Platinex makes new gold discovery at Heenan Mallard Project, Ontario
Platinex Inc. [CSE-PTX; OTCQB-PANXF; FSE-9PX] reported results from its exploration program on the Heenan Property, part of the Heenan Mallard Gold Project held through the South Timmins Mining Joint Venture with Fancamp Exploration Ltd. [TSXV-FNC].
The Heenan Property is located in Heenan and Benton Townships in northeastern Ontario and lies within the Swayze area of the Abitibi Greenstone Belt. The property is located on the fold nose of the Woman River magnetic high indicating a structural target favourable for gold which formed the basis for the exploration program. Heenan is immediately adjacent to Northern Superior Resources’ “October Gold” property (recently optioned by Evolution Mining Ltd.) and along the northwest border of IAMGOLD’s soon-to-be-producing Côté Gold Project.
Highlights: Greenfield gold discovery generated through B-horizon soil geochemical surveys, prospecting, and channel sampling. Thirteen channel samples returning >0.5 g/t gold with a high of 7.50 g/t gold, included in two channel samples that returned composite weighted averages of 4.05 g/t gold over 2.00 metres and 2.39 g/t over 8.00 metres in Trench 2.
Gold mineralization is associated with narrow concordant felsic to intermediate intrusive dykes within the iron-formation and metavolcanic sequence.
Joerg Kleinboeck, P.Geo., South Timmins JV’s Exploration Manager, states, “This is an exciting development for the South Timmins JV. The stripping program is part of a systematic approach taken where initial geochemical and prospecting programs identified an area of interest that was targeted with the recent channel sampling program. This approach has led to a greenfield discovery in the emerging Swayze camp.”
The company recently completed mechanized stripping of selected areas that focused on highly anomalous geochemical and follow-up prospecting results. A total of 618 m2 were mechanically stripped and washed in two areas.
A total of 41 selective channel samples were collected and submitted for analysis. Channels were cut at 1-metre lengths, and, except for Channel 5 on trench 2, were cut perpendicular to geological contacts and were occasionally offset due to overburden or water.
Results ranged from <5 ppb to 7,500 ppb gold (7.50 g/t Au), with 13 samples returning > 0.5 g/t gold. Gold mineralization is associated with narrow concordant felsic to intermediate intrusive dykes within the iron-formation and metavolcanic sequence.
The company is currently planning a late fall or early winter Phase 1 drill program to follow up on these results. Details of the drill program will be provided shortly in a separate update.
Trench 1 selected results included 1.00 metre of 0.56 g/t gold, 1.0 metre of 1.24 g/t gold and 1.000 metre of 2.22 g/t gold.
Trench 2 selected results included 0.79, 0.88, 0.90, 1.18, 2.22, 3.92, 3.96, 4.13 and 7.50 g/t, all over 1.00 metre.
The property was acquired by Fancamp Exploration Ltd. in 2018 and greenfield exploration work including soil sampling, prospecting, and geophysics (Spectral IP) was carried out during the period from 2018-2020. In 2023, a 75% interest in the Property was acquired by Platinex through the South Timmins Joint Venture transaction with Fancamp Exploration Ltd.
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 the Shining Tree and Heenan Mallard gold projects, 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 package totals 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 Shining Tree and Heenan Mallard with drilling to commence upon the completion of initial exploration activities.