Platinex Announces Positive Geochemical Sampling Results and Commences Exploration Program on Shining Tree Gold Property
TORONTO, May 17, 2023 (GLOBE NEWSWIRE) —
Platinex Inc.
(CSE:PTX)
(OTC: PANXF, Frankfurt: 9PX)
(”
Platinex
” or the ”
Pursue
“) is pleased to provide an update on its Shining Tree gold property in which the Company holds an interest through its joint venture South Timmins Mining (“South Timmins”) with Fancamp Exploration Ltd. holds a 75% interest (see press release dated March 15, 2023). ). South Timmins holds a 100% interest in the Shining Tree gold property, adjacent to Aris Gold’s Juby property, and a 100% interest in the Heenan Mallard gold project, adjacent to IAMGOLD’s Côté gold project.
At Shining Tree, the joint venture is working to identify new gold targets in several highly prospective and underexplored areas of the 225 km² land package, including along the Ridout-Tyrrell Deformation Zone (RTDZ), while continuing more targeted exploration efforts in the central area of the project supporting additional drilling at the Herrick deposit, the Caswell prospect and the historic Ronda mine (see attached map).
Field teams have been mobilized to begin follow-up work on new gold targets identified through generative work throughout 2022. Work begins in Area 3.
Concurrently, ALS Goldspot Discoveries, a geoscientific AI and data laboratory, has completed its property-wide data collection. The results will be used by the Company to complete the 2023 exploration and drilling programs.
Further information on the exploration activities and drilling programs for the Shining Tree and Heenan Mallard will be provided in a separate news release once the plans are finalized.
The 2023 exploration programs at Shining Tree and Heenan Mallard are led by Joerg Kleinboeck, P.Geo., a professional geoscientist with 24 years of mineral exploration experience. In particular, he has extensive years of experience in the Shining Tree region and previously managed exploration programs at Heenan Mallard.
Geochemical Results
In the fall of 2022, Platinex completed geochemical survey and prospecting programs in three areas (2, 3 and 5, see map) that were considered highly prospective and underexplored for gold mineralization (see news release dated December 7, 2022). Activation Laboratories Ltd. Results submitted to (“Actlabs”) for 1,905 B-horizon soil samples from Areas 2, 3 and 5 have identified several areas that require further prospecting, geochemical supplemental sampling and geophysical surveys to define potential drill targets. The most notable targets are in Area 2 and Area 3.
In Area 3, several anomalous soil samples were returned from the B horizon, coinciding with the previously announced high priority Soil Gas Hydrocarbon (SGH) anomaly, known as the Bob Lake anomaly, which Actlabs rated as “high probability.” ‘ Gold mineralization may be present. The most significant soil sample was 269913 which returned 683 ppb Au and is located at the center of the Bob Lake anomaly. Additional soil sampling has been proposed over this target, followed by line cutting and geophysical surveys (induced polarization and magnetometer surveys) to advance the target towards drilling.
Area 2 targets a projected 6km strike length of the RTDZ (“Ridout-Tyrrell Deformation Zone”), which has been very little explored historically. Reconnaissance by Platinex in 2021 and 2022 has resulted in several highly anomalous soil samples and till samples from the B horizon “below the ice” of the interpreted structure, with soil samples returning gold values up to 380 ppb and till samples up to 43 pristine gold grains, indicating a possible nearby bedrock source for the gold. Detailed infill soil sampling and “on ice” prospecting of the anomalous geochemical samples and till samples, as well as line cutting and geophysics (induced polarization and magnetometer surveys) are planned to advance the target toward potential inclusion in the upcoming drill program.
The technical information presented in this news release has been reviewed and approved by Joerg Kleinboeck, P.Geo, a Qualified Person for exploration at the Shining Tree Project as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Platinex Inc.
Platinex Inc. creates value for shareholders through the opportunistic acquisition and advancement of high quality projects in prolific mining districts in Ontario. Current assets include a 100% interest in the W2 copper-nickel PGE and gold project near the Ring of Fire and a 75% interest in the South Timmins Mining JV with Fancamp Exploration, which includes the 225 square kilometer gold project Shining Tree and the highly prospective Heenan Mallard gold project, both located along the Ridout-Tyrell deformation zone on strike with IAMGOLD’s Côté gold deposits; and an option to earn a 100% interest in the critical lithium-focused Muskrat Dam mineral project. Platinex also holds a basket of NSR (Net Smelter Return) royalty on gold, PGE and base metal properties in Ontario. Having assembled a strong and diversified project portfolio and leading a technical team, the company focuses on the comprehensive exploration and evaluation of each project to maximize shareholder value. Platinex is based in Toronto, Canada and has its primary listing on the Canadian Securities Exchange under the symbol PTX.
For more information on Platinex and other company information, please visit the company’s website at https://platinex.com/.
For more information please contact:
Greg Ferron, President and Chief Executive Officer
Telephone: 416-270-5042
Email: gferron@platinex.com
Forward-Looking Information
This press release contains forward-looking information that is not historical fact. Forward-looking information is identified by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results and opportunities to differ materially from those expressed or implied in such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, among others, changes in stock and debt market conditions, fluctuations in commodity prices, delays in obtaining any required government or regulatory approvals, etc. risks that are set forth in the Company’s Management Discussion and Analysis filed under the Company’s profile at www.sedar.com. Forward-looking information in this press release is based on management’s opinions and assumptions, believed to be reasonable as of the date of this press release, including the assumption that all necessary regulatory and regulatory approvals will be received as expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, except as required by applicable securities laws.
Neither the CSE nor its Regulation Service Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/71f94efc-4be0-4949-a6e1-7714aa228263
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