PTX Metals Commences Spring 2024 Exploration Programs at South Timmins Gold Projects

TORONTO, April 30, 2024 (GLOBE NEWSWIRE) -- PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“PTX” or the “Company”) is pleased to provide an update of the Spring 2024 exploration work programs on the South Timmins Mining Joint Venture (“South Timmins JV” or “Joint Venture”) gold properties. The properties include the Shining Tree, Heenan and Mallard gold projects, all located along the Ridout-Tyrell Deformation Zone in Ontario’s mineral-rich Abitibi greenstone belt. The South Timmins JV will continue with a prioritized program which will start in May and prepare for drilling at the projects later in 2024.

The work program will continue to follow a comprehensive strategy following the successful results reported from the first three programs, completed in 2023 and 2024, which validated the exploration strategy and included a new gold discovery in the Swayze Greenstone belt at Heenan and the confirmation of high-grade gold mineralization through stripping and channel sampling at Shining Tree.

The work programs will expand surface stripping at Heenan to follow up on drill results (see press release February 21, 2024) and additional stripping and channel sampling on a wider surface area at Ronda (Shining Tree) to follow up on the anomalous high-grade sample results (see press release February 7, 2024). The Spring 2024 programs will also include stripping and channel sampling on the Mallard Project where prospecting last year uncovered gold mineralization 500 m southeast of the Camp Zone, representing a possible extension of the structure that hosts the Camp Zone, or a sub-parallel structure. Work at Mallard will also prepare for drilling at the Camp and River zones discovered by Noranda Exploration Co. Ltd. (see press release dated October 18, 2023). These zones targeted gold mineralization hosted within two northwest-oriented shear zones that are interpreted as splays of the Ridout Deformation Zone which is located south of the Mallard Property.

“The Swayne and Shining Tree gold camps are enjoying a lot of attention with the commissioning of IAMGOLD’s Côté Gold Mine, and the South Timmins JV is keen to further advance PTX’s gold assets immediately adjacent to this new mine,” says Greg Ferron, President and CEO of PTX Metals Inc. “In the first year, since the acquisition of these projects and the formation of the Joint Venture, our exploration strategy has been rewarded with the successful discovery of new gold at Heenan and validation of high-grade surface mineralization at Ronda. Naturally, we are excited to drill Mallard and follow up on the high-grade discovery made by Noranda.”