Platinex Announces Drilling and Provides Project Update at Shining Tree

TORONTO, April 19, 2021 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt 9PX) (the "Company" or "Platinex") is pleased to provide an update on its exploration activities at its 100% owned Shining Tree project, northern Ontario. The Shining Tree Property (“Property”) is situated in the Abitibi Greenstone Belt comprising 21,720 ha (53,648 ac.), making it the largest land position in the Shining Tree area. The property is located to the east of IAMGOLD’s Cote Gold deposit and along 21 km of the Ridout-Tyrrell deformation zone (“RTDZ”) and borders Aris’s Gold’s Juby Deposit.

Drilling Program Commenced:

The phase 1 drill program will total 3,500 metre, and the first 1,000m tranche has commenced. The program will test 2-5 targets including intersections of a collection of east-northeast-trending veins and a slaty pyritic and graphitic metasedimentary rock unit known locally as the Evelyn vein. The program will attempt to characterize the mineralization in the intersection between the wide mineralized zone and the slaty band, plus drill the mapped but previously untested veins along the projected strike of this slaty unit. The Company will report assays as they become available.

Gold-in-till:

The company is pleased to report exceptional results from its ongoing gold-in-till sampling program. Highly anomalous gold-in-till samples are now pointing to the RTDZ as the high potential place to find gold on the property. From all gold in till work on the Shining Tree property and publish data nearby a total of 766 till samples have been collected with a highest grain count of 207 and 23 samples containing greater than 50 grains of gold.

A total of 42 till samples were processed recently by Overburden Drilling Management Ltd. revealing 22 samples returning counts equal to or greater than 10 grains of gold, 3 samples having counts equal to or greater than 25 grains, and 1 sample containing 79 grains.

The program will be continued in 2021 to identify gold targets along the Ridout Tyrrell Deformation Zone.

Channel Sampling Program:

The Company is also pleased to report that 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). The Caswell prospect is one of twenty old gold prospects, on the Shining Tree property, most of which were explored and developed underground and are very prospective warranting modern exploration.