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PTX Metals (TSXV: PTX) has begun a 5,000 metre drill campaign at their W2 copper-nickel-PGE-gold project in Ontario’s ring of fire as the company works to further prove out the Central target.
The first phase of drilling under the new campaign will see PTX focus on drilling known exploratory targets, with the company focused on expanding the resource estimate along with the identified mineralized bodies via step out drilling. The secondary objective of the first phase of drilling is building upon the current understanding of high grade zones and the possibility of enrichment within a larger sulfide-bearing envelope.
Initial holes under the program are set to target the CA1 and AP zones, with targeting based on the recent high-resolution magnetic survey and 3D inversion model, along with historic drill data collected at W2. The latest data collected suggests that mineralization is hosted within a deformed, sulfide-bearing magnetic gabbroic unit, with PTX aiming to intersect wide mineralized intersections and potential localized massive sulfide zones.
“We are particularly excited to be back drilling at the W2 Project this year with a more extensive program. We have taken significant steps for the Project and for the Company to improve our geological understanding of the deposit, that we are now ready to further test and build on the large exploration target issued in 2024,” commented Greg Ferron, CEO of PTX.
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“Importantly, with three recent infrastructure announcements in the immediate region including two landmark First Nations agreements with Ontario government, positive progress with metallurgy work and a strong commodity environment, W2 is very well positioned today.”
The commencement of the drill program follows a high resolution topography and orthophoto LIDAR survey being flown across the Central Target at the end of October. Results are also pending for an age dating study, paragenesis study, resource modeling, and geological 3D interpretations.
PTX Metals last traded at $0.105 on the TSX Venture.
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
