, a prominent feature of the Oxford Stull Dome near Ontario’s Ring of Fire. Figure 2: Muskrat Dam Critical Minerals Project geological map Axe Lake Property The Axe Lake Property comprises 321 cell claims covering 6,175 hectares. The property is situated at the north-central edge of the Muskrat Dam Lake greenstone belt along the contact with the Misquamaebin Lake batholith (MLGB), which is composed of many discrete composite plutons. Volcano-sedimentary rocks underlie the property, which is bounded on the northeast by the MLGB. Ayers (1969), ...