PTX Metals takes channel samples with up to 5.18 g/t gold and discovers new vein systems

PTX Metals Inc. (CSE: PTX, FSE: 9PX, WKN: A0MVNG)has  completed planned channel samplingat the South Timmins Mining Joint Venture , bringing the total area of deposits sampled to 4,883 square metres. The work, which is in preparation for a new drilling programme, has discovered several new gold veins and identified new mineralisation with gold grades of up to 5.18 g/t.

In the first phase of exploration work conducted in 2023 and early 2024 on PTX Metals’ South Timmins Mining properties, the company was successful in identifying high-grade gold mineralisation on the Shining Tree property with up to 9.04 g/t gold over 16.15 metres. In February, it was also announced 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 mechanised mining programmes which were undertaken in June and completed in early July. Together with the channel samples taken at the Shining Tree deposit, PTX Metals worked a total area of 2,9,71 square metres. This brought the total area sampled in the first phase of the exploration programme to 4,883 square metres.

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 approximately 150 metres southeast of the Ronda deposit. The gold content of the channel samples taken here ranged from 0.01 to 5.18 g/t over a length of 0.70 to 1.00 metres.

PTX Metals discovers new shear zone

Approximately 500 metres south of the Ronda deposit, a 20 metre wide shear zone was also exposed. The shear zone runs in a north-northeast direction and contains anomalous gold mineralisation. A three to four metre wide, north-west trending quartz-carbonate vein system was discovered. It runs immediately south of Caswell Lake and extends over a length of 700 metres to the northeast.

This structure contains abundant pyrite associated with carbonate and quartz veins and may represent a northwestern continuation of the Saville vein or a Saville-style vein system at the Shining Tree deposit. Anomalous gold mineralisation was discovered from the samples taken here. It grades 0.01 g/t gold over 1.00 metre and 1.16 g/t gold over 1.00 metre.

At the Heenan deposit, PTX Metals collected a total of nine selected channel samples, each 25 centimetres in length, with four of the nine samples grading over 2.00 g/t gold and a high of 5.77 g/t gold. Overall, the exploration activities of the first phase of the joint venture agreement have been successfully completed. Planning has now begun for the earn-in and the second phase of the exploration programme.