Platinex adds Ontario properties to its portfolio: Six new PGE prospects and one gold property
TORONTO, April 22 – Platinex Inc. (TSXV: PTX) today announced two new developments that add exploration properties to the Company’s portfolio of assets. They are the staking of new claims on six platinum-group-elements (PGEs) prospects in northern Ontario; and a gold property option agreement with Skead Holdings Ltd. SIX NEW PGE PROSPECTS
Platinex also announced that six PGE prospects have recently been staked and filed in Ontario, which comprise a total of 1,795 claim units for 29,069 ha (71,800 acres). The properties are described below.
Worthy of mentioning is that one criterion in particular that Platinex has used in property selection has been for positive relations between First Nation Bands and exploration companies in the adjoining areas to have been cooperatively demonstrated as exploration there has progressed to date.
Option Agreement with Skead Holdings Ltd.
Platinex has entered into an option agreement with Skead Holdings Ltd., subject to board and regulatory approval, with respect to certain claims situated in Churchill, MacMurchy and Asquith Townships, in Ontario (the “Shiningtree property”). Platinex has the right to acquire a 100%-interest in the 133 claim units (5,320 acres or 2,153 ha), subject to a 3% NSR, by issuing 350,000 shares of Platinex, by making cash payments (or share equivalent) of $400,000.00 and by incurring property expenditures of $850,000.00 during the ensuing four-year period to April 11, 2012.
The Shiningtree property is underlain by a northwest trending, steeply dipping, sequence of felsic to mafic metavolcanic rocks and lesser irregular quartz feldspar porphyries of Early Precambrian age overlain in part by Nipissing diabase sills of middle Proterozoic age on 5% of the property.
The Shiningtree property is transected by NNW and NW trending fault systems and shear zones. Multiple gold bearing quartz-sericite-ankerite-tourmaline fissure veins, lenses and anastamosing fissure veins are evident on the property within the Early Precambrian rocks.
The gold mineralization has been explored and developed on several occasions (1920 to 1937; 1974 to the late 1980’s; and again in 2001). The No 1 shaft is reported to be 500 feet deep with drifts at the 92, 240, and the 500-foot levels. Apparently it was never mined, but development muck is present on surface. Several other small shafts are reported. Drilling has been conducted by several parties in the past and records of this work are being assembled by Platinex and Skead.
The Shiningtree property has not been the subject of a NI 43-101 compliant report; however an independent report is presently being prepared.
In the past, grades greater than 1.0 ounce/ton Au have been observed by different authors in several veins. One such vein is stated to have returned grades over 1.0 ounce per ton over thicknesses of over 2.0 metres with continuity over tens of metres laterally and vertically. However, old reports and maps which would corroborate and testify to this mineralization are sparse and not compliant with NI 43-101 standards. The Shiningtree property is in need of a comprehensive program of geological mapping, overburden sampling, stripping, trenching and quite possibly ground geophysics with line-cutting.
The Company has sufficient finances currently to cover initial exploration on these properties this year, but drilling will require additional financing. Platinex will be initiating exploration work on these new prospects which may variously include airborne geophysical surveys, ground geological, geophysical and geochemical surveys with linecutting. An independent report and exploration budget will be prepared prior to launching the exploration program.
James R. Trusler, P.Eng., President and CEO of Platinex Inc. is the qualified person as defined by National Instrument 43-101 with respect to the content of this release.
Further information will be posted shortly on the Company’s website.
About Platinex Inc.
Platinex is a Canadian exploration company based near Toronto. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and UG2 reefs (Bushveld Complex, RSA). Platinex is determined to find platinum sources to be used in the campaign to eliminate the threat of global warming. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol PTX.
Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information: Platinex Inc.: James R. Trusler, President & CEO, Tel: (905) 727-9046, Email: [email protected]; CHF Investor Relations: Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: [email protected]; CHF Investor Relations: Chris Haldane, Account Manager, Tel: (416) 868-1079 ext. 237, Email: [email protected]