Holes assayed for Copper (Cu)-
- Hole 54017 in zone L-13 drilled 61 m of 1.01% CuEq including 13.1 m of 2.06% CuEq
- Hole 49182 drilled 20.91 m at 1.63% CuEq
These holes were located in Palladium and Platinum (PGE) areas would likely have a higher CuEq if assayed for PGEs.
Holes assayed for PGEs (with lower grade Cu-Ni) include:
- Hole LH-01-02 drilled 42 m at 1.756 g/t PdEq
- Hole LH-01-06 intersected 81.3 m at 1.196 g/t PdEq
- Hole LH-01-05 intersected 17 m of 1.86 g/t PdEq
Two wider intersections include:
- Hole LH-01-06 intersected 220.6 m at 0.56% CuEq or 0.956 g/t PdEq
- Hole LH-01-05 intersected 151.6 m of 0.57% CuEq or 0.971 g/t PdEq
As noted, LH-01-05 contains a 151.6 m mineralized zone which appears to correlate with the mineralization in hole LH-01-06 (220.6 metres). The two holes are 4 km apart with no intervening drill holes. The apparent correlation of widely spaced holes suggests a high level of continuity in the Cu-Ni-PGE mineralization. LH-01-06 is also close to a Cu-Ni deposit on a small claim package enclosed by the W2 property and appears to be a continuation of that mineralization (see footnote1).
I would also like to welcome
Immediate next steps at the
Transaction Terms:
The transaction has been effected by way of a purchase and sale agreement (the “Agreement”) between Platinex’s wholly owned subsidiary,
Pursuant to the Agreement,
Subject to certain conditions and two shareholder value enhancing project milestones being achieved
Additional W2 Project Information and Regional Potential:
- 425 mining claims (464 cells) covering 9,134 Hectares (91 km2)
- Approximately
$5M in historic exploration expenditures including 8,772 metres of drilling - Helicopter-borne electromagnetic and magnetometer surveys carried out by
Aurora Platinum Corp. (VTEM, 2006) andTemex Resources Corp. (AeroTEM II, 2008). Numerous attractive targets require further evaluation and drill testing - Early drilling efforts assayed for PGEs sparingly. Assaying for anticipated PGE accessories such as rhodium, osmium, iridium and ruthenium has not been completed. This may represent an opportunity to enhance the value of the known mineralization
- The Oxford Stull Dome hosts several large-scale, Cu-Ni PGE rich intrusive complexes including:
Lansdowne House Igneous Complex (LHIC)- the
Big Trout Lake Layered Intrusive Complex (whereinPlatinex owns a 2.5%Net Smelter Royalty ), and - the
Ring of Fire Intrusive Complex
The W2 Project is transected by a major transcrustal structure, theStull-Wunnummin Fault Zone (SWFZ), which extends easterly for 600+ km fromGods Lake inManitoba through Big Trout Lake-LHIC to the Ring of Fire inOntario and hosts several gold deposits/prospects including Yamana Gold’sMonument Bay /Twin Lakes Deposit inManitoba and Northern Superior’s TPK gold prospect (25.87 g/t Au over 13.5 m), located just west of W2- Platinex’s technical team has significant Cu-Ni-PGE expertise including
James Trusler , P.Eng. (Teck,Falconbridge ),Blaine Webster ,P.Geo . (Inco, Goldeye),Ike Osmani ,P.Geo . (North American Palladium , Aurora Platinum). Ike is a highly accomplished geologist with significant expertise on magmatic Cu-Ni-PGE deposits gained through work as the Principal Consultant who led Aurora Platinum’s exploration and drill programs at W2 and has other related experience with Implats Canada’s Lac desIles Mine and the Seagull Ultramafic intrusion in theNipigon area.
Drill Assay Table, Footnotes and Qualified Person Disclosure:
Drill Hole | Zone | From (m) | To (m) | Width (m)2 | Cu (%) | Ni (%) | Pd ppb | Pt ppb | CuEq (%)3 | PdEq g/t4 | Au ppb | Co ppm |
LH-01-061 | L-11N | 134.2 | 354.8 | 220.6 | 0.13 | 0.09 | 208 | 99 | 0.56 | 0.956 | 13.2 | 110.7 |
including | 134.2 | 215.5 | 81.3 | 0.15 | 0.12 | 281 | 143 | 0.70 | 1.196 | 13.5 | 130 | |
including | 315.8 | 354.8 | 39 | 0.23 | 0.14 | 188 | 59 | 0.79 | 1.360 | 13 | 197 | |
54017 | L-13 | 38.57 | 99.57 | 61 | 0.39 | 0.29 | No assay | No assay | 1.01 | 1.731 | No assay | No assay |
including | 48.54 | 61.66 | 13.1 | 0.99 | 0.5 | No assay | No assay | 2.06 | 3.529 | No assay | No assay | |
LH-01-051 | K-13 | 65.9 | 217.5 | 151.6 | 0.12 | 0.1 | 209 | 78 | 0.57 | 0.971 | 29 | 110 |
including | K-13 | 172 | 189 | 17 | 0.28 | 0.2 | 385 | 128 | 1.08 | 1.860 | 51.2 | 176 |
49182 | K-13 | 25.9 | 46.8 | 20.9 | 0.56 | 0.5 | No assay | No assay | 1.63 | 2.795 | No assay | No assay |
LH-01-021 | L-13 | 90 | 132.6 | 42 | 0.31 | 0.21 | 164 | 87 | 1.02 | 1.756 | 70 | 162 |
including | 128.1 | 132.6 | 4.5 | 0.89 | 0.54 | 817 | 222 | 2.64 | 4.522 | 55 | 35 | |
LH-01-201 | L-13 | 123 | 133.5 | 10.5 | 0.18 | 0.08 | 1236 | 329 | 1.17 | 2.000 | No assay | No assay |
LH-01-201 | L-13 | 161 | 206 | 45 | 0.11 | 0.15 | 268 | 94 | 0.61 | 1.053 | No assay | No assay |
540025 | M-12 | 41.04 | 62.50 | 21.46 | 0.68 | 0.84 | No assay | No assay | 2.47 | 4.243 | No assay | No assay |
1 Qualified in NI 43-101 report, 2002, 'Lansdowne House Property, Bartman Lake Area,
2 Width refers to drill hole intercepts, true widths have not been determined.
3 CuEq (copper equivalent) has been used to express the combined value of copper, nickel, platinum, palladium and gold as a percentage of copper, and is provided for illustrative purposes only and to provide ease of comparison. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices of
4 PdEq in g/t (palladium equivalent) uses the prices in 3 above and Pd Eq g/t = 1.715 x CuEq%.
5 Two areas where Inco and KWG Resources outlined Cu-Ni deposits comprise 36 single claim units and are enclosed by the W2 project, but not owned by
The Company has posted a presentation on its website (www.platinex.com) containing additional information on the
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. We assume no responsibility to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
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W2 Copper-Nickel-PGE Project
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The W2 Project controls one of the major Oxford Stull Dome complexes and includes over 5 km of strike length of known Cu-Ni-PGE mineralization within a large (9,134 Hectare or 91 km2) land package located near the Ring of Fire.
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