Platinex Inc. (CSE:PTX) revealed that its wholly-owned subsidiary Endurance Elements Inc has expanded its W2 Copper Nickel PGE project in Ontario by acquiring 225 additional single-cell mining claims.
The W2 project is a district-scale land package comprising 1,122 cell units now covering 22,094 hectares at the southwestern extent of Ontario’s Ring of Fire.
According to the Toronto-based company, Barrick Gold has recently taken on a large land position in the immediate W2 area, staking 1,198 single-cell mining claims covering 23,565 hectares of ground adjacent to blocks held by Endurance Elements.
Since the W2 acquisition in January last year for its historically drilled copper-nickel-PGE mineralized zones, Platinex has strategically expanded the western edge of the project within the Lavoie Lake Shear Zone System towards Northern Superior Resources’ TPK Gold project.
It has taken Endurance Elements multiple acquisitions and the addition of claims by staking to more than double its W2 land parcel.
Platinex revealed that the latest claims were first staked by Springer Mineral Resources in 2022 and 2023 and as per prior agreement were recently transferred to Endurance Elements at the cost of staking.
“Certain of the claims are subject to a 0.5% net smelter return (NSR) royalty in favour of Springer,” the company said in a statement.
The Lavoie Lake Shear Zone System, which has over 35 kilometer (km) strike length through W2, is interpreted as a series of splay shears/faults off the Stull-Wunnummin Fault Zone (SWFZ), a major transcrustal regional structure, noted the company.
The SWFZ structure extends easterly for over 600 km from Gods Lake in Manitoba through Big Trout Lake and the W2 property to the Ring of Fire area in Ontario. Historical high-grade gold values reported from the W2 property are 9.3 grams per ton (g/t) Au (gold) and 23.8g/t Au in grab samples from the Sandvik and Goose showings respectively.
The company’s exploration plans for W2 are focused on expanding the historical copper-nickel-PGE zone at the heart of the property and testing Eagle’s Nest-style VTEM targets in the eastern portion of the project. However, the western expansion of W2 represents a significant addition to W2 and brings “compelling gold opportunities and optionality” to the project, noted the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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