Vancouver-headquartered Spearmint Resources has acquired a new project prospective for platinum group metals (PGMs) just north of Thunder Bay, Ontario.
The 2 500 acre Escape Lake North project directly borders Clean Air Metals’ Thunder Bay North PGMs deposit, which hosts 9.8-million tonnes of 2.3 g/t platinum-equivalent.
"We are extremely pleased to have acquired this PGM project that is directly bordering this exciting world-class PGM deposit,” said president James Nelson.
Clean Air Metals is led by the former CEO of North American Palladium (NAP), Jim Gallagher, and recently completed a $15-million financing to develop the Thunder Bay property with a lead order from Eric Sprott.
Spearmint pointed out that Clean Air Metals’ project has Lac des Iles mine head grades. The Lac des Iles mine now belongs to Impala Platinum, which bought NAP for $1-billion last year.
“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,” said Nelson.