Planet Green Metals amends MOU with Kraken Gold

Jan 2, 2025

2024-12-31 13:56 ET – News Release

Mr. Jeremy Brett reports

PLANET GREEN METALS AMENDS MEMORANDUM OF UNDERSTANDING WITH KRAKEN GOLD CORPORATION AND 2628860 ONTARIO LTD. TO BUILD DISTRICT-SCALE EXPLORATION PROJECT ADDING TO THEIR SHERATON PROPERTY, TIMMINS ONTARIO

Planet Green Metals Inc. has amended an amendment to the memorandum of understanding (MOU) signed with Kraken Gold Corp. and 2628860 Ontario Ltd. The company is actively in discussions with Kraken to create a mutually beneficial option to purchase agreement, in which the company will acquire a large package of important new claims from Kraken that will add up to 400 per cent to the size of its flagship Sheraton property, east of Timmins, Ont. Discussions have been very positive, and it is anticipated by all parties that a deal can be inked following a mutual due diligence process in December.

The new contiguous Kraken claims would increase the Sheraton property area by up to 400 per cent by adding up to 483 claims, spanning 12,084 hectares, including 77 claims that are status pending with the Ontario government. This would massively increase the land position over very prospective ground for volcaniclastic massive sulphides within the rhyolite/sedimentary intrusive package immediately to the north, northwest and northeast. This would completely surround the claims hosting the historical Cross Lake Minerals volcanogenic massive sulphide (VMS) zone that was discovered in 1997. This develops the Sheraton property into a district-scale exploration project, in that the company would be exploring most of the prospective rhyolite package that is a very prospective setting for a VMS base metal mine.

Under the amended terms of the MOU, the company will have until Jan. 31, 2025, to complete negotiations and sign the option agreement. This timing will allow the company to close its current financing (released on Nov. 4, 2024) and complete a due diligence examination of the inbound option claims.

The company’s technical director, Dr. Sandy Archibald, has concluded that this property acquisition will significantly enhance the Sheraton property by allowing the company to test the along-strike and downdip potential of the known mineralization zones plus identify new mineralized lenses and feeder zones by understanding the entire VMS system within the rhyolite package. He has further noted that the Abitibi greenstone belt hosts world-class VMS base metal mines such as the Horne and Kidd Creek mines, so the metal endowment in this area is immense with the potential to host additional mines.

The new combined land package would host three VMS mineralized showings that are critical to the understanding of this very prospective VMS host environment plus three mineralized showings within one kilometre of the new combined property, some of which have excellent drilling intercepts for base metals. These include the Sheraton Lake zone (copper and zinc), the Seaway occurrence (zinc, lead and copper) and the Bond-Currie showing (gold and copper) and drill intercepts on the recently acquired New Break claims (copper and zinc). There are also mineral showings within one kilometre of the new combined land package, including the Cross Lake discovery (zinc, copper and silver), the Grindstone Creek showing (gold, silver, zinc and lead) and the Tillex copper deposit (copper and zinc), which is currently being drilled by Metals Creek Resources.

About Sheraton

The current Sheraton property consists of 102 claims totalling 3,091 hectares and is located 40 kilometres east-southeast from Timmins, Ont., with excellent access through a network of forestry roads. The property covers the geological contact of a sequence of felsic to intermediate volcanic and volcaniclastic rocks of the Wawa-Abitibi greenstone belt, which is highly prospective for copper-zinc-plus-or-minus-gold-plus-or-minus-silver VMS-style mineralization. Exploration by Cross Lake Minerals in the late 1990s on the adjacent property at Cross Lake identified bedded sulphides containing zinc grades ranging from 1 per cent to 6 per cent, with local high-grade pods containing up to 18 per cent zinc over a true width of three metres, with silver values ranging up to 911 grams per tonne silver. Copper grades of 1 per cent to 3 per cent were encountered over estimated true widths of up to 12 metres (Vaillancourt, 2001). The mineralization represents VMS style, and Planet Green will look for similar critical metal and precious metal mineralization on the Sheraton property. The presence of significant copper mineralization at the adjacent Cross Lake property makes the Sheraton property a compelling target.

About Planet Green Metals Inc.

Planet Green is strategically building a premier Canadian critical mineral asset company, leveraging its expertise to acquire high-quality, derisked mineral exploration and royalty properties. The company currently holds six exploration properties in Northern Ontario, covering copper, gold, VMS-related base metals and lithium. Planet Green is actively pursuing the acquisition of promising new projects in Canada and North America to bolster the project portfolio and provide shareholders with a diversified commodity base that is resilient to price fluctuations and market forces. With a robust and fully integrated technical and corporate team, the company is dedicated to maximizing shareholder value through new mineral discoveries in mining-friendly jurisdictions.

The company’s technical director, Dr. Sandy M. Archibald, PhD, PGeo, has reviewed this press release and verified data for the Sheraton property as Planet Green’s qualified person (within the meaning of National Instrument 43-101).

We seek Safe Harbor.

https://planetgreenmetals.com/