TORONTO: Spearmint Resources Inc. has acquired the ‘Escape Lake North’ PGM Project in Ontario, Canada consisting of approximately 2,500 contiguous acres.
This new project is prospective for platinum group metals (PGM) and is located near existing infrastructure in a mining-friendly jurisdiction just north of Thunder Bay, Ontario. This new project directly borders Clean Air Metals Inc.’s (AIR.v) Thunder Bay North Project PGM deposit. According to the Clean Air Metals Inc. website, they have recently completed a $15 million-dollar financing to develop this property with a lead order from Eric Sprott.
Clean Air has 9.8M tonnes of 2.3g/t PtEq, with 1:1 Platinum, Palladium in resource (Lac des Iles Mine head grade). Clean Air is led by Jim Gallagher, Executive Chair who was most recently CEO of North American Palladium Ltd.(NAP) at the time NAPwas sold to Implats for $1B.
James Nelson, President of Spearmint, stated “We are extremely pleased to have acquired this PGM project that is directly bordering this exciting world class PGM deposit. The prices of platinum and palladium have been on a steady uptrend and near all-time highs. We are very optimistic about the future of the PGM and look forward to starting up operations on this new project. Spearmint will be active on multiple projects this summer at a time when the junior mining market is showing robust signs of renewed investor attention.”