PTX Announces Commencement of a Phase 2 Program at W2 Cu-Ni-PGE Project, Ontario
PTX Announces Commencement of a Phase 2
Program at W2 Cu-Ni-PGE Project, Ontario
Toronto, Ontario--(Newsfile Corp. - April 1, 2025) -
PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF)
(FSE: 9PX)
("
PTX
" or the "
Company
"), a mineral exploration company focused on high-quality Cu-Ni-
PGE and gold projects in northern Ontario, is pleased to announce the commencement of a Phase 2
program at its 100% owned W2 Cu-Ni-PGE Project (W2 Project) along with plans for subsequent work
programs. The W2 Project is a 22,000-hectare property located directly southwest of the Ring of Fire,
Ontario.
Drilling Program:
The Phase 2 drill program consists of up to 10 holes that are designed to test and expand zones of
mineralization in the CA_1 and CA_2 in the Central Target Area. Preliminary results from the first five
holes drilled have shown intercepts of visible mineralization as disseminated, semi-massive to massive
sulfides over significant widths. Assay results have yet to be received.
A key priority is bringing the exploration target outline of September 4
th
, 2024, to a potential mineral
resource estimate and expansion of mineralization in the "Interzone" located between the CA_1 and
CA_2 zones, that could cumulate 4 km strike length. (see Figure below).
Drill targets were generated from a newly developed 3D geological model led by SunDog Geology over
the Central Target focused on the CA Zones. A similar model will be completed on the AP zones in April.
This new interpretation will lead to expanding the mineralized corridor of the CA zones toward the
northeast de-risking further work spending.
Additionally, the Company has completed a property-wide HeliGT Magnetic Survey ("Mag Survey") of
3,191 line-km, for which both the 3D geological model and the Mag survey results will be announced
shortly. Such compilation aims to build confidence in growing a larger mineralized system starting with
the Central Target and simultaneously defining new areas of interest across the W2 Project. [Source:
January 22, 2025. Hogg & Associates property-wide high resolution airborne magnetic survey on its W2
CU Ni PGE project].
Figure: Zoom in on the Central Target Area and its main zones of mineralization.
Showings of focused
areas: CA1, CA1_inter, CA2, AP, AP North, AP East. Base layer is the geology overlaying initial results
of the most recent Heli-GT Magnetic Survey - TMI view.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7277/246914_ff7569e4b4ae5970_001full.jpg
Operations for the drill program are based out of Webequie First Nation, situated 50 km north of the W2
Project.
The company received drill permits from MINES on June 14
th
, 2023, and November 29
th
, 2024
(see news release dated June 19, 2023, and December 4
th
, 2024).
Work Plan & Company Technical Strategy
The Company has undertaken steps since consolidation of the W2 Project to de-risk and increase value
of the asset - starting with validation of historical data, including consolidation of the database, an initial
exploration target outline, and a Phase 1 step out and expansion drill program primarily in the AP zones
and regionally carried out in 2024. The program was successful in intersecting magmatic Cu-Ni sulfide
mineralization across the Project (see news release dated July 24
th
and July 30
th
, 2024).
Currently the Company is focused on additional drilling, improving targeting by implementing
geophysical surveys, and expanding the current geological model, all of which will be followed up by
ground truthing and further drill programs.
As a result, the Company is undertaking the following steps for the spring and summer:
Developing additional targets defined by the Magnetic Survey review and data compilation.
Undertake a geophysical IP survey over the CA zones to resolve the geophysical response of the
disseminated, semi-massive to massive sulfide mineralization and test for continuity beyond the
areas of historic drilling.
Additional drilling on CA interzone aiming to complete the connection between known mineralized
zones, which were previously identified by historical drilling.
Field mapping and ground truthing in areas of coincident magnetic and AEM anomalies on the
property which have never been tested previously within the Central Target as well as at the
property scale.
Age dating on gabbro samples from its 2024 and 2025 drill program to determine if the mafic
intrusions hosting Cu-Ni-PGE mineralization at W2 are the same age as the mafic-ultramafic
intrusions in the Ring of Fire. Understanding the relation between W2 and the Ring of Fire may
have important implications for the exploration strategy moving forward.
Qualified Person:
The technical information presented in this news release has been reviewed and approved by Joerg
Kleinboeck, P. Geo., a non-independent qualified person to PTX Metals who is responsible for ensuring
that the technical information provided in this news release is accurate and who acts as a "qualified
person" (QP) as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About PTX Metals Inc.:
PTX is a mineral exploration company focused on high-quality critical minerals projects, including two
flagship projects situated in northern Ontario, renowned as a top mining jurisdiction for its abundance of
mineral resources and investment opportunities. Our corporate objective is to advance the exploration
programs towards proving the potential of each asset, which includes the W2 Cu-Ni-PGE and the South
Timmins Gold Project.
PTX's portfolio of assets offers investors exposure to some of the most valuable metals including gold,
as well as essential critical minerals for the clean energy transition: copper, nickel, PGE, uranium and
rare metals. PTX's portfolio of assets was strategically acquired for their geologically favorable
attributes, and proximity to established mining companies. PTX's mineral exploration programs are
designed by a team of expert geologists with extensive career knowledge gained from their tenure
working for global mining companies in northern Ontario and around the world.
PTX is based in Toronto, Canada, with a primary listing on the TSX 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 PTX, please visit the Company's website at
https://ptxmetals.com/
.
For further information, please contact:
Greg Ferron, President and Chief Executive Officer
Phone: +1 (416) 270-5042
Email:
Forward-Looking Information
This 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, including statements regarding the ability
of the Company to satisfy the regulatory, stock exchange and commercial closing conditions of
Private Placement, and the potential development of mineral resources and mineral reserves which
may or may not occur. 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 general economic and political conditions. 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 approvals, including 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, whether because of new information, future events or
otherwise, other than as required by applicable laws. For more information on the risks, uncertainties
and assumptions that could cause our actual results to differ from current expectations, please refer to
the Company's public filings available under the Company's profile at
www.sedarplus.ca
.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including any of the securities in the United States of America. The securities described
herein have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act)
unless registered under the 1933 Act and applicable state securities laws, or an exemption from such
registration requirements is available.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
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