VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) -- Platinex Inc (CSE:PTX) (OTCPink:PANXF) (FSE:9PX) has issued an update on its Shining Tree Gold Property in the Timmins, Ontario mining camp, as it prepares for a drill program. In March, the company closed the formation of a joint venture with Fancamp Exploration, with both companies contributing properties to the new South Timmins Mining joint venture.
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Platinex transferred its district scale Shining Tree gold mineral properties, which borders Aris Gold’s Juby Property, located in the Shining Tree District of Ontario, for 75% of the new entity, with Fancamp transferring its Heenan Mallard gold property, which borders IAMGOLD’s Côté Gold Deposit, and its Dorothy Gold property, a grassroots project adjacent to Dynasty Gold’s Thundercloud Project in Northern Ontario, for the balance of 25%.
At Shining Tree, the joint venture is working to identify new gold targets in several highly prospective and underexplored areas of the 225 square kilometre land package including along the Ridout-Tyrrell Deformation Zone (RTDZ). More focused exploration efforts in the central area of the project, in Area 3, were designed to support additional drilling at the Herrick deposit, Caswell prospect, and historic Ronda Mine. Field crews have mobilized to begin follow-up work on new gold targets identified through generative work during 2022.
The 2023 exploration programs at both Shining Tree and Heenan Mallard are being led by Joerg Kleinboeck, P.Geo., a professional geoscientist with 24 years of experience in mineral exploration. Notably, he brings extensive years of experience working in the Shining Tree area, having previously held a role managing exploration programs at Heenan Mallard.
During the fall of 2022, Platinex completed reconnaissance geochemical and prospecting programs over three areas (2, 3 and 5) identified as being highly prospective and underexplored for gold mineralization. Results for 1,905 B-horizon soil samples from these areas, submitted to Activation Laboratories, identified several areas that warrant further prospecting, infill geochemical sampling, and geophysical surveys to define potential drill targets. The most notable targets are located in Area 2 and Area 3.
In Area 3, several anomalous B-horizon soil samples were returned that coincide with the previously announced high-priority SGH (Soil Gas Hydrocarbon) anomaly, referred to as the Bob Lake Anomaly, which was described by Actlabs as having a ‘high probability that gold mineralization may be present’. The most significant soil sample was 269913 which returned 683 ppb gold and is located at the centre of the Bob Lake Anomaly. Additional infill soil sampling has been proposed over this target, followed by line cutting and geophysics (induced polarization and magnetometer surveys) to advance the target toward drilling.
Area 2 targets a projected 6 km strike length of the RTDZ that has seen very little historical exploration. Reconnaissance work by Platinex in 2021 and 2022 led to several highly anomalous B-horizon soil samples and till samples “down-ice” of the interpreted structure where soil samples returned gold values up to 380 ppb, and till samples returned up to 43 pristine gold grains, indicating a possible nearby bedrock source for the gold.
Detailed infill soil sampling and prospecting “up ice” of the anomalous geochemical and till samples are planned, as well as line cutting and geophysics (induced polarization and magnetometer surveys) to advance the target towards potential inclusion in the upcoming drill program.
Other assets include a 100% ownership interest in the W2 Copper-Nickel-PGE and Gold Project near the Ring of Fire. Since its acquisition in January 2022, the company has strategically expanded the western edge of the project within the Lavoie Lake Shear Zone System towards Northern Superior Resources’ gold-focused TPK project. Notably, Barrick Gold has recently taken on a large land position adjacent to blocks held by Endurance Elements, the company’s wholly owned subsidiary.
The company also has an option to earn a 100% ownership interest in the Muskrat Dam Critical Minerals Project with a primary focus on Lithium. Platinex also holds a basket of NSR royalties on gold, PGE, and base metal properties in Ontario.
In March the company closed an oversubscribed financing of $2.7 million. The shares are trading at $0.045.
For more information, please visit the company’s website, www.platinex.com, contact Greg Ferron, President and CEO, at 416-270-5042 or by email at GFerron@platinex.com.
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