PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt:
9PX) (“PTX” or the “Company”), a minerals exploration Company
with two flagship projects situated in northern Ontario, is pleased
to provide an update on recent project activities at its South
Timmins Joint Venture Gold Projects (“South Timmins JV”).
The current program follows the results from
Phase 1 work completed during 2023 and early 2024, which confirmed
high-grade gold mineralization through stripping and channel
sampling at the Shining Tree Gold Project including 9.04 g/t Au
over 16.15 m at surface at Ronda (see press release dated February
7th, 2024). The current program also included follow up on the
drilling of a new gold discovery at the Heenan Property in the
Swayze Greenstone belt (see press release dated February 21st,
2024). The program was for preparation of drilling and other
exploration activities.
Highlights include:
- During June and early July, the
South Timmins Joint Venture completed mechanized stripping and
channel sampling programs on the Shining Tree Gold Project covering
an area of 2,971 m2, bringing the total area stripped in Phase 1 to
4,883 m2. This had led to several new quartz-carbonate vein systems
being uncovered, with channel sample results ranging from 0.01 g/t
to 5.18 g/t Au.
- A 20 m wide north-northeast
orientated altered shear zone was uncovered approximately 500 m
south of Ronda containing anomalous gold mineralization and
discovery of a 3-4 m wide northwest orientated quartz-carbonate
vein system that was uncovered 700 m northeast of Ronda, and
immediately south of Caswell Lake.
- At Heenan, a total of 9 select
channel samples were collected over 25 cm lengths from Stripped
Area #2, with 4 of the 9 samples returning > 2.00 g/t Au, with a
high of 5.77 g/t Au.
- Successfully completed the
exploration activities for Phase 1 of the Joint Venture agreement
and planning is underway for the earn-in and Phase 2 exploration
program.
- PTX has appointed Erika Dohring as
a technical committee member of the South Timmins JV.
Shining Tree:
Stripping targeted anomalous grab and
geochemical (B-Horizon) samples, as well as exposed bedrock geology
in select areas. A total of five areas totaling 2,971 m2 were
mechanically stripped, washed, channel sampled, and geologically
mapped. In total, 117 channel samples were collected and submitted
for analysis and results range from 0.01 g/t to 5.18 g/t Au.
This recent program has allowed for a better
understanding of the geological controls on mineralization at
surface at Ronda and leading to the discovery of new gold-bearing
structures in the surrounding area.
Highlights from the recent stripping program
include the discovery of a 3-4 m wide northwest orientated
quartz-carbonate vein system that was uncovered 700 m northeast of
Ronda, and immediately south of Caswell Lake. This structure
contained abundant pyrite associated with carbonate and quartz
veinlets and may represent a northwest continuation of the Saville
Vein or a Saville-type vein system onto the Shining Tree Property.
Anomalous gold mineralization was reported with results ranging
from 0.01 g/t over 1.00 m to 1.16 g/t Au over 1.00 m.
Approximately 150 m southeast of Ronda, discrete
quartz-carbonate veins hosted within mafic volcanics were
uncovered. Samples returned 0.01 g/t Au over 1.00 m to 5.18 g/t Au
over 0.70 m.
Stripping 500 m south of Ronda has also
identified an approximate 20 m wide north-northeast orientated
shear zone that contains anomalous gold mineralization ranging from
0.01 to 1.46 g/t Au over 1.00 m sample lengths, with a highlight of
1.29 g/t Au over 2.00 m. This structure has been interpreted as the
southern extension of the nearby Ribble Structure at Ronda, and
likely connects with the Foisey Vein located 1.3 km south of the
Ribble Vein/Ronda Mine.
Approximately 250 m northeast of Ronda, a
northeast orientated shear zone containing quartz-carbonate veining
exposed over an approximate width of 20 m was uncovered. Anomalous
gold values were also returned that ranged from 0.01 to 0.34 g/t Au
over 0.50 m channel sample lengths.
Heenan Mallard:
At Heenan, a total of 9 channel samples were
collected from Stripped Area #2, with results ranging from 0.51 g/t
to 5.77 g/t Au over 0.25 m sample lengths. The detailed sampling
was collected proximal to a channel sample intercept from the fall
of 2023 that returned 2.08 g/t Au over 8.00 m and several
consistent wide zones of gold mineralization intersected from
surface to 177m including:
- 77.44 m of 0.40 g/tonne Gold in
hole HE23-02
- 27.15 m of 0.55 g/tonne Gold in
hole HE23-03
- An additional zone of
mineralization, outside the iron formation, was encountered in hole
2 grading 5.53 g/tonne over one meter at 177 m.
At Mallard, an area of approximately 1,022 m2
was mechanically stripped in two areas. On the main stripped area,
totaling 928 m2, a quartz-carbonate altered mafic volcanic rock was
uncovered in contact with a quartz-feldspar porphyry, a similar
geological setting as what has been reported at the Camp and River
Zones located approximately 600 m to the northwest. A total of 51
channel samples were completed with anomalous gold values obtained
in the samples that ranged from <0.005 to 0.98 g/t Au over 0.75
to 1.00 m sample lengths, with a composite of 0.67 g/t Au over 4.00
m being sampled at the edge of the outcrop where it is in contact
with an interpreted overburden-filled structure.
New Technical Committee
Member:
The Company is also pleased to bring in a new
technical committee member to assist in the next phase of
exploration activities at the South Timmins Gold Projects. Erika
Dohring is replacing Blaine Webster as exploration activities have
advanced. Blaine will continue to assist the Company as a technical
advisor.
Mrs. Dohring holds a M.Sc. in geology and mining
engineering from LaSalle Beauvais (France) and grew into a career
with exposure from field to capital market, and most recently as an
entrepreneur. Over the years, Mrs. Dohring has built her expertise
across three continents working for junior and major companies with
primary focus on precious and base metals. Holding management roles
in the previous years, she successfully negotiated, launched, and
managed multiple programs in Mexico and Canada. She also led
significant funding into copper exploration programs to discovery
as financial manager for BHP alliance in Mexico. Mrs. Dohring has
constantly been proactive in developing new ideas for growth,
mergers, ventures, which recently brought her to work closely with
the Fiore Group. Lately, Erika has launched her private Mexican
ventures for small scale production of Gold, Silver and Coal, where
she added valuable experience in economic evaluation for investment
decisions from exploration to production, negotiation and fund
raising for public and private entities
Marketing Contract:
The Company engaged Spark Capital on July 23,
2024, to provide investor relations services, marketing, or other
related services including the promotion of the Company. Spark
Capital terms are as follows C$4,166 per month for 12 months.
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 PTX Metals Inc.
PTX Metals is a minerals exploration Company
with two flagship projects situated in northern Ontario, renowned
as a world-class mining jurisdiction for its abundance of mineral
resources and investment opportunities. The corporate objective is
to advance the exploration programs towards proving the potential
of each asset, which includes the W2 Copper Nickel PGE Project
and South Timmins Joint Venture Gold Projects.
The portfolio of assets offers investors
exposure to some of the world’s most valuable metals including
gold, as well as essential metals critical for the clean energy
transition: copper, nickel, uranium and rare metals. The projects
were acquired for their geologically favorable attributes, and
proximity to established mining producers. PTX work programs are
designed by a team of expert geologists with extensive career
knowledge gained from their tenure working for global mining
companies in northern Ontario.
PTX Metals is based in Toronto, Canada, with a
primary listing on the Canadian Securities Exchange under the
symbol PTX. The company is also listed in Frankfurt under the
symbol 9PF and on the OTCQB in the United States as PANXF.
For additional information on PTX Metals, please
visit the Company’s website at https://ptxmetals.com/.
For further information, please contact:
Greg Ferron, President and Chief Executive Officer Phone:
416-270-5042Email: gferron@ptxmetals.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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