- Ownership: 100% Platinex (1009 claim), option to earn 100% interest (52 claims)
- Location: near Ring of Fire, Ontario, Canada
- Land package: 22,094 ha (220 km2)
- Target commodities: Copper-Nickel, PGEs, Gold, Chromite
The W2 Copper-Nickel-PGE and Gold Project is comprised of 1,122 cell units covering 22,094 ha (220 km2) in an area of world-class geological targets near Ontario’s Ring of Fire. W2 controls a significant part of the “Oxford Stull Dome Complex”, including the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”), which is highly prospective for copper-nickel (Cu-Ni), platinum group element (PGE), and chromite deposits.
- >5km PGE horizon drilled at wide spacing. Significant Cu-Ni-PGE assays over wide intervals where drilled (ex. 220.6 m of 0.57% CuEq in hole LH-01-06 and 151.6 m of 0.59% CuEq in hole LH-01-05*). Potential to build large-scale resource through additional drilling
- Numerous additional highly prospective Cu-Ni-PGE and shear-hosted Au targets in underexplored east section of W2
- Approximately C$5 M in historical exploration expenditures including 12,265 m of drilling and VTEM/AeroTEM II airborne geophysical surveys
- W2 positions Platinex as a new player in the Ring of Fire. The project will benefit from the recent acquisition of Noront (now Ring of Fire Metals) by Wyloo Metals, and ongoing infrastructure investments in the region
Location and Access
W2 is located approximately 475 km northeast of Thunder Bay, 60 km southwest of Ring of Fire Metals’ Eagle’s Nest Mine, and 50 km from the future Webequie Supply Road which will provide a year round connection between the Ring of Fire and the provincial highway network within 5 years. Current access to the project is by winter road originating in Pickle Lake.
Geology and Mineralization
The W2 Project covers the layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”) which is highly prospective for copper-nickel (Cu-Ni) and reef-type platinum group element (PGE) deposits. The widespread Cu-Ni-PGE mineralization is delineated in at least seven significant mineralized zones within a 7.5 km long folded corridor. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralization in the mafic ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system and therefore a potential significant abundance of the metals in each intrusion.
Two distinct zones are seen in the PGE horizon at W2: A shallow zone of PGE-dominated mineralization (e.g. 1.04 g/t Pd+Pt over 25.5 metres including 3.1 g/t Pd+Pt over 1.5 m in hole LH01-20) where mineralization occurs within sulphide-poor, plagioclase-rich gabbroic rocks within the middle zone of the complex. Also a lower zone of disseminated Cu-Ni sulphide, e.g. a 220.6 m (134.2 m-354.8 m) intercept yielding 0.23% Cu+Ni and 0.32 g/t Pd+Pt in LH01-06 within which several massive sulphide lenses yielded higher grades of copper (e.g., 1.1%-2%) and nickel (e.g., 0.4%-0.9%).
W2 is also transected by the Lavoie Lake Shear Zone System (LSZS), which is a part of the regional transcrustal structure, the Stull-Wunnummin Fault Zone (SWFZ), and presents several shear-hosted gold targets on the W2 property. Several shear zone splays off the SWFZ host significant gold mineralization on Northern Superior’s TPK property (25.87 g/t Au over 13.5 m) located just west of the W2 property.
Mineral exploration activity in the area of what is now the W2 Project goes back as far as the early 1900s. It was not until the 1970s, however, that a systematic exploration program was carried out at W2. From 1970-1974 Inco carried out airborne and ground magnetic and electromagnetic surveys and drilled 47 holes in and around W2. In 1992 KWG Resources carried out additional geophysical surveys and drilling. In 2000, Aurora Platinum staked what it called the Lansdowne House property and carried out reconnaissance mapping, ground and airborne geophysical surveys and two significant drill programs. The eastern area of W2 was staked by Temex Resources in the 2000s and an AeroTEM II magnetic and electromagnetic airborne geophysical survey was flown which identified numerous targets that have not been followed up. In total approximately $5 M has been spent on exploration at W2 including 12,265 m of drilling. No significant exploration activity has taken place at W2 since the late 2000s.
Ownership and Agreements
- Platinex’s interest in W2 is held through its wholly-owned subsidiary Endurance Elements Inc., which has a 100%-ownership interest in 1009 of the 1061 mining claims at W2. These claims were acquired through a combination of purchase agreements and claim staking and are subject to NSR royalties ranging from 0-2%. Additionally, up to $300,000 in cash and shares may be paid upon certain project milestones being met.
- The remaining 52 mining claims are held through an option agreement between Endurance Elements and two private parties. Pursuant to the agreement, Endurance Elements can earn a 100%-ownership interest in the claims by paying $40,000 and issuing 500,000 shares over three years. These claims are subject to a 1.5% NSR royalty of which 0.5% may be repurchased for $500,000 at any time.
*CuEq (copper equivalent) has been used to express the combined value of copper, nickel, platinum, palladium and gold as a percentage of copper, and is provided for illustrative purposes only and to provide ease of comparison. No allowances have been made for recovery losses that may occur should mining eventually result. Calculations use metal prices as at June 2023 of US$3.887/lb for copper, $10.388/lb for nickel, US$62.988/g for gold, US$45.742/g for palladium, US$31.598/g for platinum, and US$0.0295/g for cobalt, using the formula CuEq % = Cu % + Ni %x2.672 + Pd g/t x 0.534 + Pt g/t x 0.369 + Au g/t x 0.735 + Co g/t x 0.000345.