Platinex Inc. (CSE:PTX) told investors it has completed an initial exploration program at the Muskrat Dam critical minerals project in northwestern Ontario.
In an update on its projects, the company said an initial 66 rock samples were collected, and reconnaissance geological mapping was carried out by ALS Goldspot to guide future exploration programs. Several potassic pegmatites with yellow muscovite, tourmaline, and garnet were observed and sampled, with assay results pending.
A VTEM airborne geophysical survey is planned for the 2023-2024 winter season, which will cover sections of the 12,934 ha (129 km2) project located within the Muskrat Dam greenstone belt where historical operators had drilled intersections of attractive grades of copper, nickel, and gold, it added.
Under the Ontario Junior Exploration Program (OJEP), an initiative of the Government of Ontario aimed at attracting investment in early exploration, the company noted it will receive a grant covering 50% of qualifying exploration expenses accrued at the project between April 1, 2023, and February 15, 2024, with a maximum grant amount of $200,000.
“Exploration is the first and most vital part of the made-in-Ontario supply chain we are building for critical minerals,” commented George Pirie, Minister of Mines.
“It is the intrepid junior exploration companies like Platinex that will find the mines of the future that will bring critical minerals to the world and prosperity to northern and Indigenous communities across Ontario.”
Platinex president and CEO Greg Ferron added: “We are pleased to be included as beneficiaries of this latest round of OJEP funding. Platinex is aligned with the Ontario government’s economic objectives to pursue the opportunities inherent in the province’s natural resources.”
W2 copper-nickel-PGE project
Meanwhile, the company said it has engaged BAW Mining to conduct a data compilation and 3D modeling program to generate a geological and mineralization model for the W2 copper-nickel PGE (platinum group elements) project in Ontario.
The program will incorporate all drill holes completed within the project’s boundaries as well as GIS data collected from past operators to provide a greater understanding of the controls and extent of the mineralization at the project.
BAW Mining’s analysis is expected to be completed in October and the results will be used to refine targeting for infill and expansion drilling for the next drill program, Platinex said.
South Timmins Mining JV properties
At the South Timmins Mining Joint Venture properties, the company said it has completed 2,233 B-horizon soil samples and collected 134 rock samples at the Shining Tree Gold Project.
Platinex said the program includes its first exploration work at the Ronda mine in the central area of the property. Work has been completed in Areas 2 and 3 and is ongoing in the central area. Reconnaissance prospecting has also been carried out in Area 1 along the Rideout Deformation Zone.
The company said a detailed update from work at the Shining Tree and Mallard Gold Projects will be released upon receipt of final assays, which are expected later in September.
The company said it has now commenced stripping, channel sampling and geological mapping work as it prepares for drilling a high-priority coincident geophysical and geochemical anomaly at the Heenan Gold Project.
Once completed, it said a similar stripping program will be carried out at the formerly producing Ronda Mine at Shining Tree in September.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
Contact the author at stephen.gunnion@proactiveinvestors.com