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PTX Metals (TSXV: PTX) has completed the first metallurgical testwork on its W2 copper-nickel-PGE project, the results of which point to strong copper recoveries and the potential to produce a high grade concentrate.
The work on the Northern Ontario project, found in the Ring of Fire region, marks the first time the company has tested how W2 mineralization responds to conventional processing.
The program, run at SGS Lakefield, used a composite built from higher-grade drill core that was sampled across several zones. That sample graded 0.78% copper, 0.32% nickel, 0.29 g/t palladium, 0.11 g/t platinum and 0.04 g/t gold.
Put through a conventional flotation flowsheet, the rougher stage pulled 97% of the copper at a grade of 8.4%. Two cleaning stages then lifted that to a final concentrate grading 28% copper while still holding 92% recovery. The study used a particle size of 55 microns.
Palladium and gold were upgraded 21 times and 16 times respectively into the copper concentrate, with 53% of the palladium recovered at 6.2 g/t and 41% of the gold at 0.7 g/t. PTX says additional testwork is already underway to push those recoveries higher, which could translate into byproduct credits down the line.
WATCH: Why Copper Needs a Much Higher Price to Fix the Supply Problem | Greg Ferron – PTX Metals
“These initial metallurgical results represent an important milestone in advancing our understanding of W2,” said President and CEO Greg Ferron, adding that the strong copper recoveries provide “encouraging validation of the project” as the company hunts for higher-grade zones within the bulk tonnage during the 2026 season.
In terms of nickel extraction, a separate circuit recovered 77% of the nickel at a rougher-stage grade of 0.83%, with the highest grade concentrate that was achieved consisting of 5.6% nickel at 6% recovery. PTX is now weighing pressure oxidation and other leaching routes to improve recoveries.
As for next steps, PTX has indicated they intend to complete a locked cycle test to confirm the copper circuit under steady-state conditions.
PTX Metals last traded at $0.115 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 security.
