Platinex has made a significant discovery of tantalum at the Muskrat Dam Critical Minerals Project in Northwest Ontario, marking a notable advancement in the exploration of critical minerals. The discovery was made within the Axe Lake claim block, part of the Muskrat Dam Lake greenstone belt, revealing anomalous levels of rare metals including tantalum, lithium, and others, based on field observations and bulk rock chemical data collected in September 2023.
This exploration initiative, the first to specifically target rare metals in the area, has identified a chemically evolved tourmaline-muscovite granitic pegmatite dyke swarm over an area of at least 0.5 by 2.2 km along the Severn River. Key findings include high levels of tantalum (158 ppm), which is 225 times its mean upper continental crust value, indicating the potential for economic concentrations of this critical mineral.
The project, located approximately 125 km northeast of Frontier Lithium's PAK lithium project and northwest of Newmont's Musselwhite gold mine, was originally staked for its copper/nickel prospects. However, the recent findings highlight its potential for rare metal deposits, with the Axe Lake Deformation Zone playing a significant role in controlling the pegmatite distribution.
Platinex's President and CEO, Greg Ferron, and Geological Advisor, Dr. Fred Breaks, have expressed excitement over the discovery, noting the economic implications of tantalum concentration and the potential for structural control of mineralization within a major fault system. The Axe Lake pegmatite group's geological characteristics and mineralization patterns draw comparisons with other notable rare metal pegmatite systems in the region, suggesting a fertile granite system may be present.
Furthermore, the Muskrat Dam Critical Minerals Project has been selected for the Ontario Junior Exploration Program (OJEP), receiving a grant covering 50 percent of qualifying exploration expenses, underscoring the project's significance and the government's support for critical mineral exploration.
