Platinex reports high grade gold results at Ronda claims, Shining Tree Property, including 9.04 g/t Au over 16.15 m at surface

TORONTO, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce results from its mechanized stripping and channel sampling program at the Ronda claims located in the central area of the district scale Shining Tree Gold Property, Ontario. The Shining Tree Property is held through the South Timmins Mining Joint Venture (“South Timmins JV”) with Fancamp Exploration Limited.

The program is the first significant work program since Platinex acquired the Ronda surface claims from Alamos Gold in 2022 and has confirmed the high-grade nature of the Ribble structure at surface. The surface claims are directly above the historical underground workings owned by Platinex. The Ronda mine was a small-scale historical producer with two shafts and underground workings and produced 2,727 oz. gold and 4,830 oz. silver from 22,309 tonnes of ore during its one-year mine life (1939-1940).¹

The program reported significant gold grades over broad widths with highlights from composite channel samples including:

• Channel N30 assayed 9.04 g/t Au over 16.15 m, including 60.30 g/t Au over 1.00 m
• Channel N33 assayed 4.54 g/t Au over 13 m, including 8.88 g/t Au over 1.05 m
• Channel N36 assayed 5.63 g/t Au over 7.95 m, including 11.50 g/t Au over 0.90 m
• Channel N31 assayed 7.97 g/t Au over 4.95 m, including 14.50 g/t Au over 0.65 m
• Channel N38 assayed 4.49 g/t Au over 8.05 m, including 11.30 g/t Au over 1.95 m
  

“Exploration at Shining Tree/Ronda was previously constrained by not having the surface rights. The mineralization appears to be continuous across much of the exposed face of the vein and immediate wall rock, and the returned gold and silver grades are consistent with historical grades reported from the Ronda Mine, thereby strengthening confidence that significant additional gold and silver mineralization exists on the Ronda claims,” says Greg Ferron, President, and CEO of Platinex Inc.

Individual samples highlights include:

• Sample 504509 assayed 60.30 g/t Au over 1.00 m
• Sample 504508 assayed 25.70 g/t Au over 1.05 m
• Sample 504657 assayed 15.50 g/t Au over 0.70 m
• Sample 504594 assayed 11.30 g/t Au over 1.95 m

Mineralized widths were reported with a 0.3 g/t Au cutoff, and a maximum allowable interval of 3 meters below a 0.3 g/t Au cutoff grade within a reported channel sample interval. Intervals are reported as composites of the sampled lengths and are not true widths. Individual samples within the composite channel sample intervals averaged 0.87 meters.