Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Transition Metals (TSXV: XTM) staked 91 mining claims covering 1,900 hectares, located east of Lake Nipigon in northwestern Ontario, Canada.
According to the Sudbury-based company, the property covers most of the Eva Kitto Intrusion, an early rift, mafic-ultramafic body similar to those that host a number of nickel-copper and platinum group deposits such as the Sunday Lake and Thunder Bay North deposits in Ontario, the Tamarack deposit in Minnesota and the Eagle deposit in Michigan.
At Eva Kitto, Ni-Cu-PGM mineralization was first discovered at the Phoenix prospect by the OGS in 2001 where grab sampling returned up to 1.07 combined PGMs
“Robust palladium and rhodium metal prices have encouraged us to further expand our PGM portfolio,” Scott McLean, Transition’s CEO, said in a media statement. “Eva Kitto is a known mineralized intrusion with a number of similarities to our Sunday Lake and Saturday Night projects located closer to Thunder Bay. The company now has excellent leverage to the rising PGM market with a bundle of projects, share holdings of PGM focused companies and royalties.”
McLean also explained that the Eva Kitto intrusion is one of the largest known Mesoproterozoic mafic to ultramafic intrusions associated with the Midcontinent Rift.
