Platinex Announces Intentions for Activity Focus This Year
TORONTO, March 02, 2020 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (the "Company") wishes to confirm that its primary focus is on partnering with other companies
to bolster its financial position and enlarge and explore its Shining Tree gold property. Its second priority is to use its unique and proprietary access to continent wide exploration data,
experience and expertise respecting palladium, platinum and rhodium to partner with serious and well financed parties in the search for major deposits.
James Trusler, interim CEO of Platinex commented: "The Company strongly believes in the attributes of the Shining Tree property, which has received little modern exploration compared to other gold camps in the Abitibi Greenstone Belt."
Highlights of the Shining Tree Property:
A new gold bull market has commenced which will provide a more permissive environment for financing gold projects through equity raises, joint ventures and corporate combinations. Platinex is now earnestly discussing such support with other companies emphasizing the Shining Tree property’s highlights:
- The Abitibi region of Ontario and Quebec is historically and currently a well-known gold mining area having produced over 200 million ounces of gold.
- Platinex has assembled a mining camp scale property in order to de-risk chances of exploration failure (plus 38,000 acres).
- The Shining Tree property is situated along a 21 km section of a gold bearing structure known as the Tyrrell-Ridout Deformation Zone (TRDZ) within the Abitibi. The
TRDZ is thought to be the southern equivalent of similar major gold hosting deformation zones in the Abitibi. Exploration on the property occurred in the early part of the 20th century,
but the property was not available for much of the latter part of the century. Effective exploration in the Shining Tree belt commenced in the last eleven years and has yet to re-examine some
underground exploration work done over a century ago.
- Commercial scale Gold deposits have been discovered on and proximal to the TRDZ both to the east and west of the Shining Tree property since 2010 and are currently
held by Pan American Silver Corp and IAMGOLD.
- IAMGOLD is intent on developing the Côté Lake gold deposit and announced plans for a 13.1 million tonne per annum mill (IAMGOLD website
Development/Operations/Projects Côté Gold Project Ontario Aug. 20, 2019). If developed, this will be positive for the potential along the TRDZ and will improve nearby mining infrastructure. The
same source indicates proven and probable reserves of 4.7 million ounces, total measured and indicated resources (inclusive of reserves) of 6.5 million ounces and total inferred resources of 1.6