Sinomine Resource Group inks cooperation deal with Power Metals to explore, develop rare earth metals properties
A Chinese mining investor is eyeballing a string of rare earth metal properties in Northern Ontario for a potential development partnership opportunity.
Sinomine Resource Group of Beijing has signed a letter of intent (LOI) with Power Metals Corp. of Vancouver to finance and develop three properties containing cesium, lithium and tantalum elements near Cochrane, Dryden and Kenora. Power Metals owns three of the five cesium occurrences in Ontario.
The properties involved are Case Lake, 80 kilometres east of Cochrane; Paterson Lake, 60 kilometres north of Kenora and close to Avalon’s Separation Rapids lithium property; and Gullwing-Tot Lakes, 30 kilometres northeast of Dryden.
Power Metals has been looking for a development partner since starting a strategic review last January on how to best maximize the value of its mineral assets, including discussing the option of selling its properties.