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 agreement, announced by Powermax Minerals Inc. (CSE: PMAX) (OTCQB: PWMXF), covers 10 unpatented mining claims comprising 160 cells and approximately 3,360 hectares in the Clay-Howells townships area of northern Ontario.
The Melba North Property is adjacent to Powermax’s Hopkins REE property, and both are underlain by the Clay-Howells Alkalic Rock Complex, a Late Precambrian alkalic formation interpreted as a center of LREE-dominant, magnetite-associated and carbonatite-related rare earth 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. The company has also identified priority areas for future field validation at Hopkins through a desktop study, though mineralization continuity between the two sites has not yet been established.
The option agreement adds what the company describes as an important land position to its adjacent Hopkins property, consolidating its exposure to a single alkalic complex. For investors, the deal expands Powermax’s footprint in a region that has already shown rare earth mineralization in historical sampling, offering additional targets for exploration. The news comes as rare earth elements remain critical inputs for magnets used in electric vehicles, wind turbines, and defense technologies, and Western governments seek to diversify supply chains away from China. Additional details are available in the full announcement at https://ibn.fm/YvKri, and the latest updates on PWMXF can be found in the company’s newsroom at https://ibn.fm/PWMXF.
The announcement was disseminated through InvestorWire, a communications platform that is part of the Dynamic Brand Portfolio at IBN. InvestorWire provides wire-grade press release syndication, editorial syndication to 5,000+ outlets, press release enhancement, and social media distribution to millions of followers, alongside corporate communications solutions. Full terms of use are available at https://www.InvestorWire.com/Disclaimer.
