PTX Metals Announces Update on W2 Copper-Nickel-PGE Project and Drill Program in Northwestern Ontario

TORONTO, April 09, 2024 (GLOBE NEWSWIRE) -- PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“PTX” or the “Company”) is pleased to provide an update on the Company’s inaugural drill program at the W2 Cu-Ni-PGE Project (“W2” or the “Project”) in the “Ring of Fire” region of Northwestern Ontario with the Phase 1 Drill Program proceeding well. Further, modelling of the complete historical resource area is underway with a goal to produce a NI 43-101 compliant resource estimate following the completion of an additional Phase 2 drill program. This process has been enabled by the recent acquisition and consolidation of the historical resource area.

Drill Program:
Progress on the two-phased 2,500-metre drill campaign at W2 is proceeding well. Operations are centered in Webequie, Ontario where the Company has established its exploration base. The program was designed to test high-priority Cu-Ni-PGE targets in the central area of the project to expand zones of mineralization adjacent to Inco Ltd.’s historical resource area (see Figure 1), as well as to test several geophysical anomalies that were generated through the recent modelling of airborne geophysical data provided through the Ontario Geological Survey’s data set, GDS 1235.

“This announcement represents a significant milestone for the W2 project. Additionally, PTX is encouraged to be able to demonstrate the ability to work at the project area to further evaluate its potential,” said Greg Ferron, President and CEO of PTX Metals Inc. “The groundwork for this program involved consolidating the project and includes all historical resource areas. This process included analyzing the historical 74 diamond drill holes that had been drilled in the central area.

“PTX worked with the local communities from planning through to execution of the program and benefited from their valuable insights and contribution.”

Drilling is primarily focused to the northeast of a compiled 7.5 km long trend of Cu-Ni-PGE mineralization and the aim is to expand the strike length of the mineralization in areas that have seen little to no drilling by previous operators.

Modelling of Historical Resources:
PTX is modelling the historical data which now includes the claims acquired in January 2024, and will design drill targets within this area to be followed up with a Phase 2 drill program that will be used by PTX towards producing a NI 43-101 compliant resource estimate.