HIGHLIGHTS:
Ryan Weston, P. Geo, to join PTX as head of the W2 Cu-Ni-PGE and Gold Project. Ryan brings a wealth of technical skills with over a decade of experience working in the region.Dr. James (Jim) Mungall, P.Geo., a recognized world expert in the study of magmatic Ni-Cu-PGE deposits, will be joining the W2 Project Technical Committee.Wes Roberts, M.Sc., P.Eng., MBA, a professional mining engineer with over 40 years’ experience in the economic evaluation and development of mineral deposits will be joining South Timmins, Joint Venture Technical Committee and assist PTX with general technical matters.PTX has initiated mineralogy and preliminary metallurgy test work on representative samples of magmatic Cu-Ni-PGE mineralization from the W2 Project.PTX has published and filed on September 4, 2024 the W2 NI 43-101 Technical Report. The W2 NI 43-101 Technical Report exploration targets outline a 3D grade shell model based on historic and recent drill results indicating a near-surface exploration target of between 59-135 million tonnes averaging between 0.78% to 1.03% Copper Equivalent (“CuEq”), containing some 610,000 tonnes to 1,052,000 tonnes CuEq (using CuEq grades above 0.7% and 0.5%, respectively). This is equivalent to 1.3 billion to 2.3 billion pounds CuEq.Grant of stock options to certain directors, officers and technical advisors. TORONTO, Nov. 06, 2024 (GLOBE NEWSWIRE) — PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“PTX” or the “Company”), a mineral exploration Company focused on high-quality Cu-Ni-PGE and gold projects in northern Ontario, is pleased to provide an update on the development and advancement of its W2 Cu-Ni-PGE-Au project in northwestern Ontario (the “W2 Project”) and a corporate update. The update includes appointments of key technical members, commencement of metallurgy work at W2 Project and filing of NI 43-101 Updated Technical Report on the W2 Copper-Nickel-PGE Property dated September 4th, 2024 (the “W2 NI 43-101 Technical Report”).
Technical Committees:
Ryan Weston, M.Sc., P. Geo., MBA, will join the PTX team as head of the W2 Project Technical Committee enhancing our technical team. Ryan brings a wealth of experience in the region and technical skills with over 10 years of experience working in the Ring of Fire; most recently as VP Exploration with Wyloo where he led the exploration efforts for magmatic Ni-Cu-PGE, Cu-Zn VMS and mesothermal gold mineralization. Ryan’s intimate understanding of the magmatic Ni-Cu-PGE-Cr mineralizing systems of the Ring of Fire will be a huge asset for the Company as we advance the W2 Project.
“I am excited to be working with the PTX team on the W2 Project. This critical mineral project has significant size potential which has yet to be fully unlocked. We will leverage the substantial historic database to build a robust geological model to continue improving our understanding of the mineralizing controls and guide future exploration at the W2 Project.”
In addition, Dr. James (Jim) Mungall, P.Geo., a recognized world expert in the study of magmatic Ni-Cu-PGE deposits, will be joining the W2 Project Technical Committee. Jim has significant experience in the Ring of Fire, having served as Noront Resources’ Chief Geologist in the early days of discovery of Eagle’s Nest. He is now Professor of Earth Sciences at Carleton University where he teaches and studies mineral deposits.
The W2 Project Technical Committee and management continue to finalize the 2025 mineral exploration program for the next phase of the W2 Project.
Finally, we are please to announce the appointment of Wes Robert, an experienced mining engineer, to the South Timmins Joint Venture Technical Committee. Wes will replace recently retired Felix Lee on the South Timmins Joint Venture Technical Committee and assist the Company on other corporate development activities.
Wes Roberts, M.Sc., P.Eng., MBA is a professional mining engineer with over 40 years’ experience specializing in the economic evaluation and development of mineral deposits. Mr. Roberts is a Director of Sparton Resources, Golden Share Resources, Aurum Lake Mining and Canadian Gold Miner. Over his career, Mr. Roberts has gained extensive experience in mineral exploration, mining operations, Project engineering and management as well as diverse mining engineering experience that includes precious metals, base metals, iron ore and industrial minerals. Wes has also actively advised and represented the Inuit Regional Associations of the Territory of Nunavut, (Arctic, Canada) and several Ontario based First Nations.
Greg Ferron, Chief Executive Officer and Director of the board, stated that:
“We are enhancing our in-house mineral exploration and technical expertise with the appointment of three top-notch seasoned mineral exploration and mining executives. We are thrilled to welcome Ryan, Jim and Wes to our technical team. I am confident that their experience in the industry and knowledge of the region will help us further advance our projects and ultimately create long term shareholder value. We recognize and appreciate the extensive knowledge and background that Ryan, Jim and Wes bring to the Company and their commitment to assist PTX to continue creating value to all our stakeholders as our portfolio of quality Canadian projects are advanced.”
Metallurgy Program:
PTX has initiated mineralogy and preliminary metallurgy test work on representative samples of magmatic Cu-Ni-PGE mineralization from the W2 Project. The samples include massive sulfide, Cu-Ni rich disseminated sulfide and Pd-rich disseminated sulfide collected from the drill program completed earlier this year. The work is being led by Dr James Mungall, a new member of the W2 Technical Committee.
NI 43-101 Technical Report Filed & Exploration Targets:
In September, the Company published and filed the W2 NI 43-101 Technical Report summarizing a near-surface Cu-Ni-PGE exploration target for the 100% owned W2 Project in Ontario (see www.sedarplus.com). The exploration target outlines a 3D grade shell model based on historic and recent drill results indicating a near-surface exploration target between 59-135 million tonnes (“Mt”) averaging between 0.78% to 1.03% Copper Equivalent (“CuEq”), containing some 610,000 tonnes to 1,052,000 tonnes CuEq (using CuEq grades above 0.7% and 0.5%, respectively). This is equivalent to 1.3 billion to 2.3 billion pounds CuEq.
Using CuEq grades above 0.9%, the exploration targets estimation is 31 Mt at 1.25% CuEq.
The exploration target model includes estimates in five mineralized zones including CA Zone 1, CA Zone 2, AP Main and two satellite zones AP North and AP East (Figure 1). The five zones have a combined strike length of approximately 7 km and are mostly near surface (
