Platinex Updates 2021 Exploration Program and Reports Positive Sampling at Shining Tree Property

TORONTO, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt 9PX) (the "Company" or "Platinex") reports the results of grab sampling and progress on the Shining Tree Gold Project, Ontario.

Commencing in September 2020 a program of mechanized stripping and channel sampling was conducted at surface to test an area of multiple quartz-carbonate veins within a system of shear zones on the east side of the Caswell prospect (see image). Initial orientation of the more intensive work was obtained with the collection of 21 grab samples of quartz vein material which were assayed for gold. Of the 21 samples collected 8 graded above 0.1 g Au/t, 5 assayed more than 2 g Au/t and 3 assayed greater than 5 g Au/t with a highest assay of 5.43 g Au/t. This was consistent with results of other previous sampling campaigns where it has been found that a consistently high portion of quartz vein material is well mineralized with gold. For example, four samples for 18% of the samples assayed returned more than 4 g Au/t.

In addition, a newly discovered vein near the Ronda Mine has increased the total potential length of the shear zone to 1,800m. See press release December 10, 2020, ‘Platinex Extends Shear Zones with Discovery of New Zone on Shining Tree Property’. The Saville and Evelyn veins which trend NNW, and are more historically noteworthy, were developed in the underground workings, but were not explored in this campaign.

Results from the geochemical sampling of the first batch of gold in till sampling are expected circum month end January as are the gold particle counts from the second batch of samples. The final batch of 41 till samples for this season has just been submitted for analysis this week. Results of the channel sampling program are to be reported in context with the geochemical analyses currently in process expected to be returned within days.

2021 IP Survey
The work on synthesis of data from a number of airborne and ground magnetic surveys is underway and should be completed by end of January. LIDAR work over the entire property to be conducted in the Spring will be commissioned shortly.

An IP inversion study on the Herrick deposit has been initiated with a deep anomaly being detected. In addition to outlining the Herrick deposit over a 400m strike length, previous drilling encountered intermittent gold mineralization in several holes for intervals exceeding 100 metres. For example, drill hole HP10-44 intersected intermittent gold mineralization over an interval of 142.4m but also continuous mineralization of 46.3m grading 0.65 g/t Au.