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PTX METALS INC. (PTX.CSE)

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Company description

PTX Metals Inc (PTX:CSE)(9PX:FRA) is a mineral exploration company focused on the discovery of large mineral deposits in good mining jurisdictions in Canada. Their flagship project is the Shining Tree gold property which is part of the prospective Abitibi Greenstone Belt, home of many multi-million ounce gold deposits and active mines, located in the mining friendly province of Ontario. Their second project is W2, a substantial Cu-Ni-PGM project, also located in Ontario.

Over the last few years, PTX Metals has acquired, through option agreements and staking, their district scale gold property in Shining Tree comprising 21,720 ha (53,671 ac), making it the largest gold prospect in the Shining Tree area. On its doorstep are the Coté Gold/Gosselin deposit (6.5Moz Au, IAMGold) and the Juby deposit (2.3Moz Au, Aris Gold), and other companies are drilling projects nearby, indicating lots of interest in the area. Management believes there is potential for multi-million ounce discoveries at Shining Tree. The company also has royalties on gold-, PGM- and base metal properties in Canada and Chile.

I view the polymetallic W2 Cu-Ni-PGM project in Ontario, very close to the Ring of Fire area as a potential gamechanger, as the project is a 9,134ha property at a stage of advanced exploration. Historic drill results were impressive, as there were intersections of 220.6m @ 0.56% CuEq (or 0.956g/t PdEq), 151.6m @ 0.57% CuEq (or 0.971g/t PdEq) and 42m @ 1.02% CuEq (or 1.8g/t PdEq). Historic drilling of the mafic/massive sulfide geology from the seventies already indicated potential tonnage of 20Mt. Gold sampling up to 9.3g/t Au also indicates several precious metal targets. Several geophysical surveys have been completed, generating lots of anomalies, resulting in many targets for copper, nickel and PGM exploration. Platinex has expanded the land package significantly by acquiring strategically located, adjacent claims. The W2 project will likely benefit from the recent Wyloo-Noront deal tagged at C$616.9M (Wyloo is owned by Australian billionaire Andrew Forrest, CEO of Fortesque Metals Group), implying new energy for the Ring of Fire, as Wyloo will likely contribute to the necessary infrastructure development.

PTX Metals is led by CEO Greg Ferron who most recently was CEO of Treasury Metals (developing the 3Moz Au Goliath-Goldlund project), and has extensive experience in M&A, corporate development, and capital markets. Ferron was instrumental in the transactions for both Shining Tree and W2. He recently took over from Chairman James Trusler who was the CEO from 1998 to 2018 and from 2019 to 2021, is a geological engineer with over 45 years of experience, with a history of discovery and strategic acquisitions of world class scale gold, uranium and Ni-Cu-PGM deposits to his name. Management and Board of Directors is supported by some powerful financial names from Europe and the US (Olivier Crottaz and Max Pluss), and a skillful technical committee (Lorne Burden, Blaine Webster).

PTX Metals is cashed up with almost C$4M in the treasury, is drilling at both Shining Tree and W2, with results expected in the summer of 2024. At a tiny market cap of just C$11.84M (June 2024) there seems to be lots of potential for a substantial re-rating.

 

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