Platinex Inc (CSE: PTX) has closed its acquisition of a 100% ownership interest in the W2 Copper-Nickel-PGE Project in northwestern Ontario. The W2 Project controls one of the major Oxford Stull Dome complexes and includes over 5 kilometres of strike length of known copper-nickel-PGE mineralization within a large 9,134-hectare land package located near the Ring of Fire.
The W2 Project is transected by a major transcrustal structure, the Stull-Wunnummin Fault Zone, which extends easterly for more than 600 kilometres from Gods Lake in Manitoba to the Ring of Fire in Ontario and hosts several gold deposits/prospects including Yamana Gold's Monument Bay/Twin Lakes Deposit in Manitoba and Northern Superior's TPK gold prospect located just west of W2.
The W2 Project covers 70% of the layered mafic-ultramafic Lansdowne House Igneous Complex which is highly prospective for copper-nickel and reef-type PGE deposits. The widespread copper-nickel-PGE mineralization is delineated in at least seven significant mineralized zones within a 7.5-kilometre long folded corridor.
Historical exploration was carried out at W2, formerly known as the Lansdowne House Property, by operators including Aurora Platinum Corp. during the 2000s, and Inco Limited.
Approximately $5 million in historic exploration expenditures including 8,772 metres of drilling. Holes assayed for Copper-Nickel only include Hole 54017 in zone L-13 which intersected 61 metres of 1.01% copper-equivalent including 13.1 metres of 2.06% copper-equivalent, and Hole 49182 which intersected 20.91 metres of 1.63% copper-equivalent. These holes were located in PGE areas and would likely have a higher copper-equivalent if assayed for PGEs.
Holes assayed for PGEs with lower grade copper-nickel include Hole LH-01-02 which intersected 42 metres of 1.756 g/t palladium equivalent, Hole LH-01-06 which intersected 81.3 metres of 1.196 g/t palladium equivalent, and Hole LH-01-05 which intersected 17 metres of 1.86 g/t palladium equivalent.
Two wider intersections include Hole LH-01-06 which intersected 220.6 metres of 0.56% copper equivalent or 0.956 g/t palladium equivalent, and Hole LH-01-05 which intersected 151.6 metres of 0.57% copper equivalent or 0.971 g/t palladium equivalent.
Greg Ferron, CEO, stated: "The acquisition of W2 was completed on attractive terms to enhance shareholder value. The W2 Project has tremendous exploration potential and will experience revaluation both through additional exploration and discoveries and from improving access and infrastructure in the region. The acquisition also complements Platinex's Net Smelter Royalty portfolio in which the Company holds numerous royalties located in Ontario mining camps. I would also like to welcome Robin Webster to the Platinex team. Robin has a strong track record in NW Ontario in exploration and community development work and was previously the CEO of Goldeye Explorations Limited. Robin will continue to manage the W2 Project."
To acquire the property, Platinex issued 3,625,000 shares to Springer Mineral Resources, paid $25,000 in cash, and granted Springer a NSR of up to 2%, with an additional $25,000 to be paid in 90 days. Platinex might pay an additional $300,000, of which $225,000 can be paid in shares, if certain milestones are achieved.
Platinex also owns a 100% interest in the 225 square kilometre Shining Tree gold property in the Abitibi gold province of Ontario, which is world-renowned for gold. The Shining Tree Project covers over 21 kilometers of the Ridout-Tyrrell deformation zone that trends as far west as Newmont's Borden Mine, through the area of IAMGOLD's Cote Gold deposit, directly through Platinex's Shining Tree gold property, and on Aris Gold's Juby Project. The company also has royalties on gold, PGE and base metal properties in Canada and Chile.
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