Platinex Inc. (CSE:PTX) announced that its wholly-owned Endurance Elements Inc subsidiary has acquired 149 mining claims located along the western boundary of the W2 copper-nickel-platinum group element (PGE) project in northern Ontario’s Ring of Fire district.
The company said the additional 2,932 hectares (ha) of ground acquired brings the W2 land package to 15,973 ha.
Endurance Elements holds a 100% interest in the W2 project.
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Platinex noted the widespread copper-nickel-PGE mineralization at W2 is delineated in at least seven significant mineralized zones within a 7.5 kilometre (km) long folded corridor.
It added that the new claims add 10 km of strike length to the project, with W2 extending 35 km along the Lavoie Lake Shear Zone System and tying onto Northern Superior Resources Inc’s TPK project, which intersected 25.9 grams per tonne (g/t) gold over 13.5 metres.
As well, Platinex said it is currently compiling historic data and developing exploration plans for W2.
Springer Mineral Resources Corporation owns a 0.5% net smelter return (NSR) royalty on some of the 149 mining claims acquired.
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 district-scale W2 copper-nickel-PGE project and a 100% interest in the 225 square km Shining Tree Gold project in the Abitibi region of Ontario, a world-renowned gold district.
Platinex is also developing a NSR royalty portfolio and currently holds royalties on gold, PGE, and base metal properties in Ontario.
Contact Sean at sean@proactiveinvestors.com