- Mining explorer, Eagle Plains Resources Ltd (TSXV:EPL), has acquired a series of claims surrounding the Ant Lake Project in Saskatchewan
- The block lies atop four known copper, nickel and platinum group mineralisations
- Trench sampling at the site discovered notable grades of copper, platinum and palladium
- The company has not yet announced any plans to explore or develop the site
- Eagle Plains Resources Ltd (EPL) is unmoved, with shares trading at C$0.10 and market cap of $9.3 million
Mining explorer, Eagle Plains Resources Ltd (TSXV:EPL), has acquired the Ant Lake Project in Saskatchewan.
The acquisition covers a block of claims surrounding Ant Lake, which lie atop four known mineralisations.
The site was chosen for its copper, nickel, and platinum group metals potential, indicated by early sampling.
Specifically, trench sampling included positive results of 286 and 3828 parts per billion of both platinum and palladium, respectively.
The same trench sampling recorded copper between 0.58 per cent and 1.48 per cent.
Mineralisation surrounding Ant Lake was first recorded in 1970. The latest work on the site was a six-hole drill program, performed by Canadian Platinum Corporation in 2012.
The company has not yet announced any plans to explore or develop the site.
Eagle Plains Resources specialises in the West Canadian claims and currently has a portfolio targeting gold, uranium and base-metals throughout Saskatchewan.
Platinum group metals, such as the palladium and platinum found at Ant Lake, have become of increasing value to the mining industry over the last few years.
Palladium is chiefly used by the automotive industry in the production of catalytic converters.
Since China began to increase the amount of palladium used in its catalytic converters, demand for the resource has outstripped its availability substantially.
This has resulted in the palladium price skyrocketing, even surpassing gold in price per ounce.
However, the recently strong palladium price has had a turbulent month. The ongoing COVID-19 pandemic created concerns about the metals value in the near future.
As a result, the price palladium dropped substantially at the beginning of March but has since recovered a substantial portion of its losses.
Eagle Plains Resources Ltd (EPL) is unmoved, with shares trading for C$0.10 at 11:47am EST.