The flow through common shares are priced at
The Company will use the gross proceeds of the FT Offering to incur eligible Canadian exploration expenses that are 'flow-through critical mineral mining expenditures' and will qualify as flow-through mining expenditure as such terms are defined in the Income Tax Act (
All securities issued in connection with the FT Offering are subject to a four month plus one day hold period from the Closing date in accordance with applicable securities laws.
The closing of the FT Offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals. The Company may pay finder's fees to eligible finders in connection with the FT Offering.
Platinex Completes Geological Compilation and 3D Modelling Program on
In total, 71 holes totalling 12,157 metres drilled by historical operators (Aurora Platinum, Canadian Nickel/INCO, and
Key findings of the modelling program include:
Moderate-grade mineralization is extensive (over 6 km strike length) in the central area of the W2 project with mineralized zones open to depth and in all directions.
Multiple zones of high-grade mineralization with over 0.8% CuEq were identified.
High grade zones occur in the gabbroic unit and seem closely spatially associated with the lithological contacts between mafic volcanics/metasedimentary rocks and mafic to ultramafic intrusive rocks.
Historical drillholes intersected wide intersections of mineralization in the central area of the property; for example, LH01-06 intersected 220.6m of 0.54% CuEq and LH01-05 intersected 151.6m of 0.56% CuEq.
Strong correlation is observed between Cu-Ni mineralization and electromagnetic (EM) anomalies in the central area of the project. In addition, numerous EM anomalies, which have not been explored, are located across the project. Greenfield targets remain to be tested in the north, west and east of the property.
Titanium vanadium targets in the northwest area near hole LH01-10 remain to be further explored.
Drill target areas have been designed and were categorized into three categories (confirmation, expansion, greenfield). Further exploration programs, such as gravity, EM, and induced polarization (IP) geophysical surveys as well as more data compilation on the W2 project are being planned to refine certain drilling targets on top of the 3D modelling.
About the
W2 is a district scale land package comprised of 1,122 cell units covering 22,094 ha (220 km2) in an area of world-class geological targets located in the
Historical work, including approximately 20,000 metres of drilling in the W2 area by operators such as INCO and Aurora Platinum, has been delineated at least seven significant mineralized zones within a 7.5 km long folded corridor near the centre of the land package. Additionally, VTEM and AeroTEM II airborne geophysical surveys have identified multiple high-priority conductors in the eastern section of the property which have yet to be drill tested.
About
Contact:
Tel: 416-270-5042
Email: gferron@platinex.com
Forward-Looking Information
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and includes those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward- looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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