PTX Metals: Assays Coming Fast On Two Separate Projects
FULL DISCLOSURE: This is sponsored content for PTX Metals.
PTX Metals (TSXV: PTX) is a Toronto-based explorer that many Bay Street mining players are watching closely. Assays are expected within weeks from recent exploration on both their flagship W2 copper-nickel-PGE property, as well as from their secondary Heenan Mallard Gold project.
Over at W2, a ten hole drill program recently got underway that is focused on testing and expanding two zones within the Central Target Area. A major priority here is expansion of mineralization within the interzone found between the CA_1 and CA_2 zones, which could bring together a combined strike length of 4 kilometres.
Preliminary results from drilling of the first five holes are said to have seen intercepts of visible mineralization as disseminated semi-massive to massive sulfides, which extend over significant widths.
The program here is centered on drill targets that were generated from a new three dimensional model generated for the Central Target that focused on the CA Zones, with a similar model forthcoming for the AP zones. In the near term, current models are expected to be enhanced by a recent 3,191 line-kilometre HeliGT magnetic survey, which should also define new areas of interest across the property.
A key priority this year is also the establishment on a mineral resource estimate at W2, with current exploration expected to contribute towards that effort. Drill results meanwhile are expected to be released in the near term.
With major names such as Barrick Gold, and June Corp, a private operator led by Robert Cudney among a who’s-who of Bay Street’s top players, holding adjacent claims, a successful exploration campaign could lead to the company’s W2 project becoming a prospective target for majors.
The background on W2
Spanning 22,000 hectares, the W2 project has shown promising early results. In September of 2024, PTX released a technical report outlining an exploration target that contains between 59 and 135 million tonnes of mineralized metal, grading 0.78% to 1.03% copper equivalent. The target is estimated to contain anywhere from 1.34 to 2.3 billion pounds of copper.
The mineralization extends across five zones: CA Zone 1, CA Zone 2, AP Main, and two satellite zones (AP North and AP East), collectively covering a strike length of 7 kilometers. Notably, these zones are mostly near-surface, providing easier access for drilling and future extraction.
The highest grade material is found at the recently acquired CA Zones, where CA Zone 1 and CA Zone 2 are estimated to have the potential for 24 million tonnes at 0.98% CuEq. Ca Zone 2 specifically reportedly has the potential for 2 Mt at 1.42% CuEq, using a 0.9% CuEq cut-off. Higher levels of platinum group elements were also noted at the AP Main Zone, which has the potential for 20 Mt at 1.25% CuEq.
Company President, Greg Ferron, has stated, “The tonnage and grade reported substantially benefited from the high-quality drilling completed by Inco, Aurora Platinum, and PTX. We remain confident that confirmation drilling and continued exploration will both upgrade and expand resources.”
Ferron meanwhile is a proven creator of shareholder value. Among the senior roles he has held, as CEO of Treasury Metals (now NexGold Mining Corp) he led the Goldlund project acquisition, creating one of Canada’s largest gold developers.
The gold exploration
But at PTX Metals the focus isn’t just copper. The company also has interests in the gold space, which the company refers to as the South Timmins assets. Projects here are held under a joint venture with Fancamp, with PTX being the majority owner of the venture with a 75% interest.
On trend with IAMGOLD’s Cote Project, projects under the South Timmins banner including Shining Tree, which is adjacent to Aris Gold and the Kirkland Lake Gold JV, as well as the Heenan and Mallard properties, the latter of which are to the west of Cote the current focus of exploration.
A winter drill program was recently undertaken at Heenan, with the five hole program slated to follow up on a discovery made in early 2024. Wide zones of mineralization have previously been identified here from surface to a depth of 177 metres, which mechanized stripping later followed up on. That effort yielded channel sample composites that include 4.05 g/t over 2.00 metres and 2.39 g/t gold over 8.00 metres.
Assay results from that drill program meanwhile are expected to be forthcoming in the near term.
These results, of course, are to come amid a shot of volatility within the markets in recent days. Despite gold showing resilience – it recently fell to the mid $2,900’s before returning about the $3,100 level – and copper again showing strength, PTX has seen a sell off in recent days.
The name fell over 34% on no news, but rather market sentiment, and remains down as much despite the markets having come back dramatically. PTX traded at 16 cents on April 1, yet closed at 10 ½ cents on Wednesday. Something to consider.
FULL DISCLOSURE: PTX Metals is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PTX Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
