Vancouver, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) — Planet Green Metals Inc. (CSE: PGR) (“Planet Green” or the “Company”) is pleased to announce the staking of new claims that add to its Sheraton Property, east of Timmins, Ontario. Thirty-six (36) cells were staked, totaling an area of 680 hectares, and increasing the Sheraton property by 36%. The new contiguous claims extend the property to the southwest, and cover a wide East-West transect of prospective host rocks.
The newly acquired ground aligns with Planet Green’s exploration model for VMS-style mineralization, as outlined in the company’s previous release (July 2nd, 2024) for the Sheraton Property. These claims have been incorporated into the option agreement with Perry English (1544230 Ontario Inc.) and Gravel Ridge Resource.
The property area is characterized by a rhyolite / intermediate volcanic contact, which may relate to a significant volcanic centre that is prospective for structurally controlled VMS mineralization. This is underscored by the historical Cross Lake Minerals zinc, silver and copper drill intersections. Faults orthogonal to the axis of rhyolite contact could be controls on mineralization in the form of traps for sulfide accumulation on the ancient seafloor.
The presence of a troctolite dike that crosscut the rhyolites also has potential for magmatic sulfide-hosted nickel copper PGE mineralization.
Jeremy S. Brett, President and Chief Executive Officer, commented, “We’re delighted to announce that we have significantly expanded our Sheraton Property through strategic claim staking with Perry English who is a highly respected Ontario-based prospector. He is a co-founder of PGR, a shareholder and a valued member of our Advisory Board. This new acquisition aligns perfectly with our VMS-focused exploration model for the region, driven by our understanding of the area’s lithological and structural controls.”
He added, “In addition to enhancing our VMS potential, this expansion introduces promising nickel-copper opportunities, further strengthening our commitment to critical minerals. Notably, this property will be integrated into our existing royalty-free agreement with Perry English / Gravel Ridge, providing Planet Green Resources with the flexibility to structure its own royalties moving forward.”
New Sheraton Map Highlighting Newly Acquired Claims:
Figure 1: Newly staked claims form August 2024 shown in blue, along with the original Sheraton Property claims in red (claims adjusted to current holdings). The new claims will be added to the existing option agreement and are royalty free.
About Sheraton:
The Sheraton Property 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 sulfides 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 northwestern Ontario, covering copper, gold, lithium and VMS related base metals. 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 integrated technical and corporate team, the Company is dedicated to maximizing shareholder value through new mineral discoveries in mining-friendly jurisdictions.
To find out more about Planet Green Metals Inc. (CSE: PGR) visit the Company’s website at www.planetgreenmetals.com.
PLANET GREEN METALS INC.
Jeremy S. Brett
President & CEO
Planet Green Metals Inc.
[email protected]
Tel: (416)-831-5978
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.
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