Powermax Minerals Secures Option to Acquire 100% of Melba North Rare Earth Property
Bitget2026/10/15 11:34- Powermax Minerals announced a three-year option to acquire 100% of Melba North from Gravel Ridge Resources and 1544230 Ontario.
- The property covers approximately 3,360 hectares across 10 mining claims adjacent to the company's Hopkins rare earth project in northern Ontario.
- Consideration totals C$ 86,000 in staged cash payments over three years and 400,000 common shares, subject to exchange approval.
- The option carries a 1.5% net smelter returns royalty; C$ 500,000 would buy back 0.5%, reducing the royalty to 1%.
- Planned exploration will integrate Melba North into Hopkins-area work to assess follow-up drilling targets, subject to permit conditions and regulatory approvals.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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