White Metal Resources (TSXV: WHM) announced this week that it signed an agreement to acquire a 100% interest in the Seagull Lake palladium-platinum property from its partners Rainy Mountain Royalty and Canadian International Pharma Corp.<\/p>\n
Seagull Lake is located approximately 90 kilometres north-northeast of Thunder Bay, Ontario, Canada, and consists of 133 claim cells totalling approximately 2128 hectares.<\/p>\n
White Metals reports that the property covers the Seagull Lake Intrusion which is situated in the Nipigon Plate, a geological feature interpreted to have resulted from a failed third arm of a Proterozoic-aged, mid-continent rift system.<\/p>\n
“This geological environment has been compared to the Noril’sk PGE-Cu-Ni sulphide mining camp of Siberia, Russia, and as such is considered to be highly prospective for the discovery of new world-class Cu-Ni-PGE deposits,” the miner explained in a press release.<\/p>\n
To move forward with the acquisition, the Ontario-based company has to issue 200,000 common shares to Canadian International Pharma Corp. and 150,000 common shares to Rainy Mountain Royalty, in both cases on TSX approval.<\/p>\n White Metal will also have the right to purchase 0.4% of the Net Smelter Return Royalties controlled by Canadian International Pharma for $600,000 and 0.3% of the NSR controlled by Rainy Mountain Royalty for $450,000.<\/p>\n “With palladium at all-time highs (+US$1,500\/oz) and with the possibility of still higher prices due to the uncertainty in the global supply chain, the company believes that the Seagull Lake Palladium-Platinum Property will be a great addition to the company’s portfolio,” said Michael Stares, director of White Metal.<\/p>\n The post White Metal to become sole owner of palladium-platinum project in Ontario<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Thunder Bay-based company is negotiating 100% ownership with its partners.<\/p>\n The post White Metal to become sole owner of palladium-platinum project in Ontario<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[404,369,406,1966],"tags":[25,131,89],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1105105"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1105105"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1105105\/revisions"}],"predecessor-version":[{"id":1105211,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1105105\/revisions\/1105211"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1105105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1105105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1105105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}White Metals is striving to ride the wave of high palladium prices.<\/q><\/p>\n