TORONTO, March 17, 2022 (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 acquired 149 mining claims located along the western boundary of the W2 Copper-Nickel-PGE Project (the “W2 Project” or “W2”) in Ontario’s Ring of Fire (see press releases dated January 17, 2022 and January 27, 2022). The additional 2,932 hectares (29.3 km2) of ground brings the W2 land package to 15,973 hectares (159.7 km2). Endurance Elements holds a 100% interest in the W2 Project.
The W2 Project now covers approximately 80% of the layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”) which is highly prospective for copper-nickel (Cu-Ni) and reef-type platinum group element (PGE) deposits. The widespread Cu-Ni-PGE mineralization is delineated in at least seven significant mineralized zones within a 7.5 km long folded corridor. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralization in the mafic ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system and therefore a potential significant abundance of the metals in each intrusion.
The new claims add 10 km of strike length to the project with W2 extending 35 km along the Lavoie Lake Shear Zone System and tying on to Northern Superior Resources Inc.’s TPK Project (25.87 g/t Au over 13.5 m) in the west. In addition, new claims in the northern section of W2 cover the strike extension of a known Fe-Ti-V oxide horizon.
Per the previously announced purchase and sale agreement between Endurance Elements Inc. and Springer Mineral Resources Corporation (“Springer”), certain of the 149 mining claims are Additional Properties and subject to a 0.5% net smelter return (NSR) royalty in favour of Springer.
The Company is currently compiling historic data and developing exploration plans for W2. Additional information on the new claims and the W2 Project is available in a presentation on the Company’s website (www.platinex.com).
The information presented in this news release has been reviewed and approved by Ike Osmani, P. Geo, a consulting geologist of the Company and James R. Trusler, P.Eng., Chairman of Platinex Inc. and both are considered a qualified person for exploration at the W2 project, as defined by National Instrument 43-101, Standards for Disclosure for Mineral Projects.
About Platinex Inc.: Platinex 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 district scale W2 Copper-Nickel-PGE Project and a 100% interest in the 225 km2 Shining Tree Gold Project in the Abitibi region of Ontario, a world-renowned gold district. The W2 Project controls one of the major Oxford Stull Dome complexes. The Shining Tree Project covers a major portion of the Ridout-Tyrrell deformation zone that trends as far west as Newmont’s Borden Mine, through the area of IAMGOLD’s Cote Gold deposit, and across Aris Gold’s Juby Project. The Company is also developing a net smelter return (NSR) royalty portfolio and currently holds royalties on gold, PGE, and base metal properties in Ontario.
For further information please contact, Mr. Greg Ferron, CEO at 416-270-5042 or via email at: gferron@platinex.com.
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FORWARD-LOOKING STATEMENTS:
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include use proprietary data to seek financial backing to advance its platinum group properties, submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of applicable assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Canadian Securities Exchange has not approved nor disapproved the contents of this press release.
