Vancouver — Cream Minerals (CMA-V) has acquired the right to earn a 100% interest in the 816-ha Profit Lake platinum and palladium property in Whitefin Lake township, 50 km north of Thunder Bay Ont.
The property is located 12 km east of North American Palladium‘s (PDL-T) Lac Des Iles Palladium mine and borders on the Legris Lake PGE property held by Starcore Resources (SOE-V) and Avalon Ventures (AVL-V). Legris Lake is being explored by Placer Dome (PDG-T).
Profit Lake appears to lie along the faulted east contact of the Legris Lake gabroic intrusion, which hosts potential platinum and palladium mineralization. Cream Minerals plans to initiate a prospecting and mapping program along this contact.
Cream can earn its interest in Profit Lake by making cash payments totalling $29,500 and issuing 200,000 common shares over 36 months. The property is subject to a 3% net smelter royalty. Cram has the right to buy back 66.6% of the royalty for $1.5 million upon, or prior to, commencement of commercial production.
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