SUDBURY, ONTARIO, March 7, 2011/ - HTX Minerals Corp ("HTX") is pleased to announce that it has purchased the Owen Nickel Property located in Mongowin Township, 70 kilometres southwest of Sudbury, Ontario. HTX has also completed a 339 line kilometre AeroTEM HD airborne magnetic and electromagnetic (EM) survey over the property.
Under the terms of the Agreement, HTX has purchased 100% of the mining rights of 6 patent parcels for $32,000. HTX has completed staking of an additional 5 claims (37 units) around the property.
Aeroquest Limited, of Mississauga, Ontario, under contract to HTX completed 339 line-kilometres of total field magnetic and time domain electromagnetic surveying (AeroTEM HD) in January, 2011, targeting Ni-Cu-PGE bearing sulphides in the Proterozoic mafic to ultramafic rocks of the Mongowin Pluton and surrounding environment. Previous work has discovered massive sulphide Ni-Cu mineralization in surface showings and pits (samples up to 3.82% Nickel and 2.38% Copper) and in diamond drilling (best intersection 1.17% Nickel and 0.40% Copper over 4.7m) near the north east contact of the plunging pipe-like peridotitic intrusion. Mineralization remains open in all directions.
In the region of the sulphide showings, the airborne survey revealed a broad magnetic signature which defines the shape and depth extent of the intrusive body. Areas of coincident discrete magnetic and EM responses have been identified for follow up. The exploration program planned for 2011 will include ground prospecting of identified magnetic and EM features, and diamond drilling of those geophysical anomalies deemed coincident with the most favourable geological environment for the discovery of a new Ni-Cu-PGE deposit.
Commenting on the acquisition, Scott McLean, President & CEO of HTX, stated: "The Owen Nickel property provides HTX with access to an untested nickel-copper zone that is conveniently located proximal to excellent road and power infrastructure and existing processing plants in nearby Sudbury. The limited exploration activity in the area of the property provides an excellent opportunity to expand the existing mineralized zone as well as for the discovery of new deposits. We are surprised that the property has remained available for acquisition for many years, but pleased to have the opportunity to explore a property so close to infrastructure".
The Qualified Person responsible for the technical content of this press release is Joel Hrominchuk P.Geo., Vice President of Exploration for HTX Minerals Corp.
HTX Minerals Corp is a privately held company that was incorporated in late 2007. Its primary focus is the exploration for nickel, copper and platinum group metals ore within North America. Currently it manages projects in north-western Ontario and east-central Minnesota. HTX also holds a 37% interest in Transition Metals Corp.
For further information: Please contact: HTX Minerals Corp, Scott McLean, President & CEO, Tel: (705) 669-1777, Email: smclean@htxminerals.com