Mr. Greg Ferron reports

PTX METALS' GREEN CANADA SUBSIDIARY ANNOUNCES ACQUISITION OF THELON BASIN URANIUM CLAIMS

PTX Metals Inc. has provided an update on recent project and corporate activities related to its subsidiary, Green Canada Corp. (GCC), of which PTX has a 51-per-cent equity ownership.

During the last six months, GCC has analyzed historical exploration results in the region and acquired by way of low-cost claims staking a large mineral rights position in the Thelon basin, Nunavut, Canada, and the prospective Baker Lake and Amer Lake uranium districts. The claims package, totalling 324 square kilometres, contains fertile and highly prospective geological terranes capable of hosting uranium deposits as seen in the Thelon basin, including the Kiggavik and Angilak uranium projects.

The Thelon basin is highly underexplored and its similarities to Athabasca basin makes the claims an ideal area for GCC, complementing its existing projects, including the Beartooth Island uranium project, Athabasca basin, the Matoush-Otish Mountain project and Mistassini project in Quebec, which also includes ground immediately north and south of IsoEnergy's Matoush uranium deposit, a large high-grade uranium deposit, and the Cypress uranium and copper project in the Athabasca basin.

Highlights include

The Nunavut uranium claims are described below:

• Historical drill results on the claims include drilling 25.9 metres (m) at 0.125 per cent triuranium octoxide (U3O8);
• The Amer Lake package controls a major structure surrounding Amer Lake uranium deposit along strike located near Agnico Eagle's operating Amaruq gold project;
• High-grade uranium boulders and till geochemistry anomalies and strong basement conductors, walk-up drilling targets are abundant along the Amer Lake trend;
• 100-per-cent ownership with no royalties outstanding subject to potential government royalties.

Nunavut uranium claims overview

Baker Lake South: Comprises a series of 19 uranium prospects across 85-square-kilometre land packages to the south of Baker Lake. The project is located the Churchill structural province on the southern side of Baker Lake within the Baker Lake basin:

• Bisset Lake South prospect drilling includes 25.9 m at 0.125 per cent U3O8;
• Prospective for unconformity-style, sandstone-hosted mineralization, structurally controlled (fault and/or dike) mineralization (Kiggavik, Tatiggaq).

Amer Lake trend: Three large land packages totalling 230 square kilometres in the Amer Lake trend covering both the Titan project to the west and Amer Lake deposit:

• The mineralization at Amer Lake is prospective for syngenetic mineralization, unconformity-vein-type mineralization, sandstone-hosted mineralization, structurally controlled (fault and/or dike) mineralization (Kiggavik, Tatiggaq);
• High-grade uranium boulders and till geochemistry anomalies;
• Amer Lake is situated approximately 20 kilometres (km) north of the operational Amaruq gold project, which hosts extensive infrastructure, including trafficable roads facilitating access to the local town of Baker Lake.

Next steps

GCC is currently permitting the claims for exploration activities to consist of ground-truthing, access reconnaissance, geochemical sampling and ground geophysics. Potential drilling of high-priority targets could occur as early as 2025 once permitting is in place.

Overview of uranium geology in Amer Lake and Baker Lake

Uranium mineralization in the Amer Lake terrane can be classified into four main types:

1. Syngenetic mineralization found near the contact between the Showing Lake and Oora Lake formations. This style of mineralization is characterized by pore-filling and fine disseminations of uraninite, chalcopyrite, magnetite and calcite in pink, sandy layers of the siltstone. The grade of this syngenetic mineralization is generally low (less than 0.05 per cent U3O8).
2. Unconformity-vein type mineralization (discovered in boulders and outcrop) occurs as narrow stockwork veins cross-cutting Amer group rocks. Mineralized veins are commonly associated with illite, chlorite and hematite alteration grades for unconformity-vein type mineralization discovered in boulders can be high. Grab samples of over 10 per cent U3O8 have been reported from the area.
3. Sandstone-hosted phosphatic (matrix of the sandstone or phosphatic breccia) and non-phosphatic mineralization has been located in float with concentrations of uranium ranging from 0.01 per cent to 1.0 per cent U3O8. The non-phosphatic boulders are limonitic, vuggy, and contain secondary uranium minerals such as torbernite and autunite.
4. Structurally-controlled (fault and/or dike) mineralization such as Orano's Kiggavik project and Forum's recently enhanced Tatiggaq project, both of which have encountered much higher grades than currently observed in the Amer group rocks.
5. Grab samples of over 10 per cent U3O8 have been reported from the area. Amer Lake North hosts five uranium prospects, Wolverine Point, 76-5, 76-2 and 77-2, and a new discovery, all of which present as till anomalies and/or uriniferous boulder anomalies.

Uranium mineralization in the Baker Lake region can be classified as:

1. Structurally controlled/hosted encountered in fractured and brecciated fractured/faulted conglomerates and arkoses of the Baker Lake basin (Kazan sandstone or South Channel conglomerate), containing some fracture filling disseminated pitchblende in salvages associated with these structures.
2. Unconformity-vein type mineralization (discovered in boulders and outcrop) occurs as narrow stockwork veins cross-cutting Baker Lake group rocks and into stratigraphically underlying basement rocks of Archean age.
3. Volcanic basement-hosted shears (volcanic) (Beaverlodge-style) with minor graphite and hematization was noted in the basement rocks which are also commonly fractured and sheared.

Elliot Lake claims

GCC is in the process of letting these claims lapse to manage costs and focus its priorities on Nunavut and on other opportunities.

Muskrat Dam project

GCC recently issued 166,667 common shares at 15 cents per share to an arm's-length party related to final anniversary payment.

Qualified person

The technical information presented in this news release has been reviewed and approved by Rhys Davies, PGeo, for GCC, a consulting geologist of GCC and qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About PTX Metals Inc.

PTX is a minerals exploration company focused on high-quality critical mineral projects, including 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 (platinum group element) project and South Timmins gold joint venture project.

We seek Safe Harbor.