#Canada #Montreal #James Bay #PMET Resources #Pikwa Property

PMET Resources Expands Land Position in James Bay Region

PMET Resources Inc. has announced a significant development in its mineral exploration strategy by entering into a definitive agreement to acquire the Pikwa Property located in the highly sought-after James Bay region of Quebec. This move aims to bolster PMET's land holdings just west of its flagship Shaakichiuwaanaan Property, marking a strategic expansion for the company.

Details of the Acquisition

The acquisition involves obtaining a 100% interest in the Pikwa Property from Azimut Exploration Inc. and SOQUEM Inc. As part of the agreement, PMET will issue a total of 841,916 common shares at a price of $3.68 each, split between the two vendors upon closing of the deal. Additionally, both companies will receive a 1% net smelter return royalty on the property, ensuring they benefit from any future production.

The Pikwa Property comprises 509 Exclusive Exploration Rights covering approximately 10 kilometers of a promising greenstone belt. This greenstone belt is known for its rich geological settings with strong potential for multiple commodity deposits, including orogenic gold (Au), porphyry (Au, Cu, Ag), and lithium-caesium-tantalum (LCT) pegmatites which are sought after in modern technology.

Strategic Importance

By consolidating over 70 kilometers of continuous greenstone trend across the Shaakichiuwaanaan, Pikwa, and Pontois properties, PMET is positioning itself more favorably within the region. The adjacent Shaakichiuwaanaan Property already includes notable Li-Cs-Ta pegmatite deposits, with historical exploration at the Pikwa Property having already identified spodumene-bearing pegmatite, which enhances its exploration potential significantly.

Darren L. Smith, PMET's Executive Vice President of Exploration, expressed enthusiasm over the acquisition, noting that the Pikwa Property's features complement PMET's extensive exploration initiatives. The 10-kilometer stretch of greenstone belt, including multiple base and precious metal prospects, has been historically targeted by past explorations like those at Hyperion and Copperfield Prospects.

Future Exploration Plans

With the integration of the Pikwa Property into PMET's upcoming 2026 exploration agenda, the company anticipates a detailed assessment of the geological potentials and resource metrics of both new and existing properties. This strategic acquisition aligns with PMET's broader plans to establish a robust portfolio of mineral resources that cater to the increasing demand for lithium and other critical minerals essential for contemporary technologies.

About PMET Resources

PMET Resources Inc. specializes in exploring and developing pegmatite critical minerals, focusing on its district-scale, 100%-owned Shaakichiuwaanaan Property in the James Bay region, known for its accessibility and proximity to regional hydro-power infrastructure. The company has recently published a positive lithium-only feasibility study for the CV5 Pegmatite, marking a critical step toward solidifying its position as a significant player in the North American critical minerals market. The study highlighted a maiden mineral reserve of 84.3 million tonnes at a desirable lithium grade, indicating strong potential for a competitive location in the global lithium supply chain.

As PMET continues to make strides in its exploration endeavors, the addition of the Pikwa Property opens new doors for future growth, promising both strategic advantages and potential economic benefits for the company, stakeholders, and the local resource economy.

For inquiries, please reach out through their official channels or visit their website. Stay tuned for updates as PMET navigates the exciting future of mineral exploration in Quebec.