Platinex Inc said it has increased its previously-announced flow through (FT) financing to C$1.5 million, from C$1 million previously, at C$0.04 per share.
The resource projects developer said proceeds from the offering will support eligible Canadian exploration expenses for the W2 Copper Nickel PGE Project, aligning with flow-through critical mineral mining expenditures.
The company noted that the closing of the final tranche of the FT offering is underway and is expected to be completed shortly.
As well, Platinex reported results from the geological compilation and 3D modelling program on its 100% owned W2 Copper-Nickel-PGE project located near northern Ontario’s Ring of Fire.
The company stated that key findings of the modelling program included the identification of multiple zones of high-grade mineralization with over 0.8% copper equivalent, with moderate-grade mineralization occurring over a more than six-kilometer strike length with mineralized zones open to depth and in all directions.
In addition, Platinex said numerous electromagnetic (EM) anomalies, which have not been explored, have been located across the project.
Further exploration programs, such as gravity, EM, and induced polarization (IP) geophysical surveys as well as more data compilation on the W2 project, are being planned to refine certain drilling targets on top of the 3D modelling, according to the company.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
Its current assets include a 100% ownership interest in the W2 Copper-Nickel-PGE Project near the 'Ring of Fire' in northern Ontario and a 75% interest in the South Timmins Mining joint venture with Fancamp Exploration.
Contact Sean at sean@proactiveinvestors.com