Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Platinex Announces Expansion of W2 Copper-Nickel-PGE Project

In This Article:

EXPANSION OF W2 COPPER-NICKEL-PGE PROJECT

W2 Property Total Magnetic Intensity
W2 Property Total Magnetic Intensity
W2 Property Total Magnetic Intensity

TORONTO, Jan. 27, 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, through low-cost claim staking, 198 mining claims contiguous with existing claims at the W2 Copper-Nickel-PGE Project (the “W2 Project” or “W2”) in Ontario’s Ring of Fire (see press release dated January 17, 2022). The new claims cover 3,897 hectares (39.0 km2) and represent a 42.7% increase in the total W2 land package which now stands at 13,031 hectares (130.3 km2).

The new claims cover potential mineralized extensions of Cu-Ni-PGE targets within the existing W2 land package. The targets described below are located 10-30 km east of the PGE horizon area of W2 where historical exploration work and drilling focused. These new targets are highly prospective and have never been drill tested.

The attached image provides an overview of the new claims and targets within the W2 Project.

T-5: Claims were added on the east and west to cover downdip extensions of the target zone. T-5 has a magnetic anomaly that is similar in shape to the magnetic anomaly at Noront Resources’ Eagle’s Nest Ni-Cu-PGE deposit. T-5 has a mushroom shape with strong conductors in the cap.

T-6: Claims were staked on the northeastern and northwestern sides of the Cu-Ni-PGE target zone. The northeastern extension of a fault was also staked. T-6 has a magnetic anomaly that is twice the size of the magnetic anomaly at the Eagle’s Nest deposit and the same mushroom shape with strong conductors in the cap.

T-7: Claims were staked along the northeastern and southwestern sides of the magnetic anomaly to cover potential mineralized extensions of the Cu-Ni-PGE target. T-7 is a magnetic anomaly with conductors located in a potential feeder dike of the Lansdowne House Igneous Complex (LHIC). T-5 and T-6 are also within the potential feeder dike zone.

T-8: Claims were added at T-8 to expand the area around several strong conductors near the southern end of a large magnetic anomaly associated with an intrusion. The conductors are of significant interest as their source could be Cu-Ni-PGE mineralization coming from the intrusion.

The new claims also increase coverage of the Lavoie Lake Shear Zone System (LSZS), which is a part of the regional transcrustal structure, the Stull-Wunnummin Fault Zone (SWFZ), and presents several shear-hosted gold targets on the W2 property. Several shear zone splays off the SWFZ host significant gold mineralization on Northern Superior’s TPK property (25.87 g/t Au over 13.5 m) located just west of the W2 property.