21C Metals (CSE: BULL) announced this week that it has acquired the Agnew Lake property, located 80 kilometres west of Sudbury, Ontario, an area that is home to Glencore’s and Vale’s Canadian nickel-copper-platinum group elements mining and smelting operations.
In a media statement, 21C said that management decided to move ahead with the acquisition after discussions with the company’s advisors and following a thorough review of the Ontario Government geological database. The idea behind the buyout is to position the firm as one of the larger non-producing palladium explorers in North America.
21C started compiling public data on the Agnew Lake property
Agnew Lake is comprised of over 260 claims covering about 6,000 hectares and is part of the larger East Bull Lake-Agnew Lake mafic-ultramafic complex.
“The Agnew Lake magmas have major element compositions that are very similar to the model parent liquids proposed for the mafic portions of the Stillwater and Bushveld Complexes,” 21C’s press release reads. “The Agnew Intrusion and the East Bull Lake Intrusion are also considered to host significant PGE-Cu-Ni mineralization in marginal rock units.”
Since the acquisition has been completed, the Vancouver-based company said it will focus on finishing a detailed compilation of public data and starting a search for privately-held data.