PTX Metals (WKN A40KHN / TSXV PTX) has initiated the next phase of target definition at the Shining Tree gold project south of Timmins, Ontario. New magnetic and structural studies have significantly improved the understanding of the geological controls on gold mineralization and have generated several prioritized exploration targets. For PTX Metals, the Ronda target is of central importance, as current interpretations already classify it as drill-ready. In parallel, additional zones have been delineated that are to be advanced through further surface work.
The Shining Tree gold project is located in the southern Abitibi Greenstone Belt in a developing district that, according to the company, remains comparatively underexplored. The new work places the project in a regional structural context with the Ridout-Tyrell Deformation Zone, which also hosts the Juby deposit and the Côté Gold Mine. For PTX Metals, this classification is crucial because it situates its target areas within a broader geological framework and enables the systematic derivation of new drill targets.
The current phase of work was based on a high-resolution magnetic drone survey by Terrascope, a structural interpretation by SRK Consulting, and an independent geophysical review of the dataset. Taken together, these studies resulted in a refined geological model that now serves as the basis for further drill planning and exploration.
PTX Metals advances the Ronda target to drill-ready status
For PTX Metals, the most important outcome of the recent work is the classification of the Ronda target as drill-ready. The target lies within the so-called Ronda Strip, which is interpreted as a folded, gold-mineralized horizon that is expected to extend over several kilometres. This brings into focus an area that not only appears geologically compelling, but is also supported by earlier work.
An existing trenching program there returned samples of up to 16.0 metres at 9.0 g/t gold from surface. While PTX Metals notes that the length of this channel sample does not correspond to the true thickness of the mineralized structure, the data provide a clear rationale for further testing by drilling. Especially in combination with the new structural interpretation, the target gains additional significance.
The structurally oriented analysis conducted by SRK identified a previously unrecognized fold-axis geometry at the Ronda prospect, along with an associated intersection lineation. In PTX Metals’ assessment, these features appear to play an important role in concentrating higher-grade gold mineralization along the predominantly north–south-trending mineralized corridor. As a result, the company now has not only a target area, but also a clearer understanding of why gold could be locally enriched there.
This improved understanding is also important for PTX Metals because it increases confidence in drill targets under low-relief terrain, beneath overburden, and at depth within known mineralized structures. This applies in particular to Ronda, where the next phase of work is now moving directly into drill planning.
Shining Tree gold project delivers five prioritized target areas
In addition to Ronda, PTX Metals has defined a total of five prioritized target areas at the Shining Tree gold project. Two of these—Four Big Lake and Ronda-Break Extension—are classified as Priority 1 targets, but are not yet drill-ready. Initial work there will include additional surface programs, such as till sampling, mapping, and further ground-based geophysical surveys.
For PTX Metals, this sequencing is logical. While Ronda is moving directly into drill preparation, Four Big Lake and Ronda-Break Extension are to be further refined geologically first. Four Big Lake, in particular, was one reason the originally planned magnetic survey was extended to the north. Additional field observations there had drawn attention to newly identified potential zones.
Further to the west and northwest, two additional, earlier-stage target areas were delineated. These areas are currently considered less advanced, but in PTX Metals’ view they offer additional potential because historical exploration there was limited. Within the larger Northwestern Target, the company points in particular to historical samples from the Northgate No. 3 Zone with values of up to 8.23 g/t gold, 20 g/t silver, and more than 10,000 ppm arsenic. Improved access via new forestry roads also plays a role there, as it will facilitate future fieldwork.
The next steps in these areas are clearly defined: PTX Metals is planning sampling, prospecting, and geological mapping to investigate the anomalies that have so far been recorded only sporadically in a more systematic manner. This creates a tiered pipeline at the Shining Tree gold project, ranging from drill-ready to advanced and early-stage target areas.
PTX Metals uses new magnetics for a more precise structural model
The technical basis for this new target definition comes from a high-resolution magnetic drone survey that PTX Metals commissioned in October 2025. Central and north-central parts of the project were covered, totaling around 35% of the area. The survey was flown between late October and mid-December 2025 on lines spaced 35 metres apart and at an average height of 34.8 metres above ground. In total, 2,783.6 line-kilometres were completed.
In PTX Metals’ view, the initial interpretation already shows that this high-resolution magnetics dataset is clearly superior to the regionally available datasets. Subtle, previously unrecognized structures and structural domains became visible for the first time. Particularly important in the subsequent independent geophysical review was that the dataset was reprocessed and filtered. In doing so, the dominant, north-trending Matachewan dikes were suppressed; they are strongly magnetic but younger than the gold mineralization and therefore tend to be disruptive for target generation.
This processing made it possible to better delineate finer magnetic patterns and geological structures that may be related to the gold-bearing Ridout-Tyrell Deformation Zone. For PTX Metals, such zones with complex magnetic patterns are of interest because they could indicate areas of increased deformation and stress. In the current model, precisely these zones of structural complexity are considered prospective.
PTX Metals is now preparing the next drilling phase
With the new data, the Shining Tree gold project moves one step closer for PTX Metals toward active drill testing. The company is now working on detailed drillhole planning for Ronda, while further surface programs are to follow on the other prioritized target areas. In addition, PTX intends to systematically reassess historically underexplored areas and to follow up on geochemical anomalies.
The project is held through South Timmins Mining Corp., in which PTX Metals owns a 75% interest, while Fancamp Exploration holds the remaining 25%. Within the company’s Northern Ontario portfolio, Shining Tree—together with the W2 copper-nickel-PGE project—represents one of two core focus areas.
For PTX Metals, this results in a clear work plan at Shining Tree: a drill-ready Ronda target, several prioritized follow-up targets, and a geological model that is now far more precisely focused on structural controls and concealed mineralized zones. The most recent studies have therefore not only advanced the project geologically, but have also materially clarified the foundation for the next exploration phase.
