PGR Signs MOU with Kraken Gold Corp
https://planetgreenmetals.com/
CSE Trading Symbol: PGR
Email: [email protected]
NEWS RELEASE
November 20th, 2024
Planet Green Metals Signs Memorandum of Understanding with
Kraken Gold Corporation and 2628860 Ontario Ltd.
To Build District-Scale Exploration Project
Adding to their Sheraton Property, Timmins Ontario
Vancouver, British Columbia – Planet Green Metals Inc. CSE: PGR (“Company”) is excited to
announce the signing on a Memorandum Of Understanding (“MOU”) with Kraken Gold
Corporation and 2628860 Ontario Ltd. (collectively “Kraken”). The Company is actively in
discussions with Kraken to create a mutually beneficial Option to Purchase Agreement (“Option”)
in which the Company will acquire a large package of important new claims from Kraken that will
add up to 400% to the size of its flagship Sheraton Property, east of Timmins, Ontario .
Discussions have been very positive and it is anticipate by all parties that a deal can be inked
following a mutual due diligence process in December.
The new contiguous Kraken claims would increase the Sheraton Property area by up to 400% by
adding up to 483 claims, spanning 12,084 hectares, including 77 claims that are Status Pending
with the Ontario government . This would massively increase the land position over very
prospective ground for Volcaniclastic Massive Sulphides (“VMS”) within the rhyolite/sedimentary
intrusive package (“Rhyolite Package”) immediately to the north, northwest and northeast. This
would completely surround the claims hosting the historical Cross Lake Minerals volcanogenic
massive sulphide (“VMS”) zone that was discovered in 1997. This develops the Sheraton Property
into a “District-Scale Exploration Project”, in that the Company would be exploring most of the
prospective Rhyolite Package that is a very prospective setting for a VMS base metals mine.
Under the MOU, the Company will have until December 31st, 2024, to complete negotiations and
sign the Option. This timing will allow the Company to close their current financing (Released on
November 4th, 2024) and complete a due diligence examination of the inbound Option claims.
The Company ’s Technical Director, Dr. Sandy Archibald, has concluded that this property
acquisition will significantly enhance the Sheraton Property by allowing the Company to test the
along-strike and down -dip potential of the known mineralization zones plus identify new
mineralized lenses and feeder zones by understanding the entire VMS system within the Rhyolite
Package. He has further noted that the Abitibi Greenstone Be lt hosts world class VMS base
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metals mines such as the Horne and Kidd Creek min es, so the metal endowment in this area is
immense with the potential to host additional mines.
The new combined land package would host 3 VMS mineralized showings that are critical to the
understanding of this very prospective VMS host environment plus 3 mineralized showings within
1km of the new combined property, s ome of which have excellent drilling intercepts for base
metals These include the Sheraton Lake Zone (copper, zinc), the Seaway Occurrence (zinc,
lead, copper) and the Bond-Currie Showing (gold, copper) and drill intercepts on the recently
acquired New Break claims (copper, zinc). There are also mineral showings within 1 km of the
new combined land package , including the Cross Lake Discovery (zinc, copper, silver),
Grindstone Creek Showing (gold, silver, zinc, lead) and the Tillex Copper Deposit (copper,
zinc) that is currently being drilled by Metals Creek Resources
Jeremy S. Brett, President and Chief Executive Officer , commented , “This is a huge
breakthrough on the Sheraton Property. We can now build a large District-Scale Exploration
Project which increases our chances of discovery by understanding this entire Rhyolite Package
and its VMS mineral systems, plus an increased chance at detecting VMS style base metal s by
the sheer size of the ground to be explored. It is our prediction that a project of this large size and
highly prospective geology could host two VMS mines. This is an opportunity to look at the entire
host environment and decode the keys to locating the most important mineralized centers. There
is multiple VMS commodity potential here, including copper, zinc, silver and gold as evident from
the numerous historical showings. It should also be noted that district plays such as this are very
attractive for investment and JV by major mining companies, at a later stage.”
Figure 1: Proposed expansion of the Sheraton Property via Option: The Company ground is
shown in red and the Kraken ground is shown in green and pink . The Status Pending ground is
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shown in white. The combined property (up to 391% increase) would build a District-Scale
Exploration Project that would cover most of the Rhyolite Package (buff coloured rock unit on
map) that is highly prospective for VMS style copper, zinc silver and gold. This dramatically
increases the chances of VMS discoveries.
About Sheraton:
The current Sheraton Property consists of 102 claims totaling 3,091 hectares, and is located 40
km east-southeast from Timmins, 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.
The Company’s Technical Director, Sandy M. Archibald, Ph.D., P.Geo, has reviewed this press
release and verified data for the Sheraton Property 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) visit the Company’s website
at www.planetgreenmetals.com.
PLANET GREEN METALS INC.
Jeremy S. Brett, M.Sc., P.Geo.
President & CEO
Planet Green Metals Inc.
Tel: (416)-831-5978
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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.