TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) -- PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) ("PTX” or the "Company”), a mineral exploration Company focused on high-quality Cu-Ni-PGE-Au and gold projects in northern Ontario, is pleased to confirm the Company has received approval from the Ontario Junior Exploration Program (OJEP) of $200,000 of funding for its 100% owned W2 Cu-Ni-PGE-Au Property in northwestern Ontario (the "W2 Project”).
The non-dilutive funding allows the Company to reclaim exploration activities at W2 carried out between April 1, 2024, and February 28, 2025, and more specifically outlined in a workplan and budget previously agreed upon with a maximum grant amount of $200,000.
The W2 Project was selected as part of OJEP an initiative of the Government of Ontario that aims to attract investment in early exploration, expand the pipeline of mineral development projects, including critical minerals, and lead to more mines and jobs in Ontario.
"This investment is an important part of our government's plan to rebuild our economy as we support exploration of Ontario's vast mineral wealth,” said George Pirie, Minister of Mines. "The Ontario Junior Exploration Program (OJEP) is helping unlock the province's mineral exploration potential and paving the way for the development of the mines of the future which will bring multigenerational opportunities to northern and First Nation communities.”
Greg Ferron, President and CEO of PTX, said "We are thrilled to have the continuing support of the Government of Ontario, not only recognizing the importance of the W2 Cu-Ni-PGE-Au project for our Province, but also financially supporting PTX efforts in developing our critical minerals exploration program and assets. Thank you, Minister of Mines George Pirie and team, for including PTX as beneficiaries of this latest round of OJEP funding.”
In September, the Company published and filed the W2 NI 43-101 Technical Report summarizing a near-surface Cu-Ni-PGE exploration target for the 100% owned W2 Project in Ontario (see www.sedarplus.com). The exploration target outlines a 3D grade shell model based on historic and recent drill results indicating a near-surface exploration target between 59-135 million tonnes ("Mt”) averaging between 0.78% to 1.03% Copper Equivalent ("CuEq”), containing some 610,000 tonnes to 1,052,000 tonnes CuEq (using CuEq grades above 0.7% and 0.5%, respectively). This is equivalent to 1.3 billion to 2.3 billion pounds CuEq.
Using CuEq grades above 0.9%, the exploration targets estimation is 31 Mt at 1.25% CuEq.
The exploration target model includes estimates in five mineralized zones including CA Zone 1, CA Zone 2, AP Main and two satellite zones AP North and AP East (Figure 1). The five zones have a combined strike length of approximately 7 km and are mostly near surface ( Read The Rest at :
