Platinex Inc. announced the acquisition of 149 mining claims along the western boundary of the W2 Copper-Nickel-PGE Project (“W2 Project” or “W2”) in Ontario’s Ring of Fire by its wholly-owned subsidiary Endurance Elements Inc.
With the addition of 2,932 hectares (29.3 km2), the W2 land package now totals 15,973 hectares (159.7 km2). The W2 Project is 100% owned by Endurance Elements.
The W2 Project now encompasses roughly 80% of the layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”), which is likely rich in copper-nickel (Cu-Ni) and reef-type platinum group element (PGE) deposits.
Within a 7.5 km long folded corridor, widespread Cu-Ni-PGE mineralization has been identified in at least seven significant mineralized zones. The presence of strong Cr, Ti-V, and Cu-Ni-PGE mineralization in the mafic ultramafic intrusions that ring the Oxford Stull Dome suggests a common source, a massive magmatic system, and thus a significant abundance of metals in each intrusion.
W2 extends 35 km along the Lavoie Lake Shear Zone System and connects to Northern Superior Resources Inc.’s TPK Project (25.87 g/t Au over 13.5 m) in the west, adding 10 km of strike length to the project. Furthermore, new claims in the northern section of W2 encompass a known Fe-Ti-V oxide horizon’s strike extension.
Some of the 149 mining claims are Additional Properties, according to the earlier declared purchase and sale agreement between Springer Mineral Resources Corporation and Endurance Elements Inc. and are subjected to a 0.5% net smelter return (NSR) royalty in favor of Springer.
The Company is currently compiling historical data and developing exploration plans for W2.
Ike Osmani, P. Geo, a consulting geologist for the Company, and James R. Trusler, P.Eng., Chairman of Platinex Inc. have reviewed and approved the information presented, and both are considered qualified persons for exploration at the W2 project, as defined by National Instrument 43-101, Standards for Disclosure for Mineral Projects.