VANCOUVER, BC / ACCESSWIRE / October 19, 2023 / Platinex Inc (CSE:PTX)(OTCQB:PANXF)(FSE:9PX) provides results from its South Timmins projects in Northeastern Ontario. The Shining Tree Gold Project, as well as the Heenan-Mallard Gold Projects, are held through the South Timmins Mining Joint Venture with Fancamp Exploration, with Platinex holding a 75% interest and Fancamp holding a 25% interest.
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with video comments from Greg Ferron, President and CEO of Platinex. If you are unable to view this video, please watch it on InvestmentPitch Media's YouTube channel at this link: (click here)
Mechanized stripping and channel sampling is currently in progress at Ronda which represents the first significant work program on the occurrence by Platinex since the Ronda Mine, located in the Central Area, was acquired in 2022. The Central Area covers the Herrick, Caswell Lake and Ronda areas.
Reconnaissance rock sampling was completed on the Ribble Vein over a strike length of approximately 300 m with results ranging from 0.10 to 14.30 g/t Au. A total of 13 samples were taken from the host rock (massive to sheared mafic volcanic) and the Ribble Vein itself, with samples ranging from 0.01 to 1.40 g/t Au for the host rock, and 4.85 to 14.30 g/t Au for the Ribble Vein.
Reconnaissance sampling was also completed on the Churchill prospect where 3 samples were collected. Results ranged from 0.25 g/t to 283 g/t Au, with visible gold noted in the field.
Exploration work at Area 3 has returned anomalous geochemical and grab samples and supports further work to refine targets ahead of a drill program. The geochemical sampling was designed to infill areas covered in a widely spaced program completed in the fall of 2022 that covered a previously announced Soil Gas Hydrocarbon anomaly which has been described by Activation Laboratories Ltd. as having a high probability for gold mineralization. Of the 97 samples, 8 returned >25 ppb Au and 3 samples returning >100 ppb Au. For additional information please refer to the October 16th news release.
During the month of August, field crews completed reconnaissance prospecting and geochemical programs in the Woman River area. The primary objective was to identify potential extensions of the Camp and River Zones, previously explored by Noranda Exploration Co. Ltd. These zones targeted gold mineralization hosted within two northwest-oriented shear zones that are interpreted as splays of the Ridout Deformation Zone which is located south of the Property.
Exploration activity at Mallard has identified surface gold mineralization approximately 500 m southeast of the Camp and River Zones indicating a potential expansion of these zones. Grab samples collected from the new area show up to 0.98 g/t Au and soil samples trend up to 1,210 ppb Au (1.21 g/t).
Historical diamond drill intercepts at Camp and River (41O09NW0003) include:
• 5.04 g/t Au over 3.69 m (BE-85-1)
• 6.62 g/t Au over 1.83 m (BE-85-3)
• 1.85 g/t Au over 6.25 m (BE-85-4)
• 3.50 g/t Au over 2.77 m (BE-85-5)
• 5.31 g/t Au over 3.84 m (BE-85-6)
Forestry operations are currently in progress near Mallard, and it is anticipated that new roads currently being constructed will provide substantially improved access to the project for an upcoming drill program. Platinex also holds a basket of NSR royalties on gold, PGE, and base metal properties in Ontario.
The shares are trading at $0.035. For more information, please visit the company's website, www.platinex.com, contact Greg Ferron, President and CEO, at 416-270-5042 or by email at GFerron@platinex.com.
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SOURCE: Platinex Inc
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