PTX Metals Inc. (TSXV: PTX) reported initial metallurgical test results from its W2 copper-nickel-PGE project in Northern Ontario's Ring of Fire region, according to a company statement.

The testing, conducted at SGS Lakefield, achieved copper recoveries ranging from 97% at 8.4% copper grade to 92% at 28% copper grade. The tests used a composite sample with head grades of 0.78% copper, 0.32% nickel, 0.29 g/t palladium, 0.11 g/t platinum, and 0.04 g/t gold.

The metallurgical process upgraded palladium and gold by 21 times and 16 times respectively in the final copper concentrate. The final concentrate contained 53% of the palladium at 6.2 g/t grade and 41% of the gold at 0.7 g/t grade.

Testing on a separate nickel circuit achieved 77% nickel recovery at 0.83% grade in rougher flotation. The highest-grade nickel cleaner concentrate reached 5.6% nickel at 6% recovery, which the company noted falls below typical nickel concentrate specifications.

The company plans locked cycle testing as the next step in metallurgical evaluation. PTX stated this represents the first known metallurgical testing on W2 mineralization.

Separately, PTX granted 650,000 stock options to consultants at an exercise price of 14 cents per share, valid for three years with a four-month hold period.

PTX Metals focuses on gold and critical minerals projects in Northern Ontario, including the W2 project and the Shining Tree Gold Project in the Timmins Gold Camp.