Powermax Minerals Inc. (CSE: PMAX) (OTCQB: PWMXF), a Canadian mineral exploration company focused on rare earth element projects in North America, has entered into a three-year option agreement with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. to acquire a 100% interest in the Melba North property, the company announced. The property, located in the Clay-Howells townships area of northern Ontario, is adjacent to Powermax's Hopkins rare earth element (REE) property and consists of 10 unpatented mining claims covering approximately 3,360 hectares.
The agreement grants Powermax an option to acquire full ownership of Melba North, which is underlain by the Clay-Howells Alkalic Rock Complex, a Late Precambrian alkalic intrusion interpreted as a center characterized by light rare earth element (LREE)-dominant, magnetite-associated and carbonatite-related REE mineralization. A 2025 assessment report on the Clay-Howells claim, which included claims listed on the Melba North option schedule, documented 49 samples that returned more than 0.17% total rare earth element oxides (TREO), according to the company.
The Melba North Property is adjacent to Powermax's Hopkins REE property, where the company has identified priority areas for future field validation using a desktop study. However, mineralization continuity between the two sites has not yet been established. The company said the acquisition adds an important land position to the adjacent Hopkins property, consolidating its presence in the Clay-Howells complex.
For investors, the option agreement expands Powermax's exposure to rare earth elements at a time when global demand for these critical minerals is rising due to their use in electric vehicles, wind turbines, and defense technologies. The company's shares trade on the Canadian Securities Exchange under the ticker PMAX and on the OTCQB under PWMXF. Additional details about the agreement are available in the company's newsroom at https://ibn.fm/PWMXF, and the full announcement can be accessed through https://ibn.fm/YvKri.
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