Mr. Greg Ferron reports

PTX METALS ANNOUNCES ADDITIONAL WIDE ZONES OF NEAR SURFACE COPPER NICKEL PGE MINERALIZATION AT W2 PROJECT

PTX Metals Inc. has released additional drill results from the 1,544-metre diamond drill program on its 100-per-cent-owned W2 Cu-Ni-PGE (copper-nickel-platinum-group-element) project (W2 project), which covers the whole layered Lansdowne House igneous complex (LHIC), located in the Ring of Fire region of Northwestern Ontario. This drilling program did not include drilling of the recently acquired claims which include the historical resource area known primarily as the Inco area (CA) zones nor the previously defined W2 Cu-Ni-PGE deposit.

In addition, the company has completed the 1-D exploration program in June and July at the South Timmins joint venture projects on Shining Tree and Heenan and Mallard Gold projects, and gold assays will be reported next week (see press release dated June 12, 2024).

The W2 drill holes included both geophysical targets as well as new targets identified from in-house geological and geophysical interpretations. The exploration holes were designed to test the expansion potential of the W2 near-surface mineralization trend (identified by 84 historical drill hole results over approximately seven kilometres), as well as an associated EM (electromagnetic) geophysical trend.

Holes W224-04 to -06 were drilled to infill and confirm the mineralization. Confirmation drilling provides additional data and enhances confidence in the historical reported mineralization zones. These holes have increased PTX's geological confidence in the mineralized zones' continuity. Drill holes W224-01 to W224-03 and drill holes W224-07 were exploration drill holes targeting new areas reaching as far as 28 km from the CA zone (see press release on July 24, 2024).

Highlights:

• Three confirmation drill holes (W224-04, W224-05 and W224-06) successfully confirmed over seven km near-surface Cu-Ni-PGE mineralization, primarily in the AP zone and transition zone located between the two CA zones.
• Drill hole W224-04 -- The positive outcomes of these drill holes have substantially increased PTX's geological confidence in the deposit's continuity.
  • Drill hole W224-04 intercepted a PGE-dominant upper anomalous zone, with 0.41 g/t PGE (platinum plus palladium) over 3.00 m starting at 64.00 m.
  • Below this interval, the drill hole intercepted a thick Cu-Ni dominated zone similar to those intersected in several nearby historical holes (for example, 54017-0: 1.22 per cent CuEq (copper equivalent) over 58.3 m, LH01-02: 0.92 per cent CuEq over 42.6 m, LH01-20: 0.54 per cent CuEq over 45.0 m).
  • This lower thicker intercept in W224-04 consists of 0.47 per cent CuEq over 46.00 m from 85.00 to 131.00 m, including 0.61 per cent CuEq over 13.84 m starting from 117.16 m, with 1.46 per cent CuEq over 3.84 m starting from 117.16 m
• Drill hole W224-05 intercepted a near surface cumulative 82.84 m of Cu-Ni-PGE mineralization from three separate mineralization zones starting from 32.87 m, including:
  • 67.01 m at 0.44 per cent CuEq starting at 32.87 m;
  • Including 7.50 m at 0.70 per cent CuEq starting at 71.50 m.
• Drill hole W224-06 intercepted a cumulative 39.20 m of mineralization from several separate mineralization zones starting from 27.00 m.
  • Highlights include 0.62 per cent CuEq over 4.20 m starting at 62.00 m;
  • Including 1.44 per cent CuEq over 1.60 m.

The Lansdowne House igneous complex (LHIC), which has been emplaced in the Volcano-sedimentary sequences of the Bartman Lake greenstone belt (BLGB), is host to Cu-Ni-PGE and V-Ti (vanadium-titanium) oxide mineralization similar to layered complexes (for example, Bushveld, South Africa), Big Trout Lake and Ring of Fire intrusions in Northwestern Ontario.

Program summary

Detailed drill hole collar information is summarized in Table 1.

W224-04 to 06 -- confirmation and infill drill holes

Drill hole W224-04 was collared to test an airborne geophysical conductive zone within the AP zone and confirm several historical drill holes intersected mineralization (LH01-20: 0.54 per cent CuEq over 45 m; LH01-02: 0.92 per cent CuEq over 42.6 m; 54017-0: 1.22 per cent CuEq over 58.3 m). Drill hole W224-04 intersected disseminated to locally massive sulphide mineralization. This drill hole intercepted 0.47 per cent CuEq over 46.00 m starting at 85.00 m, including 2.26 per cent CuEq over 1.00 m starting at 110.38 m and 0.92 per cent CuEq over 7.84 m starting at 117.16 m.

Drill hole W224-05 was collared 50 m east of historical drill hole LH01-05 within the AP zone. Drill hole LH01-05 reportedly intersected 0.51 per cent CuEq over 141.10 m. Drill hole W224-05 intersected disseminated sulphide mineralization with highlights of 0.44 per cent CuEq over 67.01 m starting at 32.87 m, 0.33 per cent CuEq over 6.83 m starting at 151.20 m, and 0.26 per cent CuEq over 9.00 m starting at 172.00 m. These assay results are consistent with the mineralization reported in historical drill holes. Other historical drill holes around W224-05 include 49182-0 (1.73 per cent CuEq over 48.20 m located approximately 300 m northeast of drill hole W224-05).

Drill hole W224-06 was collared to test geophysical targets along with two historical holes, 54013-0 and 54014-0, between the CA zones. It intersected significant sulphide mineralization and has confirmed the presence of mineralization between the current extent of the CA zones. It intercepted 0.34 per cent CuEq over 3.00 m starting at 27.00 m and 0.62 per cent CuEq over 4.20 m starting at 62.00 m, including 1.44 per cent CuEq over 1.60 m.

Significant results are provided in Table 2.

Next steps

The company has systematically compiled all historical drill holes in the central area into digital format, and an exploration target model is being prepared to generate 3-D shell geological and mineralization models to better understand the mineralization zones confirmed in this drill campaign. In addition, the exploration target model will report tonnage and grade estimates expressed as ranges. The modelling includes analyzing 84 historical diamond drill holes together with the results from the recently completed phase 1 drill program, covering the three key areas of the project, including the CA zone, AP zone and the central mineralized envelope.

The modelling work will follow the guidelines set forth in National Instrument 43-101, Section 14, and will be used to inform further prospecting strategies for exploration at W2. This exploration target model is conceptual, and more work and information, including drilling, are required before fulfilling CIM (Canadian Institute of Mining, Metallurgy, and Petroleum) requirements for the disclosure of a mineral resource.

Completion of phase 1-D exploration programs at South Timmins joint venture projects

Work on the South Timmins joint venture gold projects during June and early July, at Shining Tree and Heenan Mallard gold projects have been completed. The work program follows the successful results reported from the first three programs completed in 2023 and 2024, which confirmed high-grade gold mineralization through stripping and channel sampling at Shining Tree, and notably, included a new gold discovery at Heenan in the Swayze greenstone belt. The company will provide a comprehensive update next week of the gold assays.

QA/QC (quality assurance/quality control) program

Samples were cut using a diamond blade saw, inserted into labelled bags and delivered by representatives of PTX Metals to Activation Laboratories Ltd. in Thunder Bay, Ont. Activation Laboratories is an ISO 17025:2005 accredited testing laboratory.

Samples were analyzed for Au, Pt and Pd using the 1C-OES package, and multielement analysis was completed by near-total digestion (four acid) with an ICP-OES finish (IF2 package).

PTX inserted standards and blanks and performs duplicate analysis as part of its QA/QC (quality assurance/quality control) program. Activation Laboratories also conducts an internal QA/QC program, which includes the insertion of CRMs, blanks, sample repeats and duplicate samples.

Qualified person

The technical information presented in this news release has been reviewed and approved by Joerg Kleinboeck, PGeo, Shuda Zhou, PGeo, and Ike Osmani, PGeo, who are qualified persons as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About PTX Metals Inc.

PTX Metals is a minerals exploration company with two flagship projects situated in Northern Ontario, renowned as a world-class mining jurisdiction for its abundance of mineral resources and investment opportunities. The corporate objective is to advance the exploration programs toward proving the potential of each asset, which includes the W2 copper-nickel-PGE project and South Timmins joint venture gold projects.

The portfolio of assets offers investors exposure to some of the world's most valuable metals, including gold, as well as essential metals critical for the clean energy transition: copper, nickel, uranium and rare metals. The projects were acquired for their geologically favourable attributes and proximity to established mining producers. PTX work programs are designed by a team of expert geologists with extensive career knowledge gained from their tenure working for global mining companies in Northern Ontario.

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