Platinex Inc. ("Platinex" or the "Company") announced the successful acquisition of a significant claim package, incorporating a historical resource within the current Central Area boundaries of Platinex's 100% owned W2 Copper-Nickel-PGE Project ("W2") situated in the "Ring of Fire" region in Northern Ontario.
W2 Project New Claims. Image Credit: Platinex Inc.
This acquisition comprises 19 single-cell mining claims from Gungnir Resources Inc. ("Gungnir"). Additionally, Platinex has procured 13 adjacent claims, finalizing the consolidation of the W2 project area.
This acquisition gives the Company full control of W2, including all the historical resource areas. 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.
Greg Ferron, President and CEO, Platinex Inc.
Around 42 of the 73 previous drill holes drilled inside the Central Area of W2 are included in the 32 recently acquired claims, spanning 630 hectares (6.3 km2). These recently acquired claims encompassed a significant amount of the mineralized zones already found. This comprises the drill hole intersections that the preceding owners finished as follows:
- Over 18.2 m, Hole 54002 intersected 0.92% Cu and 0.73% Ni.
- 0.48% Cu and 0.15% intersected at hole 54004. Ni over 32.0 m.
Less than 150 m is the average depth of previous drill holes, with the possibility of them being exposed deeper. Mafic to ultramafic intrusive rocks connected to electromagnetic anomalies make up most of the new claim areas.
Additionally, they are close to the lithological contact between mafic-ultramafic intrusive rocks and mafic volcanic/metasedimentary rocks, which is thought to play a key role in regulating higher-grade Cu-Ni mineralization.