PTX Metals Announces Update on W2 Copper-Nickel-PGE Project and Drill Program in Northwestern Ontario - Seite 2

The current drill program was designed and approved before the acquisition of the claims within the central area of W2 (see Figure 1) as announced in January 2024, this added significant value to our shareholders and the project. A historical non-compliant resource estimate¹ was reported on these claims by Inco, who had drilled 47 holes with an average depth of 129 m and estimated the area contained approximately 14.6 million tons averaging 0.58% copper and 0.37% nickel. Limited assaying for cobalt, gold, platinum, and palladium were completed at the time². The historical resource area is mainly composed of mafic to ultramafic intrusive rocks that are associated with EM anomalies. They are also in proximity to lithological contact between mafic volcanics/metasedimentary rocks and mafic-ultramafic intrusive rocks which is interpreted to be an important factor for controlling higher grade Cu-Ni mineralization. Building on Inco’s work, KWG completed an additional 20 diamond drill holes within the central area of W2. Subsequently, Aurora Platinum (“AP”) drilled another 14 diamond drill holes within the Central Area (Figure 1) and primarily focused on expanding the Project to the northeast of Inco’s historical resource estimate. AP completed 3,831 m in 14 drill holes to a maximum length of 274 m and reported several widespread zones of Cu-Ni-PGE mineralization up to 220 m in length.

Figure 1: Location of the Targets for April 2024 Drill Program

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¹ The resource estimate is a historical estimate as defined by National Instrument 43-101. There has been no review of the methods and results of this historical resource estimate by a Qualified Person. No attempt was made to reconcile the historical resource calculations as reported by Inco. PTX is not treating the historical resource estimate as a current mineral resource or mineral reserve.
² Chattaway, R.T. 2001. Page 3, “Report on the Lavoie Lake Copper-Nickel Occurrence and Nearby Properties, Northwest Ontario”. PGM Ventures Corporation. and Osmani, I. A. and Samson Jacques. 2002. “2001 Exploration Program, Lansdowne House Property”. Aurora Platinum Corporation. https://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/records/ ...

Qualified Person
The technical information presented in this news release has been reviewed and approved by Joerg Kleinboeck, P.Geo, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.