Platinex Inc announced that its wholly-owned Endurance Elements Inc subsidiary has acquired additional mining claims adjacent to its W2 copper-nickel- platinum-group elements (PGE) project in northern Ontario’s Ring of Fire district.
The mineral exploration and development company said the new claims, combined with the existing claims, cover an 8-to-10 kilometre long, northeast-trending magnetic high and include the area of a titanium-vanadium (Ti-V) discovery made by Aurora Platinum Corporation in 2001.
“The company’s near-term exploration plans at W2 will remain focused on expanding existing near-surface copper-nickel and platinum-palladium zones and testing several high-priority magnetic-high coincident EM conductors in the eastern section of W2, however, the titanium-vanadium deposit is a strategic asset that may prove to be of significant interest in the medium term,” Platinex CEO Greg Ferron said in a statement.
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Platinex noted that previous discovery drilling on the magnetic high yielded values comparable to vanadium deposits mined at average grades ranging from 0.5% to 1.4% vanadium oxide (V2O5) in the Bushveld Complex (South Africa) and at the Windimurra Mine (Australia).
The company added that it has issued 200,000 Platinex shares as consideration for the acquisition and granted the seller a 2% net smelter return (NSR) royalty.
Platinex said it has the right at any time to repurchase 50% of the NSR royalty for C$1 million.
The share issuance is subject to a statutory four-month hold period.
As well, the company reported that it has been approved for a grant of up to C$80,000 through the Ontario Junior Exploration Program (OJEP), which will be provided as a 50% rebate on expenditures related to prospecting, geochemical surveying, and reporting at its Shining Tree project in Timmins during the summer of 2022 field season.
Platinex also noted that it will announce its Shining Tree gold exploration program in due course with funds from the OJEP grant being used for geological mapping and additional geochemical work, including a soil sampling program to follow up on the Induced Polarization (IP) and gold-in-till work carried out in 2021.
The results of these programs along with existing geophysical data (magnetic and IP) will be integrated to generate drill targets, the company said.
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