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Platinex announces acquisition of W2 Copper-Nickel-PGE project

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Global Mining Review,

Platinex Inc. has closed the acquisition of a 100% ownership interest in the W2 Copper-Nickel-PGE Project.

The W2 Project controls one of the major Oxford Stull Dome complexes and includes over 5 km of strike length of known CuNi-PGE mineralisation within a large (9134 ha. or 91 km2) land package located near the Ring of Fire. Historical exploration was carried out at W2 (formerly known as the Lansdowne House Property) by operators including Aurora Platinum Corp. during the 2000s, and Inco Ltd, includes the following near surface drill results.

Holes assayed for Copper (Cu)-Nickel (Ni) only include:

  • 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 mineralised zone which appears to correlate with the mineralisation in hole LH-01-06 (220.6 m). 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-NiPGE mineralisation. 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 mineralisation.

The W2 Project covers 70% of the layered mafic-ultramafic Lansdowne House Igneous Complex (LHIC) which is highly prospective for copper-nickel (Cu-Ni) and reef-type platinum group element (PGE) deposits. The widespread Cu-Ni-PGE mineralisation is delineated in at least seven significant mineralized zones within a 7.5 km long folded corridor. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralisation in the mafic ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system and therefore a potential significant abundance of the metals in each intrusion.

Greg Ferron, Interim CEO of Platinex, comments:

“The acquisition of W2 was completed on attractive terms to enhance shareholder value. The W2 Project has tremendous exploration potential and will experience revaluation both through additional exploration and discoveries and from improving access and infrastructure in the region. The acquisition also complements Platinex’s Net Smelter Royalty portfolio in which the company holds numerous royalties located in Ontario mining camps.

“I would also like to welcome Robin Webster to the Platinex team. Robin has a strong track record in NW Ontario in exploration and community development work and was previously the CEO of Goldeye Explorations Limited. Robin will continue to manage the W2 Project.”

Immediate next steps at the W2 Project include compilation and review of historic exploration data, engagement with local First Nations, and exploration permits.

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Copper mining news Nickel mining news Canadian mining news