Canada-based company Platinex has expanded its W2 Copper-Nickel-PGE Project by acquiring a key claim package in the Ring of Fire region of Northern Ontario.

The acquisition consolidates the company’s holdings within the Central Area boundary of the 100%-owned project.

This transaction includes 19 single-cell mining claims from Gungnir Resources, complemented by 13 adjacent claims, further solidifying Platinex’s position in the area.

For this transaction, Platinex paid C$30,000 ($22,222) and issued three million of its shares to Gungnir.

The W2 project is already permitted for a Phase 1 exploration programme, with permits in place for up to 31 drill pads.

The company is actively engaged in additional desktop work, including the compilation of greenfield areas and modelling of airborne geophysical data.

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By GlobalData

Plans for the 2024 exploration programme at W2 are currently being finalised.

Historical exploration efforts by previous operators have identified numerous mineralised zones within a 7.5km-long folded corridor.

The 32 claims recently added to Platinex’s portfolio cover 630 hectares (6.3km²) of area and encompass 42 out of 73 historical drill-holes within the Central Area of W2.

Platinex noted that a significant portion of the historically identified mineralisation zones are situated within these newly acquired claims.

The claim areas are predominantly composed of mafic to ultramafic intrusive rocks, which are associated with electromagnetic anomalies.

These zones are also near a lithological contact between mafic volcanics/metasedimentary rocks and mafic-ultramafic intrusive rocks, which is believed to be a critical factor in controlling higher-grade Cu-Ni mineralisation.

Platinex president and CEO Greg Ferron said: “This acquisition gives the company full control of W2 including all of the historical resource area.

“This not only improves the project’s economic potential, but also enables us to execute a complete exploration programme along the 7.5km mineralisation zone, which shows potential for expansion at depth and along strike.”