Wellgreen Platinum Ltd. has sold Ursa Major Minerals, which it considers “non-core and non-material,” to a private, unnamed company.
Ursa Major Minerals holds the Ontario properties of Shakespeare, west of Sudbury; Shining Tree; Fox Mountain, north of Thunder Bay; Stumpy Bay; Porter Baldwin; and Porter Option.
Wellgreen acquired Ursa in 2012 when Wellgreen was still known as Prophecy Platinum.
In a release, Wellgreen said the sale would allow it to focus on its flagship project, the Wellgreen project, a nickel-PGM mineralization in Yukon Territory.
“Our strategic focus is the advancement of our flagship Wellgreen Project in Yukon, Canada, and the divestiture of Ursa allows us to focus 100 per cent of our resources on this world class deposit,” said president and CEO Diane Garrett, in the release.
Shakespeare is the site of a former open-pit mine, located 70 kilometres west of Sudbury near the town of Webbwood. It contains a probable mineral reserve of 11.8 million tonnes of platinum group metals (PGM), gold, nickel and copper.
Wellgreen last did work at the site around 2013, when it conducted a feasibility study to see whether it was economical to restart operations. It had been pegged to annually produce 25,000 ounces of PGM and gold, 8 million pounds of nickel and 10 million pounds of copper.
But that plan was shelved when Wellgreen put the site on care and maintenance, and no work has been reported at the site since.