Platinex Announces Update on Big Trout Lake Platinum-Palladium Royalty
TORONTO, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE:PTX) (“Platinex” or the "Company") announces that it retains a 2.5% NSR royalty on a 19 km strike length of the Big Trout Lake Igneous Complex in northwestern Ontario which comprises 4,987ha. (12,321 acres).
Work on the Big Trout Lake Igneous Complex was halted pending a lands dispute between the Ontario government, and the Kitchenuhmaykoosib Inninuwug FN (“KI”). In 2009, Platinex relinquished its property interests to the Ontario government while retaining a 2.5% NSR royalty in perpetuity should some other party acquire the land prior to the end of December, 2034.
In conjunction with the recently signed Canada-U.S. Joint Action Plan on Critical Minerals Collaboration, Platinex approached both the Hon Mr. Greg Rickford, Ontario’s Minister of Energy, Northern Development and Mines and Chief Donny Morris of KI to reinforce with them the strategic importance of platinum, palladium and rhodium as clean energy catalysts in the fight against climate change and remind them that there lies a tremendous opportunity within the Big Trout Lake Igneous Complex to satisfy these needs. This project could reduce Ontario’s and Canada’s carbon footprint, the worldwide shortage of these commodities, and provide tremendous stimulus for employment and business opportunities for local First Nations communities on their traditional lands. Platinex offered to sell all or a portion of the royalty and provide information and guidance respecting exploration of the property.
Platinex inherited PGE exploration data from International Platinum’s work in the 1980’s which involved the only North America wide exploration for PGE ever conducted focusing on large magmatic systems. Within the Big Trout Lake Igneous Complex four platinum-palladium-rhodium horizons have been identified in the 600 m thick ultramafic zone of the intrusion associated with chromitites having distinctive and correlative litho-geochemical signatures where tested along the 19 km strike length. A 2006 Qualifying Report prepared by R.J. Burnside & Associates Limited filed on SEDAR confirms that 310 core samples in 51 drill holes assayed 1.0 gram/tonne or greater combined Pt+Pd. Examples of individual intersections include an intersection from hole CO81-2 which assayed 9.6 g/tonne combined platinum group elements (“PGE”) (0.28 oz/tonne) including 2.16g Pt, 6.345g Pd and 0.443g Rh and an intersection in hole BT89-14 12.804g/tonne Pt-Pd combined/ 1.0 m.