Powermax Minerals Inc. has formally announced the successful conclusion of its Phase 2 exploration programme at the Cameron Rare Earth Elements (REE) Project, situated within the Kamloops Mining Division of British Columbia. This latest campaign builds upon encouraging results from Phase 1, which had previously confirmed the presence of both light and heavy rare earth mineralisation. These earlier findings identified key formations within the Monashee Group lithologies, specifically pegmatitic and gneissic associations enriched with minerals such as monazite, allanite, and xenotime.
Fieldwork and Geological Methodology
The recently completed Phase 2 programme was comprehensive, involving detailed geological mapping alongside systematic rock sampling and extensive geochemical surveys. The teams focused on priority zones that had been delineated through prior prospecting and geophysical interpretation. In total, the field crews collected 100 soil samples and 100 stream sediment samples, in addition to 29 rock samples. These have been dispatched to Agat Laboratories in Calgary, Alberta, an ISO/IEC 17025:2017 accredited facility, for preparation and analysis.
Specific attention was paid to rock fragment sampling from outcrops of gneissic and pegmatitic rock. The team successfully retrieved multiple samples from quartz-biotite gneiss, granite exposures, and garnet-rich carbonatite lenses. Geologists consider these lithologies to be prime exploration targets as they are known hosts for rare earth minerals. Furthermore, stream sediment samples were collected from active drainage systems, with material sieved through a number 18 mesh to ensure the capture of fine-grained material capable of indicating upstream mineralisation sources.
Strategic Outlook for Powermax
Paul Gorman, the Chief Executive of Powermax Minerals, described the completion of the Phase 2 fieldwork as a significant milestone for the project. He noted that the breadth of lithologies examined, combined with the systematic collection of soil and sediment data, will provide a robust dataset for evaluating REE distribution patterns across the property. The data gathered will be integrated with historical geological and geophysical results to refine the geochemical model and define priority drill targets for the next stage of exploration. The Cameron project itself spans approximately 2,984 hectares in a metamorphic and granitic terrane, where mineralisation is associated with shear zones and structurally controlled pegmatite intrusions.
Market Snapshot: Newfoundland and Labrador
While exploration intensifies in the west, established players on Canada’s Atlantic coast continue to draw market attention. Atlas Salt, Inc., headquartered in St. John’s, remains a notable entity engaged in the acquisition, evaluation, and exploration of mineral properties in Newfoundland and Labrador. Founded by Patrick J. Laracy in June 2011, the company has developed a focused portfolio that includes the Ace Gypsum, Black Bay Nepheline, and Captain Cook Salt projects.
Atlas Salt Financial Performance
As of the market close on 25 November 2025, Atlas Salt (trading under the ticker SALT) displayed a market capitalisation of $72.47 million. The share price has seen a 52-week range fluctuating between $0.35 and $1.03, with recent trading hovering in the $0.66 to $0.68 band. The company currently has 108.17 million shares outstanding, with a public float of 66.73 million. While the company reported an earnings per share (EPS) of -$0.04, it continues to maintain its position within the industrial minerals sector, distinct from the precious and battery metal exploration activities occurring elsewhere in the Canadian mining landscape.
