Platinex Confirms High Grade Results at Shining Tree Gold Project
Platinex Inc. [CSE-PTX; OTCQB-PANXF; FSE-9PX] provided an update on exploration activities at Shining Tree Gold Project, Ontario. Shining Tree, as well as the Heenan-Mallard Gold Projects, is held through the South Timmins Mining Joint Venture with Fancamp Exploration Ltd. [TSXV-FNC].
Highlights from Shining Tree include: Reconnaissance rock sampling was completed on the Ronda Mine’s Ribble Vein over a strike length of approximately 300 metres with results ranging from 4.85 to 14.30 g/t gold and confirmed historical results. Other significant samples include 32.90 g/t gold from the Kingston occurrence; 283 g/t gold from the Churchill occurrence and +2,000 B-Horizon soil samples completed at Shining Tree.
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 Central Area of the Shining Tree Gold Project, was acquired in 2022.
The Central Area covers the Herrick, Caswell Lake, and Ronda areas. A total of 891 B-horizon soil samples have been collected with results that range from below detection (<5 ppb) to 582 ppb Au, with 22 samples returning >25 ppb Au, including 7 returning > 100 ppb Au (Figure 1).
An additional 167 infill B-horizon samples have been collected and results are expected shortly. As well, a first phase of follow-up prospecting/ground-truthing of the high-priority anomalous soil samples has been completed. This included 30 grab samples that have been collected and preliminary results are expected shortly, to direct further work in the area. A total of 53 reconnaissance B-horizon soil samples were also collected over a prospective target generated from data compilation.
Reconnaissance rock sampling was completed on the Ribble Vein over a strike length of approximately 300 metres with results ranging from 0.10 to 14.30 g/t gold. 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 gold for the host rock, and 4.85 to 14.30 g/t gold 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 (SGH) anomaly which has been described by Activation Laboratories Ltd. as having a high probability for gold mineralization.
Sampling was also completed southwest of Area 3 which was designed to cover both northwest and northeast-orientated structures known to host significant gold mineralization. A total of 34 grab samples and 535 B-horizon soil samples were collected. Values for the grab samples ranged from <5 ppb to 32.9 g/t Au; 5 samples returning greater than 1.00 g/t Au including sample 864914 (32.90 g/t Au) collected from the historical Kingston vein.
In addition, field crews have completed the infill geochemical and prospecting program over Area 2. Area 2 target covers a projected 6 km strike length of the RTDZ (Ridout-Tyrrell Deformation Zone) that has seen limited historical work. Soil samples ranged from below detection (<5 ppb) to 86 ppb Au, with 6 samples returning>25 ppb Au.
Additional soil sampling has been completed northwest of the grid area to follow up on a series of weakly anomalous samples with 102 samples recently being submitted for analysis. In addition, reconnaissance prospecting has been carried out in Area 1 along the Rideout Deformation Zone.
The South Timmins JV continues to meet key program objectives at both Shining Tree and Heenan-Mallard with a goal of commencing drilling upon completion of the initial exploration programs. Work is also focused at Heenan where mechanized stripping has been completed in three areas and geological mapping and channel sampling is underway in preparation of a drill program.
The company closed the transaction announced on October 3, 2023, between Platinex and its subsidiary, Green Canada Corp. with International Prospect Ventures Inc. [TSXV-IZZ] to acquire a portfolio of exploration-stage uranium projects located in top jurisdictions in Canada. Concurrently, Platinex has also assigned its option agreement on the Muskrat Dam Critical Minerals Project to GCC.
GCC closed a private placement raising $500,000 at $0.09 cents per common share. These funds will be used for mineral exploration and administrative expenses related to GCC. Platinex owns approximately 60% of the issued common shares of GCC following the private placements, completion of the uranium acquisition, assignment of Muskrat Dam Project, and a share for debt issuance. Platinex will also be entitled to a 1.0% net smelter return royalty on Muskrat Dam upon completion of the earn-in conditions between GCC and Springer.
South Timmins Mining Inc. is a joint venture in which Platinex holds a 75% interest and Fancamp Exploration Ltd. holds a 25% interest. The South Timmins properties include Shining Tree, Heenan, and Mallard gold projects, all of which lie along the Ridout-Tyrrell Deformation Zone (RTDZ) which also hosts IAMGOLD’s Côté Gold project and Aris Mining’s Juby deposit. The combined South Timmins land packages total over 285 km2 which is one of the largest land holdings in the region.
Following a property review and exploration planning process, South Timmins JV commenced operations in May 2023. Exploration work carried out to date has included geochemical soil sampling (B-horizon), prospecting, and mechanized stripping at Mallard, Shining Tree, and Heenan with drilling to commence upon the completion of initial exploration activities.