Platinex Inc. declares that the company has improved its previously announced flow through sponsoring.
The flow through common shares is valued at C$0.04 per share ("FT common share"). Each FT common share represents one common share of the Company. The closure of this final tranche of the FT Offering is currently in progress and is anticipated to conclude shortly.
The gross proceeds from the FT Offering will be utilized by the Company to cover eligible Canadian exploration expenses, specifically categorized as "flow-through critical mineral mining expenditures" as per the definitions outlined in the Income Tax Act (Canada).
These funds will support the progression of the W2 Copper-Nickel-PGE Project, aiming for advancement on or before December 31st, 2024. To benefit the subscribers, all qualifying expenditures will be officially renounced effective December 31st, 2023.
All securities distributed in connection with the FT offering are subject to a four-month plus one-day hold period from the closing date based on the applicable securities laws.
The closing of the FT offering is subject to certain conditions and receipt of all essential regulatory approvals. The company may pay finder’s fees to eligible finders in connection with the FT offering.
Platinex Completes Geological Compilation and 3D Modelling Program on W2 Copper-Nickel-PGE Project
Platinex has recently shared the results of the geological compilation and 3D modeling program conducted by BAW Mining Inc. on its W2 Copper-Nickel-PGE project in Northern Ontario. The project is situated in a region known for its world-class geological targets, near the Ring of Fire.
Historical operators, including Aurora Platinum, Canadian Nickel/INCO, and KWG Resources, have drilled a total of 71 holes, covering 12,157 m. BAW has compiled this data into digital format and completed one geological model and two mineralization models - one for moderate-grade mineralization and another for high-grade mineralization - based on copper equivalent (CuEq) grades over 0.3% and 0.8%, respectively.
Key Findings of the Modelling Program Include:
- Several zones of high-grade mineralization with over 0.8% CuEq are identified.
- Moderate-grade mineralization is wide (over 6 km strike length) in the central area of the W2 project with mineralized zones open to depth in all directions.
- Historical drill holes overlapped wide intersections of mineralization in the central area of the property; for instance, LH01-06 overlapped 220.6 m of 0.54% CuEq and LH01-05 intersected 151.6 m of 0.56% CuEq.
- High-grade zones happen in the gabbroic unit and appear narrowly spatially linked with the lithological contacts between mafic volcanic/metasedimentary rocks and mafic to ultramafic intrusive rocks.
- A strong correlation is detected between Cu-Ni mineralization and electromagnetic (EM) anomalies in the central area of the project. Apart from this, unexplored numerous EM anomalies, are situated across the project. Greenfield targets continue to be tested in the north, west, and east of the property.
- Titanium vanadium targets in the northwest area near hole LH01-10 are yet to be further explored.
Drill target areas have been considered into three categories such as confirmation, expansion, and greenfield. Additional survey programs, such as gravity, EM, and induced polarization (IP) geophysical surveys, as well as more data compilation on the W2 project, are being scheduled to improve certain drilling targets on top of the 3D modeling.