Canadian miner Silicon Metals has acquired a 100% ownership in the AP6453 aggregate permit and surrounding mining claims in Ontario. The permit allows quarrying of high-purity quartz, feldspar, and mica, covering 6.77 hectares with an initial extraction capacity of 3,000 tonnes per year.

Silicon Metals has secured additional mining claims totaling 111.35 hectares, with potential for multiple quartz-rich pegmatite bodies. The company has signed agreements with Geotek Exploration and Prospecting for cash payments and common share issuances upon achieving certain milestones, subject to CSE approval.

Silicon Metals plans to issue up to 16 million non-flow-through units at C$0.05 each, raising up to C$800,000 for permit and claims development. CEO Morgan Good is optimistic about the company’s growth in Ontario, aiming for aggressive advancement in 2025 and 2026 plans to increase shareholder value.

Silicon Metals has received LiDAR data for the Ptarmigan project in addition to the recent permit acquisition. The company is conducting internal analysis and modeling to further develop their portfolio in Ontario.

Read more at Yahoo Finance: Silicon Metals agrees aggregate permit acquisition in Ontario