Vancouver, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Planet Green Metals Inc. (CSE: PGR) (“Planet Green” or the “Company”) is pleased to announce the acquisition of key new claims from New Break Resources Ltd. (“New Break”, CSE: NBRK) that add to its Sheraton Property, east of Timmins, Ontario.
New Claims: A total of eight (8) claims were acquired totaling an area of 172 hectares, for a total of 3,091 hectares for the property. These claims were purchased from New Break for consideration of common shares and cash, with no NSR attached. The new contiguous claims increase the Sheraton property by only 6% but increases the land position over a key area immediately to the east and southeast of the historical Cross Lake Minerals volcanogenic massive sulphide (“VMS”) zone that was discovered in 1997.
These additional claims consolidate the Company’s position in this highly prospective, yet poorly explored, area of the Abitibi greenstone belt. The new claims include historical drillholes with wide sulphide intercepts (13.89 m of massive and semi-massive pyrite and pyrrhotite) and elevated base metals (9.5 m @ 0.18% Cu and >1% Zn), that intercepted the down-dip extension of the Cross Lake VMS discovery zone. The mineralization appears to remain open at depth, and the possibility of additional sulphide lenses remains to be tested.
Jeremy S. Brett, President and Chief Executive Officer, commented, “We have added key claims to our Sheraton land package and now control important ground that should help us unlock the VMS potential of this area. New Break’s collaborative approach and good faith in this transaction is greatly appreciated. Aside from the down-dip potential for VMS sulphide discovery, this key group of claim cells will allow us to evaluate the main geological controls for the felsic intrusive package, once we commence our airborne geophysics program. It is our objective that this will lead to the identification of new target zones for ground geophysics and follow-up drilling.”
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Figure 1: Newly acquired claims from New Break in October 2024 shown in blue, along with the original Sheraton Property claims in red (claims adjusted to current holdings).
About Sheraton:
The Sheraton Property consists of over 3,000 hectares and is located 25 km southwest from Matheson, Ontario, with excellent access via a network of forestry roads. The property covers the geological contact of a sequence of felsic to intermediate volcanic and volcaniclastic rocks of the Wawa-Abitibi greenstone belt, which is highly prospective for Cu-Zn±Au±Ag VMS-style mineralization. Exploration by Cross Lake Minerals in the late 1990s on the adjacent property at Cross Lake identified bedded sulphides containing zinc grades ranging from 1% to 6%, with local high-grade pods containing up to 18% Zn over a true width of 3 m, with silver values ranging up to 911 g/t Ag. Copper grades of 1% to 3% were encountered over estimated true widths of up to 12 m (Vaillancourt, 2001). The mineralization represents VMS style, and Planet Green will look for similar critical and precious metal mineralization on the Sheraton Property. The presence of significant copper mineralization at the adjacent Cross Lake property makes the Sheraton Property a compelling target.
About Planet Green Metals Inc.
Planet Green is strategically building a premier Canadian critical mineral assets company, leveraging its expertise to acquire high-quality, de-risked mineral exploration and royalty properties. The Company currently holds six exploration properties in northern Ontario, covering copper, gold, VMS related base metals and lithium. Planet Green is actively pursuing the acquisition of promising new projects in Canada and North America to bolster the project portfolio and provide shareholders with a diversified commodity base that is resilient to price fluctuations and market forces. With a robust and fully integrated technical and corporate team, the Company is dedicated to maximizing shareholder value through new mineral discoveries in mining-friendly jurisdictions.
Qualified Person:
The Company’s Technical Director, Sandy M. Archibald, Ph.D., P. Geo., has reviewed this news release and verified data for the Sheraton project as Planet Green’s qualified person (QP) within the meaning of National Instrument 43-101.
To find out more about Planet Green Metals Inc. (CSE: PGR) please visit the Company’s website at www.planetgreenmetals.com.
PLANET GREEN METALS INC.
Jeremy S. Brett, M.Sc., P.Geo.
President & CEO, Director
Planet Green Metals Inc.
jbrett@planetgreenmetals.com
Tel: (416)-831-5978
No stock exchange, regulation securities provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Notice Regarding Forward-Looking Statements
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
