Planet Green Metals Inc. has significantly expanded its Sheraton Property near Timmins, Ontario, by acquiring 575 additional claims totaling 10,137 hectares through agreements with Kraken Gold Corporation and 2628860 Ontario Ltd. This expansion increases the Sheraton Property’s area by 400% and positions it as a district-scale Volcanogenic Massive Sulphide (VMS) project.
The newly acquired claims completely surround the historic Cross Lake Minerals VMS zone, discovered in 1997, which exhibited notable mineralization, including zinc grades ranging from 1% to 6%, with high-grade pods containing up to 18% zinc over a true width of 3 meters, and silver values up to 911 grams per tonne. Copper grades between 1% and 3% were also encountered over estimated true widths of up to 12 meters. While there is no guarantee that this VMS zone extends into the expanded Sheraton Property, the geological setting within the rhyolite/sedimentary intrusive package is considered highly prospective for similar base metal deposits.
Under the terms of the agreements, Planet Green Metals will make combined cash payments totaling $430,000 and issue shares worth $690,000 over a three-year period. Additionally, the company commits to $2,450,000 in exploration expenditures on these claims within the same timeframe. The claims are subject to a 1.5% net smelter return royalty, with an option for the company to buy back 1.0% for $1,000,000
This strategic acquisition enhances Planet Green Metals’ exploration potential in a region known for VMS-style mineralization, aligning with the company’s focus on critical and precious metal resources.