These new claims are directly bordering New Age Metals (NAM:CSE) flagship River Valley Platinum Group Metals (PGM) project which hosts a magmatic contact-hosted platinum-palladium-gold PGE Deposit located in northeastern Ontario
Image: Crystals of pure platinum. (Credit: Periodictableru/Wikipedia.org)
Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the “Company”) is pleased to announce that it has acquired the River Valley East Platinum-Palladium Prospect in Ontario consisting of approximately 4,700 contiguous acres. These new claims are directly bordering New Age Metals (NAM:CSE) flagship River Valley Platinum Group Metals (PGM) project which hosts a magmatic contact-hosted platinum-palladium-gold PGE Deposit located in northeastern Ontario, approximately 60 km northeast of Sudbury. According to a New Age Metals’ news release dated August 08, 2019, their PEA highlights a Life of Mine (LOM) of 14 years, with 6 million tonnes annually of potential process plant feed at an average grade of 0.88 gram per tonne (g/t) palladium equivalent (PdEq) and process recovery rate of 80 per cent, resulting in an annual average payable PdEq production of 119,000 ounces.
James Nelson, President of Spearmint, stated “The acquisition of the River Valley East prospect significantly adds to Spearmints asset base and positions us well in the burgeoning PGM boom. The mining community seems to have now woken up to the potential underlying value of New Age Metals River Valley project and we are excited to now have a footprint directly bordering them in this PGM district at a time when PGMs are experiencing a significant surge in price. Management is currently formulating plans for this new prospect and is expecting a very active 2020.”
Source: Company Press Release