Source: Platinex
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  • Platinex appoints Dr. Fred Breaks to the Muskrat Dam Critical Minerals Project Advisory Board and increases the project size
  • The Muskrat Dam property comes to just under 13,000 hectares 
  • Dr. Breaks, an expert on lithium, discovered two of the largest lithium-rich rare-element deposits in Ontario
  • The company hopes that, combined with Jim Trusler’s previous lithium experience, their involvement will benefit Platinex’s exploration activities at the project
  • As far as exploration plans go, the objective of the exploration activity will be to map and sample the white pegmatites on the Axe Lake property
  • Platinex (PTX) is up 11.11 per cent, trading at C$0.05 at 9:43 am EST

Platinex (PTX) has appointed Dr. Fred Breakts as a technical advisor and is making updates to its recently acquired Muskrat Dam Critical Minerals Project.

Platinex’s Muskrat Dam Property now totals 12,934 hectares which include the 7,025-hectare Axe Lake property

The Muskrat Dam Project is located in Northwestern Ontario, around 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 in the highly prospective Muskrat Dam Lake and Rottenfish River greenstone belts, where multiple groups have recently staked claims.

As previously mentioned, Dr. Fred Breaks joins the company as a technical advisor.

A noted expert on lithium, he discovered the two largest lithium-rich rare-element deposits (Li-Ta-Rb-Cs) in Ontario.

In addition, Ike Osmani, a technical advisor to the company on the Shining Tree and W2 programs, will also give technical assistance on the Muskrat Dam Project.

Together, Dr. Breaks and Mr. Osmani are both experts and have knowledge of the Muskrat Dam Project area through previous work at the Ontario Geological Survey and research reports covering the MDGB and adjacent North Caribou and Sandy Lake greenstone belts.

The company hopes that, combined with Jim Trusler’s previous lithium experience, their involvement will benefit Platinex’s exploration activities at the project.

A newly recognized northwest-trending Axe Lake deformation zone (ALDZ) is interpreted to pass through the Axe Lake and Munekun Lake properties.

This structural zone potentially provided pathways for granitic melts and evolving pegmatites, specifically lithium-bearing and other rare metals, to be emplaced into volcano-sedimentary rocks on the Axe Lake property.

The Muskrat Dam project also contains compelling copper-nickel-platinum group elements (Cu-Ni-PGE), gold, and chromite targets.

The belt has seen little modern exploration, providing an excellent opportunity to make potential discoveries.

The Muskrat Dam Lake (MDGB) and Rottenfish River (RRGB) are Meso- to Neo-Archean (2.9-2.7 billion years old).

The MDGB and RRGB typically comprise volcano-sedimentary rock sequences.

The company also works on the Axe Lake Property, which is on the edge of the muskrat Dam Lake greenstone belt, the Windigo ‘A’ Property, and more.

The objective of the exploration activity will be to map and sample the white pegmatites on the Axe Lake property to confirm the presence and grade of lithium mineralization.

Platinex has also granted 5,000,000 stock options to members of the board, officers, technical advisory committee, and consultants.

The stock options shall be granted at a strike price of five cents for a period of three years with standard vesting provisions.

The 6,465,169 common share purchase warrants expired on December 31, 2022, and January 9, 2023.

Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.

Platinex (PTX) is up 11.11 per cent, trading at C$0.05 at 9:43 am EST.


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