Plato Gold has entered a binding agreement with the Wahl Group to acquire a 100% interest in the 42 unpatented cell claims in the Killala Lake Area Townships, Thunder Bay Mining District, Ontario.
The Ruffle Lake Property, located 35km north of Trans-Canada Highway 17, will be acquired for C$20,000 and the issuance of two million common shares to the Wahl Group.
The Wahl Group will retain a 3% net smelter return royalty from all commercial production on the claims, with Plato having the option to purchase 2.5% of the royalty at any time for C$2m.
The acquisition is subject to approval by the TSX Venture Exchange and the common shares issued will be subject to a statutory hold period of four months and a day from the date of issuance.
The Ruffle Lake Property is situated in an area dominated by the Prairie Lake Carbonatite Complex, known to host REEs and critical minerals such as niobium, phosphate and yttrium, which are in demand for electric vehicle (EV) and other clean energy technology.
This property is adjacent to Plato’s Good Hope Property.
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By GlobalData
The acquisition of the Ruffle Lake Property aligns with Plato Gold’s strategic focus on expanding its portfolio of properties with potential for REEs and critical minerals.
The company aims to leverage the growing demand for these resources in the clean energy and EV sectors.
Plato Gold president and CEO Anthony Cohen said: “Plato Gold is pleased to add these contiguous claims to the company’s Good Hope Project with potential for additional niobium, phosphates, and both light and heavy rare earth elements.”
