Spearmint Resources (CSE: SPMT) recently announced that it has acquired the Escape Lake North PGM project in Ontario, Canada.
Escape Lake North occupies 2,500 contiguous acres and is prospective for platinum group metals. The property borders Clean Air Metals’ Thunder Bay North project PGM deposit, which hosts 9.8 million tonnes of 2.3g/t PtEq, with 1:1 platinum, palladium in resource.
“We are extremely pleased to have acquired this PGM project that is directly bordering this exciting world-class PGM deposit,” James Nelson, Spearmint’s president, said in a media statement. “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.”
According to Nelson, his company is planning to be active on multiple projects this summer given that the junior mining market is showing robust signs of renewed investor attention.