“This acquisition gives the Company full control of W2 including all of the historical resource area. This not only improves the project’s economic potential, but also enables us to execute a complete exploration program along the 7.5 km mineralization zone which shows potential for expansion at depth and along strike,” says
The 32 newly acquired claims total 630 hectares (6.3 km2) and include 42 out of 73 historical drillholes drilled within the Central Area of W2 (see Figure 1). A large portion of the historically identified mineralization zones lay on these newly acquired claims. This includes the following drill hole intersections completed by previous owners:
- Hole 54002 intersected 0.92% Cu, 0.73% Ni over 18.2 m
- Hole 54004 intersected 0.48% Cu, 0.15% Ni over 32.0 m
Most of the historical drillholes are shallow (less than 150 m) with potential open at depth.
The new claim areas are mainly composed of mafic to ultramafic intrusive rocks that are associated with EM anomalies. They are also in proximity to lithological contact between mafic volcanics/metasedimentary rocks and mafic-ultramafic intrusive rocks which is interpreted to be an important factor for controlling higher grade Cu-Ni mineralization.
Figure 1: W2 Project New Claims
Terms of the Transaction:
W2 is permitted for a Phase 1 exploration program with mineral exploration permits in place for up to 31 drill pads across the property. Additional desktop work, including further compilation of greenfield areas, and modelling of airborne geophysical data is ongoing, and the Company is finalizing plans for its 2024 exploration program at W2.
Previous operators identified numerous mineralized zones within a 7.5 km long folded corridor. Inco described the central area as containing a potential resource of “approximately 14.6 million tons averaging 0.58% copper and 0.37% nickel with minor values in cobalt, gold, platinum and palladium” based upon 47 drillholes. (Chattaway, R.T,
Qualified Person
The technical information presented in this news release has been reviewed and approved by Shuda Zhou, BSc, MSc,
About W2
W2 is a district scale land package comprised of 1,154 cell units covering 22,763 ha (227.6 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 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
In addition to its mineral exploration assets,
For additional information on
For further information, please contact:
Phone: 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.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5cfa7209-1de2-4b7d-8f03-d5ea076c77d5
Figure 1
W2 Project New Claims
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