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PTX Metals Inc
> Platinex Secures Dominant Land Position at W2 with Claim
Post by
alphaflight on Apr 18, 2023 9:39am
Platinex Secures Dominant Land Position at W2 with Claim
Welcome to Platinex Inc CSE: PTX | | TORONTO, April 18, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE:PTX) (Frankfurt: 9PX) ("Platinex" or the "Company") is pleased to announce that its wholly owned subsidiary, Endurance Elements Inc. (“Endurance Elements”) has expanded its W2 Copper-Nickel-PGE and Gold Project (the “W2 Project” or “W2”) near Ontario’s Ring of Fire by acquiring 225 additional single-cell mining claims. The total land package at W2 now comprises 1,122 cell units covering 22,094 ha (220 km2). Notably, Barrick Gold has recently taken on a large land position in the immediate W2 area, staking 1,198 single-cell mining claims covering 23,565 hectares (235.65 square km2) of ground adjacent to blocks held by Endurance Elements (see claim map in Figure 1).
Since the acquisition of W2 in January 2022 - primarily for its historically drilled Cu-Ni-PGE mineralized zones, the Company has strategically expanded the western edge of the project within the Lavoie Lake Shear Zone System towards Northern Superior Resources’ gold-focused TPK project. Through multiple acquisitions and the addition of claims by staking, Endurance Elements has more than doubled its total land package at W2. The latest claims were staked by Springer Mineral Resources (“Springer”) in 2022 and 2023 and, per prior agreement, were recently transferred to Endurance Elements at the cost of staking. Certain of the claims are subject to a 0.5% net smelter return (NSR) royalty in favour of Springer.
The Lavoie Lake Shear Zone System, which has over 35 km strike length through W2, is interpreted as a series of splay shears/faults off the Stull-Wunnummin Fault Zone (SWFZ), a major transcrustal regional structure. The SWFZ extends easterly for over 600 km from Gods Lake in Manitoba through Big Trout Lake and the W2 property to the Ring of Fire area in Ontario. Historical high-grade gold values reported from the W2 property are 9.3 g/t Au and 23.8g/t Au in grab samples from the Sandvik and Goose showings, respectively.
Exploration plans for W2 remain focused on expanding the historical Cu-Ni-PGE zone at the centre of the property and testing Eagle’s Nest-style VTEM targets in the eastern portion of the project. However, the western expansion of W2 represents a significant addition to W2 and brings compelling gold opportunities and optionality to the project.
The technical information presented in this news release has been reviewed and approved by Ike Osmani, P. Geo, a qualified person for exploration at the W2 Project, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
| | For further information please contact. Mr. Greg Ferron, CEO at 416-270-5042 or via email at: gferron@platinex.com
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