PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt:
9PX) (“PTX” or the “Company”) is pleased to provide partial
drill results from the 1,544 metre diamond drill program, on its
100% owned W2 Cu-Ni-PGE Project (“W2” or “W2 Project”) which is
covering the whole layered Lansdowne House Igneous Complex (LHIC),
located in the “Ring of Fire” region of Northwestern Ontario. This
drilling program did not include drilling of the recently acquired
claims which include the historical resource area known primarily
as the Inco Area (“CA”) Zones nor the previously defined W2
Cu-Ni-PGE Deposit (see image – Figure 1 plan view).
The drill holes included both geophysical
targets as well as new targets identified from in-house geological
and geophysical interpretations. The exploration holes were
designed to test the expansion potential of the W2 near surface
mineralization trend (identified by 84 historical drill hole
results over approximately 7 km), as well as an associated EM
(electromagnetic) geophysical trend.
Notably, drill holes W224-01 to W224-03 and
drill holes W224-07 were exploration drillholes targeting new areas
reaching as far as 28 km from the CA zones.
Holes W224-04 to -06 were drilled to infill and
confirm the mineralization and will be reported separately.
Confirmation drilling provides additional data and enhances
confidence in the historical reported mineralization zones
(Transition and AP zones – see Figure 1). These holes have
increased PTX’s geological confidence in the mineralized zones’
continuity.
Highlights:
- W224-03 – an exploration drill hole
which successfully expanded the central mineralized trend by over 3
km from the center of the Aurora Platinum (“AP”) Zone. The hole
significantly demonstrates excellent potential for the discovery of
new mineralized zones along the contact of the gabbroic intrusive
in areas that have seen limited historical exploration.
- As well, this drill hole (W224-03)
intersected three distinct mineralized zones for a total cumulative
length of 136.76 m starting at 54.24 m, including:
- 88.76 m at 0.47% Cu Eq starting at
54.24 m within a wider zone of 0.41% Cu Eq over 112.76 m,
- includes 10.00 m at 0.97% Cu Eq
starting at 133.00 m,
- 4.50 m at 1.65% Cu Eq starting at
137.50m,
- Deeper in the hole, also
intersected,
- 24.00 m at 0.52% Cu Eq starting at
188.00 m,
- including 12.00 m at 0.76% Cu Eq at
188.00 m and
- 5.00 m at 0.97% Cu Eq starting at
194.00 m.
- Three confirmation drill holes
(W224-04, W224-05, and W224-06) successfully confirmed over 7 km
near-surface Cu-Ni-PGE mineralization, primarily in the AP zone and
transition zone located between the two CA Zones1.
- W224-07 - a step-out hole at least
500 m away from any historical drillholes, was designed to test
geophysical targets between the CA Zones. This drill hole expanded
CA Zone mineralization and intercepted several broad mineralized
zones over a cumulative length of 130.84 m.
- Importantly, it increases the
potential to link the two CA zones into one larger continuous
mineralized zone. The two CA zones' current strike is ~2.5 km and
were added to the claims package through an acquisition by
PTX.
- W224-07 - Intervals from this drill
hole with significant Cu mineralization include:
- 0.59% Cu Eq over 14.00 m starting
at 178.00 m,
- 0.79% Cu Eq over 6.55 m starting at
181.45 m within a broader wide zone of 0.30% Cu Eq over 94.00 m
starting at 98.00 m,
- Also, closer to surface starting at
64.00 m, the drill hole intersected 0.33% Cu Eq over 12.00 m,
including 0.72% Cu Eq over 2.00 m starting at 67.00 m.
- In addition, from 17.16 m the hole
intersected 0.23% Cu Eq over 24.84 m.
- W224-02 - In the eastern area of
the W2 project, which has never been drilled before, this
exploration drill hole discovered a new mafic-ultramafic intrusive
system characterized by 4.5 km long strong EM anomalies. As well,
it is located approximately 10 km east of the CA zone, and
intersected relatively low-grade copper, nickel, and cobalt
mineralization (see Figure 2).
“Completion of the Phase 1 drill program was an
important milestone for W2 and PTX Metals as it not only proved the
exploration potential of this large package in one of Canada’s
emerging and important mineralized regions, but it also served to
strengthen the Company’s exploration team and community relations,”
said Greg Ferron, CEO and President of PTX Metals Inc. “In
addition, during the drill program we successfully completed the
acquisition of a large deposit located in the central area (i.e.,
CA zones) of the project, which had seen significant shallow
historical drilling to identify mineralized deposits; sufficient
enough to support the current modelling program which includes
generating 3-D shell geological and mineralization models, and to
provide a range of grade and tonnage of the mineralization.
“Notably, W224-03 and W224-07 from this Phase 1
program demonstrate the high success rate of discovering new
mineralization over wide widths by drilling new conductors, which
are abundant across the property. Furthermore, this highlights the
potential to expand or identify new Cu-Ni-PGE deposits within the
large claim package.”
The Lansdowne House Igneous Complex (“LHIC”),
which has been emplaced in the Volcano-sedimentary sequences of the
Bartman Lake Greenstone Belt (BLGB), is host to Cu-Ni-PGE and V-Ti
oxide mineralization similar to layered complexes (e.g., Bushveld,
S. Africa), Big Trout Lake and Ring of Fire Intrusions in northwest
Ontario.
Program Summary
Detailed drill hole collar information is
summarized in Table 1. Table 1: Drill hole collar information
|
DDH |
Easting |
Northing |
Azimuth |
Dip |
Length (m) |
|
W224-01 |
490690 |
5816990 |
135 |
-55 |
115.00 |
|
W224-02 |
473250 |
5808960 |
180 |
-55 |
240.00 |
|
W224-03 |
466444 |
5813303 |
150 |
-45 |
258.30 |
|
W224-04 |
464454 |
5813658 |
180 |
-50 |
191.00 |
|
W224-05 |
463651 |
5814044 |
190 |
-45 |
214.00 |
|
W224-06 |
461155 |
5813456 |
195 |
-45 |
294.00 |
|
W224-07 |
460718 |
5813320 |
195 |
-60 |
232.00 |
Note: Datum provided is NAD83 Z16N
W224-01 to 03, 07 -- Exploration Drill
Holes
Drill hole W224-03 was collared to test an
airborne geophysical conductive zone, which has no assay reported
previously and is approximately 3 km from the center of the AP
zone. Several zones of significant sulphide mineralization
(disseminated, semi-massive, and massive) were intersected, with
the highlight 112.76m of 0.41 % Cu Eq starting at 54.24 m,
including 10 m at 0.96% Cu Eq and 4.5 m at 1.65% Cu Eq.
Drill hole W224-07 was collared to test
geophysical targets between the CA Zones. This drill hole, at least
500m away from any historical drillholes, intersected significant
sulphide mineralization, significantly extending the known
mineralization between the CA Zones. Highlights consist of 0.3% Cu
Eq over 94.00 m starting at 98.00 m, including 0.59% Cu Eq over
14.00 m starting at 178.00 m, including 0.79% Cu Eq over 6.55 m
starting at 181.45 m; and 0.33% Cu Eq over 12.00 m starting at
64.00 m, which includes 0.72% Cu Eq over 2.00 m starting at 67.00
m. W224-07 also intersected 24.84 m at 0.23% Cu Eq from 17.16
m.
Drill hole W224-02 was collared to test a large
(continuous over 4.5 km) airborne VTEM conductive zone with
corresponding magnetic high located approximately 10 km east of the
CA Zone. Positive magnetic anomalies were explained by the
discovery of a mafic-ultramafic intrusive system. Anomalous Cu
mineralization over 100 m was intersected by the drill hole, with
the highlight being 0.57% Cu Eq over a core length of 0.25 m
starting at 57.25 m, hosted within a gabbroic unit.
Drill hole W224-01, located ~28 km east of the
centre of the CA zone, was collared to test a VTEM conductive zone.
Massive sulphide mineralization consisting of pyrrhotite, and
pyrite intersected in this hole, with no significant assays being
reported from this interval.
Intervals with significant mineralization are
listed in Table 2 below.
Table 2. Detailed Highlight of Assay Results for
Exploration Drillholes W224-01 to 03 and W22407
|
DDH |
From (m) |
To (m) |
Core Length (m) |
Cu Eq (%) |
Cu_pct |
Ni_pct |
Co_pct |
Au_gpt |
Pt_gpt |
Pd_gpt |
|
W224-01 |
53.17 |
55.00 |
1.83 |
0.12 |
0.09 |
0.00 |
0.01 |
0.0065 |
0.00 |
0.00 |
|
incl. |
54.08 |
55.00 |
0.92 |
0.14 |
0.13 |
0.00 |
0.00 |
0.0030 |
0.00 |
0.00 |
|
W224-02 |
57.25 |
57.50 |
0.25 |
0.57 |
0.39 |
0.00 |
0.01 |
0.2040 |
0.00 |
0.00 |
|
W224-03 |
54.24 |
167.00 |
112.76 |
0.41 |
0.16 |
0.09 |
0.01 |
0.0134 |
0.05 |
0.12 |
|
incl. |
54.24 |
143.00 |
88.76 |
0.47 |
0.19 |
0.10 |
0.01 |
0.0157 |
0.05 |
0.14 |
|
incl. |
93.00 |
96.00 |
3.00 |
0.97 |
0.37 |
0.22 |
0.03 |
0.0157 |
0.08 |
0.32 |
|
incl. |
133.00 |
143.00 |
10.00 |
0.97 |
0.49 |
0.18 |
0.02 |
0.0084 |
0.05 |
0.27 |
|
incl. |
137.50 |
142.00 |
4.50 |
1.65 |
0.87 |
0.31 |
0.03 |
0.0099 |
0.05 |
0.44 |
|
W224-03 |
188.00 |
212.00 |
24.00 |
0.52 |
0.17 |
0.13 |
0.02 |
0.0111 |
0.04 |
0.20 |
|
incl. |
188.00 |
200.00 |
12.00 |
0.76 |
0.25 |
0.18 |
0.02 |
0.0158 |
0.06 |
0.29 |
|
incl. |
194.00 |
199.00 |
5.00 |
0.97 |
0.35 |
0.23 |
0.03 |
0.0132 |
0.08 |
0.33 |
|
W224-07 |
17.16 |
42.00 |
24.84 |
0.23 |
0.06 |
0.05 |
0.01 |
0.0074 |
0.05 |
0.09 |
|
incl. |
19.00 |
20.00 |
1.00 |
0.43 |
0.15 |
0.10 |
0.01 |
0.0210 |
0.06 |
0.14 |
|
incl. |
34.50 |
35.00 |
0.50 |
0.50 |
0.13 |
0.14 |
0.02 |
0.0110 |
0.05 |
0.12 |
|
W224-07 |
64.00 |
76.00 |
12.00 |
0.33 |
0.18 |
0.03 |
0.01 |
0.0961 |
0.01 |
0.01 |
|
incl. |
67.00 |
69.00 |
2.00 |
0.72 |
0.43 |
0.05 |
0.02 |
0.1925 |
0.02 |
0.01 |
|
W224-07 |
98.00 |
192.00 |
94.00 |
0.30 |
0.15 |
0.04 |
0.01 |
0.0596 |
0.03 |
0.02 |
|
incl. |
165.00 |
166.00 |
1.00 |
0.85 |
0.65 |
0.02 |
0.01 |
0.1810 |
0.00 |
0.01 |
|
incl. |
178.00 |
192.00 |
14.00 |
0.59 |
0.31 |
0.06 |
0.01 |
0.1372 |
0.07 |
0.06 |
|
incl. |
181.45 |
188.00 |
6.55 |
0.79 |
0.41 |
0.10 |
0.02 |
0.1413 |
0.08 |
0.09 |
Note: Intervals reported in Tables 2 and 3
represent core lengths and not true widths. *Cu Eq (copper
equivalent) has been used to express the combined value of copper,
nickel, platinum, palladium, cobalt, and gold as a percentage of
copper and is provided for illustrative purposes only and to
provide ease of comparison. No allowances have been made for
recovery losses that may occur should mining eventually result.
Calculations use metal prices as of June 2024 of US$4.42/lb for
copper, $7.70/lb for nickel, US$74.65/g for gold, US$31.19/g for
palladium, US$32.18/g for platinum, and US$12.32/lb for cobalt,
using the formula Cu Eq % = Cu % + Ni %x1.742 + Pd g/t x 0.321 + Pt
g/t x 0.331 + Au g/t x 0.768 + Co % x 2.787.
Next Steps
The Company has systematically compiled all
historical drill holes in the central area into digital format, and
an exploration target model is being prepared to generate 3-D shell
geological and mineralization models to better understand the
mineralization zones confirmed in this drill campaign. In addition,
the exploration target model will report tonnage and grade
estimates expressed as ranges. The modeling includes analyzing 84
historical diamond drill holes together with the results from the
recently completed Phase 1 drill program, covering the three key
areas of the project, including the CA zone, AP zone, and the
central mineralized envelope.
The modeling work will follow the guidelines set
forth in National Instrument 43-101, Section 14, and will be used
to inform further prospecting strategies for exploration at W2.
This exploration target model is conceptual, and more work and
information, including drilling, are required before fulfilling CIM
(Canadian Institute of Mining, Metallurgy, and Petroleum)
requirements for the disclosure of a mineral resource.
The recent acquisition and consolidation of the
historical resource area has supported the ability to produce a
comprehensive study.
In addition, the Company is confirming that it
issued 1,340,000 common shares to settle outstanding debt to arm’s
length parties at 5 cents per share.
QA/QC ProgramSamples were cut
using a diamond blade saw, inserted into labeled bags, and
delivered by representatives of PTX Metals to Activation
Laboratories Ltd. in Thunder Bay, Ontario. Activation Laboratories
Ltd. is an ISO 17025:2005 accredited testing laboratory.
Samples were analyzed for Au, Pt, and Pd using
the 1C-OES package, and multi-element analysis was completed by
near-total digestion (four-acid) with an ICP-OES finish (IF2
package).
PTX inserted standards and blanks and performs
duplicate analysis as part of its QA/QC program. Activation
Laboratories also conducts an internal QA/QC program, which
includes the insertion of CRMs, blanks, sample repeats, and
duplicate samples.
Qualified PersonThe technical
information presented in this news release has been reviewed and
approved by Joerg Kleinboeck, P. Geo, Shuda Zhou P. Geo, and Ike
Osmani P. Geo of whom are qualified persons as defined by National
Instrument 43-101, Standards of Disclosure for Mineral
Projects.
Figure 1: Plan View of 2024 Drill Holes in the
W2 Central Area
Figure 2: Plan View of 2024 Drill Holes in the
W2 Eastern Area
About Platinex Inc.Platinex Inc. creates
shareholder value through the opportunistic acquisition and
advancement of high-quality projects in prolific Ontario mining
camps. Current assets include a 100% ownership interest in the W2
Copper-Nickel-PGE Project near the “Ring of Fire” in northern
Ontario and a 75% interest in the South Timmins Mining joint
venture with Fancamp Exploration, which is focused on gold
exploration along the Ridout-Tyrell Deformation Zone near IAMGOLD’s
Côté Gold operation in the southwest Abitibi.
Platinex also holds majority ownership in Green
Canada Corporation, which holds uranium assets in Saskatchewan,
Ontario and Quebec, as well as an option to earn as a 100%
ownership interest in the Muskrat Dam Critical Minerals Project in
northwestern Ontario. In addition to its mineral exploration
assets, Platinex holds a portfolio of net smelter return (NSR)
royalties on gold, PGE, and base metal properties in Ontario.
Having put together a strong and diversified
project portfolio and an expert technical team, the Company is
focused on comprehensively exploring and evaluating each project to
maximize shareholder value. Platinex is based in Toronto, Canada,
with a primary listing on the Canadian Securities Exchange under
the symbol PTX. The company is also listed in Frankfurt under the
symbol 9PF and on the OTCQB in the United States as PANXF.
For additional information on Platinex, please
visit the Company’s website at https://platinex.com/.
For further information, please contact:Greg
Ferron, President and Chief Executive Officer Phone:
416-270-5042Email: gferron@platinex.com
Forward-Looking InformationThis
news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information is
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events,
results, and opportunities to differ materially from those
expressed or implied by such forward-looking information. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
changes in the state of equity and debt markets, fluctuations in
commodity prices, delays in obtaining required regulatory or
governmental approvals, and includes those risks set out in the
Company's management's discussion and analysis as filed under the
Company's profile at www.sedar.com. Forward-looking information in
this news release is based on the opinions and assumptions of
management considered reasonable as of the date hereof, including
that all necessary governmental and regulatory approvals will be
received as and when expected. Although the Company believes that
the assumptions and factors used in preparing the forward- looking
information in this news release are reasonable, undue reliance
should not be placed on such information. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, other than as required by applicable securities
laws.
Neither the CSE nor its Regulation Services
Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this
release.
1 in the W2 central mineralized trend defined by over 80
historical drill holes
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/a5d132f7-5fa2-4377-be59-849640c08fbb
https://www.globenewswire.com/NewsRoom/AttachmentNg/ef7955cb-fb54-489f-bbbb-c74e0fbd0c97