Platinex Inc. Announces Initiation of Exploration on Its Shining Tree Property
TORONTO, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (the "Company" or "Platinex") is pleased to announce that it has commenced a
comprehensive exploration program on its Shining Tree property in the Abitibi Greenstone Belt of northern Ontario. The property is the largest holding in the Shining Tree Gold District at 20,750 ha
(51,274ac.) situated along the Ridout-Tyrrell trend between the Juby deposit to the east and the mine development stage Cote Gold deposit to the west. The development of a new Abitibi gold mine at
Cote Gold was officially highlighted last week with a ground breaking ceremony including the participation of Canada’s Prime Minister, Justin Trudeau and Ontario Premier, Doug Ford.
Mr. James R. Trusler, Chairman of Platinex, stated, "The current exploration program will focus on the under-explored 21 kilometres of the Ridout-Tyrrell deformation zone and associated syenite intrusives. This major deformation zone trends as far west as Borden Lake, through the area of Iamgold's Cote Gold deposit, directly through the Platinex Shining Tree Property and on to Caldas Gold's gold project which includes the Juby deposit. A key initial target for Platinex along this trend will be the Caswell prospect which hosts a 700m wide east-west corridor of shear zones and quartz veining.”
Other areas of the property are underlain by numerous gold in till anomalies. Additional till sampling will be done to follow-up and expand on the previous till sampling programs with an emphasis over the next two years to test for evidence of gold deposits associated with the Ridout-Tyrrell deformation zone. This will be supported with airborne magnetometer surveys, to commence shortly, and LIDAR surveys to facilitate more accurate geological mapping.
A mechanical stripping and channel sampling program will commence next week on the eastern portion of the Caswell prospect, which is underlain by a quartz-carbonate vein swarm within an approximately 700m wide corridor of shearing and alteration. The corridor has been defined over a known strike extent of 300m, before being obscured by overburden. Many of the veins have been indicated to contain significant gold mineralization in the past and Platinex’s work to date supports this previous unqualified reporting. Platinex has prioritized several previously trenched areas including Trench 1 where a high gold in till result (69 gold grains mostly pristine) and a nearby grab sample grading 27 g/t Au were obtained in 2010 and require additional mechanical stripping.