A British Columbia-based exploration company is acquiring property in the Atikokan and Ignace areas.
Powermax Minerals says it includes 455 unpatented mining claims.
The area is believed to contain rare earth elements that are used in a wide array of applications, including catalytic converters, electronics and magnets.
The company is paying $235,000 and providing 455,000 thousand shares to two numbered companies as part of the agreement.
No immediate exploration activity for the area has been announced.
Chief Executive Officer Michael Malana, in a release, states, “We are pleased to have secured an option on the Atikokan Property, which represents a compelling opportunity in the rare earths space at a time of growing demand for critical minerals.”
“We look forward to advancing this project and delivering long-term value to our shareholders.”
Powermax is also exploring for rare earth elements near Kamloops, B.C.
