The metal palladium is very similar to platinum. Credit: Hi-Res Images of Chemical Elements.

Canada-based exploration company 21C Metals has acquired the Agnew Lake palladium project in Ontario.

The announcement comes after the company discussed with its advisors and reviewed the Ontario Government geological database.

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The Agnew Lake property is 80km west of Sudbury, Ontario. It is an area that is home to Glencore and Vale’s Canadian Nickel-Copper-Platinum Group Elements mining and smelting operations.

Comprising more than 260 claims covering 6,000ha, the property is part of the larger East Bull Lake-Agnew Lake mafic-ultramafic complex.

The acquisition is intended to enable the company to be positioned as one of the larger non-producing palladium explorers in North America, 21C Metals said.

According to the company, the Agnew Lake magmas have major element compositions that are similar to the model parent liquids proposed for the mafic portions of the Stillwater and Bushveld Complexes.

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The Agnew Intrusion and the East Bull Lake Intrusion are known to host significant PGE-Cu-Ni mineralisation in marginal rock units.

The company will continue to explore the East Bull property. It plans to collect sample results from geological structural mapping, which is expected to be available in three weeks.

21C Metals noted that samples are collected based on composition and may not be representative of the total mineralised body. The exploration programme continuity will include evaluation of the Agnew Lake property.

The company has started a detailed compilation of public data on the Agnew Lake property.

In February, the company acquired the 992ha East Bull property, which benefits from drilling, surface trenching and some geophysics that have identified precious and base metal mineralisation in a number of zones.