Confirmation Drilling Proves to be a Complete Success

Once again, PTX Metals (CSE: PTX, FSE: 9PX, WKN: A0MVNG) reports wide zones of near-surface copper-nickel-PGE mineralization from its W2 project in northwestern Ontario, Canada. The recently evaluated samples are from drilling conducted on the company’s original claims. PTX Metals has not yet conducted its own drilling on the newly acquired claims.

Additionally, the company completed the 1D exploration program in June and July on the South Timmins joint venture projects at Shining Tree and Heenan and Mallard Gold. The results from the gold samples taken during this program are expected to be reported next week.

The boreholes drilled on the W2 project included both geophysical targets and new targets previously identified through internal geological and geophysical interpretations. PTX Metals’ exploration drilling was designed to test the expansion potential of the near-surface mineralization trend.

The mineralization trend on W2 was identified through the results of 84 historical drill holes. They revealed mineralization over a length of about seven kilometers, confirming a trend previously identified by electromagnetic measurements.

Successful Completion of Drill Holes W224-06 to -06

Drill holes W224-04 to -06 were drilled to infill and confirm the mineralization. They met the expectations set for the drilling, as the confirmation drilling provided additional data and increased confidence in the historically reported mineralization zones.

Near-surface copper-nickel-platinum group mineralization was successfully intersected over a length of more than seven kilometers. It was particularly pronounced in the AP zone and the transition zone between the two CA zones. Drill holes W224-01 to W224-03 and drill hole W224-07 were exploration holes. They targeted new areas up to 28 kilometers away from the CA zone.

Map of the W2 Project showing location of important mineralization zones; Source: PTX Metals

Attractive Grades of Platinum and Palladium or Copper Equivalent

For example, drill hole W224-04 intersected an upper anomalous zone with platinum group elements of 0.41 g/t platinum and palladium over 3.00 meters, starting at a depth of only 64.00 meters. Below this section, the drill hole intersected a thick zone dominated by copper and nickel, similar to zones intersected in several nearby historical drill holes.

This lower thicker section in W224-04 consists of 0.47% copper equivalent over a length of 46.00 meters from 85.00 to 131.00 meters. This included a 13.81-meter section where the contained copper equivalent increased to 0.61%. Over a length of 3.84 meters, the metal content even rose to 1.46% from a depth of 117.6 meters.

The Confirmation Drilling Proved to be a Complete Success

Drill hole W224-05 also intersected near-surface, cumulative Cu-Ni-PGE mineralization. It consists of three separate mineralization zones starting at a depth of 32.87 meters. Initially, a copper equivalent content of 0.44% was detected over a length of 67.01 meters. From a depth of 71.50 meters, the metal content even increased to 0.70% copper equivalent over a length of 7.50 meters.

Finally, with drill hole W224-06, PTX Metals intersected cumulative mineralization of 39.20 meters in length. It consists of several separate mineralization zones and begins at a depth of 27.00 meters. Highlights of this drill hole include 0.62% copper equivalent over a length of 4.20 meters at a depth of 62.00 meters, with the metal content increasing to an attractive 1.44% copper equivalent over 1.60 meters.

Conclusion: PTX Metals can thus look back on a successful drilling campaign, as the new drilling brought exactly the successes that were anticipated beforehand. This is not a given, as Mother Nature always holds surprises. There were none in the case of PTX Metals. Rather, the impression was confirmed that the company is on the right track with its activities on the W2 project.