PTX Metals Commences Spring 2024 Exploration Programs at South Timmins Gold Projects - Seite 2

Figure 1: Location map of Shining Tree, Heenan and Mallard J-V Gold projects

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.

About the Shining Tree, Heenan and Mallard Properties

The Shining Tree Project is a district-scale gold property located within the prolific Abitibi greenstone belt, renowned for its concentration of high-grade gold as well as copper, silver and zinc deposits. PTX’s Shining Tree property covers 232 km² of the Ridout Tyrrell deformation zone (RTDZ) which trends as far west as Newmont’s Borden Mine, and through the area of IAMGOLD’s Cote Gold deposit, and across Aris Gold’s Juby Project. The property includes one historical gold producer, Ronda Mine, which closed in 1940 for the war effort.

On a regional scale the Heenan and Mallard properties are located within the Swayze greenstone belt, part of the western Abitibi region in Ontario. 

Heenan is located on a large magnetic anomaly that is associated with the Woman Lake Iron formation and other magnetic lithologies located on the SE corner of the Swayze volcanic belt. The Swayze magnetic anomaly shows signs of hydrothermal alteration, which in combination with the associated gold mineralization at Heenan makes the property a very attractive gold target.

Mallard is a highly prospective gold property along the Ridout Deformation Zone west of Iamgold’s Côté Gold.
A historical discovery was made by Noranda in 1985 at Mallard’s River and Camp zones. A 12-hole drill program returned several excellent intercepts including 5.04 g/t Au over 3.69 m in drillhole BE-85-1, 6.62 g/t Au over 1.82 m in hole BE-85-3, and 5.31 g/t Ay over 3.82 m in drillhole BE-85-6.

About South Timmins:

South Timmins Mining Inc. is a joint venture in which Platinex holds a 75% interest and Fancamp Exploration Ltd. holds a 25% interest. The South Timmins properties include the Shining Tree, Heenan, and Mallard gold projects, all of which lie along the Ridout-Tyrrell Deformation Zone (RTDZ) which also hosts IAMGOLD’s Côté Gold project and Aris Mining’s Juby deposit. The combined South Timmins land packages total over 285 km^2, which is one of the largest land holdings in the region.