PTX Metals Discovers New Shear Zone
In the first phase of exploration work carried out on PTX Metals’ South Timmins Mining properties in 2023 and early 2024, the company succeeded in identifying high-grade gold mineralization on the Shining Tree property with up to 9.04 g/t gold over 16.15 meters. In February, it was also reported that a new gold discovery was made on the Heenan property in the Swayze Greenstone Belt.
These explorations were followed up with recently completed work. This included mechanized mining programs that were carried out in June and completed in early July. Together with the channel samples taken on the Shining Tree deposit, PTX Metals processed a total area of 2,971 square meters. This increased the total area examined with channel samples in the first phase of the exploration program to 4,883 square meters.
The most important discovery of this work was undoubtedly several new quartz and quartz-carbonate vein systems. PTX Metals exposed them at a distance of about 150 meters southeast of the Ronda deposit. The gold content of the channel samples taken here ranged from 0.01 to 5.18 g/t over lengths of 0.70 to 1.00 meters.
PTX Metals Discovers New Shear Zone
About 500 meters south of the Ronda deposit, a 20-meter wide shear zone was also exposed. The shear zone runs in a north-northeast direction and contains anomalous gold mineralization. In addition, a three to four meter wide, northwest-trending quartz-carbonate vein system was discovered. It runs immediately south of Caswell Lake and extends for a length of 700 meters in a northeastern direction.
This structure contains abundant pyrite in association with carbonate and quartz veins and may represent a northwestern extension of the Saville vein or a Saville-like vein system on the Shining Tree deposit. Samples taken here revealed anomalous gold mineralization. It shows gold contents of 0.01 g/t over 1.00 meter and 1.16 g/t gold over 1.00 meter.
On the Heenan deposit, PTX Metals took a total of nine selected channel samples, each 25 centimeters long, with four of the nine samples showing gold grades above 2.00 g/t and the highest value at 5.77 g/t gold. Overall, the exploration activities of the first phase of the joint venture agreement were successfully completed. Planning for the earn-in and the second phase of the exploration program has now begun.
Conclusion: PTX Metals can be very satisfied with the progress of the work carried out, as the program improved the understanding of geological influences on mineralization at the surface at Ronda and led to the discovery of new gold-bearing structures in the surrounding area.
