Disseminated on behalf of Powermax Minerals Inc. (CSE: PMAX) (OTCQB: PWMXF) and may include paid advertising.
- The two additional claims extend high-priority exploration targets identified in a 2025 airborne geophysical survey.
- Integrated magnetic, radiometric and geochemical data suggest a phosphate-rich NYF-type REE mineral system.
- The acquisition cost was $3,000, subject to a back-in right if option conditions are not met by August 31, 2028.
- The Atikokan Project lies within the Wabigoon Subprovince of the Superior Province, a geologically prospective region.
- The move comes amid rising global demand for rare earth elements and Western efforts to diversify supply chains away from China.
Powermax Minerals (CSE: PMAX) (OTCQB: PWMXF), a Canadian mineral exploration company, is expanding the footprint of its Atikokan Rare Earth Project in northwestern Ontario, adding two contiguous mining claims that management says capture extensions of high-priority exploration targets identified in recent geophysical work (https://ibn.fm/2cnc3).
The company announced on February 6, 2026, that it has acquired a 100% interest in the additional claims under a property purchase agreement dated January 30, 2026. The claims adjoin Blocks B and C along the northern boundary of the Atikokan Project in the Thunder Bay Mining District. The newly acquired ground comprises 37 contiguous mining claim cells in the Ignace-Atikokan area. The claims were secured from 0761585 BC Ltd. and 1544230 Ontario Inc., both arm’s-length parties, for cash consideration of $3,000.
The agreement includes a back-in provision. If Powermax does not satisfy all conditions required to exercise its broader option over the Atikokan Project by August 31, 2028, it must transfer its interest in the additional claims back to the vendors at no additional cost. The expansion builds on a purchase option agreement signed June 18, 2025, covering the broader Atikokan property. The counterparties to that option are also the vendors of the newly acquired claims.
Management said the decision followed a 2025 high-resolution helicopter-borne magnetic and radiometric survey across the project area. Results released in January 2026 indicated multiple structurally controlled rare earth element (“REE”) targets associated with granitic and pegmatitic host rocks and coincident magnetic lows.
According to the company, elevated thorium-to-potassium (“Th/K”) radiometric ratios, interpreted as proxies for total rare earth element (“TREE”) enrichment, delineate alteration zones that correlate spatially with interpreted structural trends and lake sediment TREE anomalies.
The integrated geophysical and geochemical signatures are described as consistent with a phosphate-rich NYF-type REE mineral system. NYF systems, enriched in niobium (“Nb”), yttrium (“Y”) and fluorine (“F”), can host concentrations of rare earth elements alongside thorium and uranium.
Chief executive Paul Gorman said the company negotiated the additional ground after reviewing the airborne data, which suggested that high-priority targets extend into the newly acquired area. “We are excited to continue exploration at Atikokan and look forward to the assay results from the Q4 2025 exploration program that was just recently conducted,” he added.
The Atikokan Project lies within the Wabigoon Subprovince of the Archean Superior Province. The property is underlain by metavolcanic and metasedimentary rocks intruded by granitoid plutons, including granodiorite and granite. Much of the project area is associated with the White Otter Batholith, a large composite intrusive complex regarded as prospective for REE mineralization.
Powermax currently holds an option over 455 unpatented mining claims at Atikokan. Beyond Ontario, the company has an option to acquire the Cameron REE Property in British Columbia and the 5,178-hectare Pinard REE project in Northern Ontario. It also owns a 100% interest in the Ogden Bear Lodge Project in Crook County, Wyoming.
The Atikokan expansion comes amid intensifying interest in rare earth elements globally. Demand for REEs, critical inputs in permanent magnets used in electric vehicles, wind turbines and defense technologies, is projected to rise sharply over the coming decade. Industry estimates suggest global demand could triple from roughly 59,000 tonnes in 2022 to 176,000 tonnes by 2035, while the market is forecast to grow from approximately $3.95 billion in 2024 to $6.3 billion by 2030.
At the same time, supply chains remain highly concentrated. China accounts for roughly 60% of global rare earth mining and about 90% of processing capacity. Recent export restrictions on certain critical minerals have underscored geopolitical risks for Western manufacturers.
In response, the United States has deployed the Defense Production Act and other mechanisms to channel more than $1 billion into domestic rare earth and critical mineral supply chains, including long-term purchase commitments. Canadian companies may be eligible for certain U.S. defense-related funding programs, adding a policy dimension to exploration efforts north of the border.
For more information, visit the company’s website at www.PowermaxMinerals.com.
NOTE TO INVESTORS: The latest news and updates relating to PWMXF are available in the company’s newsroom at https://ibn.fm/PWMXF
Exploration Target Cautionary Statement
The exploration targets discussed are conceptual, and there is currently not enough data to confirm a mineral resource. Further exploration may not yield successful results.
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