Powermax Minerals Announces Option to Acquire Pinard Rare Earths Project

Core Insights - Powermax Minerals Inc. has entered into an option agreement to acquire a 100% interest in the Pinard Rare Earths project, subject to a 1.5% net smelter returns royalty [1][4] - The Pinard Rare Earths project is located in northern Ontario, Canada, covering 5178 hectares across 255 contiguous mining claims [2] - The project is situated within the Pinard Intrusive Rock Complex, which is known for hosting rare earth element deposits [3] Financial Terms of the Option Agreement - The total payments to acquire the project include $90,000 in cash and 320,000 common shares, with specific payment milestones outlined [4] - The company has the option to buy back the NSR, reducing it to 1.0% for a payment of $500,000 [4] Planned Exploration Program - A Phase 1 exploration program is proposed to evaluate and prioritize prospective zones across the property [5] - The program will include desktop data compilation, GIS modeling, field prospecting, geological mapping, and geochemical sampling [6][8] - Additional exploration methods will involve radiometric surveys and an airborne geophysical survey to detect anomalies [13] Company Overview - Powermax Minerals Inc. focuses on advancing rare earth element projects and holds options for multiple properties in Canada [10]