TORONTO, Sept. 19, 2023 (GLOBE NEWSWIRE) — Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Firm”) is happy to supply an replace on the Firm’s exploration actions together with:
- Completion of an preliminary exploration program on the Muskrat Dam Important Minerals Undertaking by ALS Goldspot.
- As effectively, the Firm has acquired an Ontario Junior Exploration Program (OJEP) grant in the direction of continued exploration exercise on the Muskrat Dam mission.
- On the W2 Copper-Nickel-PGE Undertaking, BAW Mining is finishing knowledge compilation for a 3D geological and mineralization modeling program utilizing 63 diamond drill holes totaling over 12,000 m drilled at W2. Earlier drilling within the central space had recognized a 7.5 km folded hall with widespread Cu-Ni-PGE mineralization.
- South Timmins Gold Joint Enterprise exploration actions are underway as deliberate with work commenced on the Heenan Gold Undertaking.
Muskrat Dam Important Minerals Undertaking
ALS Goldspot, underneath the steering of Platinex’s Technical Advisors Dr. Fred Breaks, P.Geo. and Ike Osmani, P.Geo., have not too long ago accomplished preliminary fieldwork on the Axe Lake property, included within the Muskrat Dam Important Minerals Undertaking. The target of the exploration program is to find and pattern white granitic pegmatites recognized in historic mapping and take a look at them for lithium and different uncommon metals mineralization.
An preliminary 66 rock samples have been collected, and reconnaissance geological mapping was carried out by the ALS Goldspot group to information future exploration packages. Through the subject go to, a number of potassic pegmatites with yellow muscovite, tourmaline, and garnet have been noticed and sampled. Assay outcomes are pending.
Extra work on the mission will embrace a VTEM airborne geophysical survey deliberate to start through the 2023-2024 winter season, which is able to cowl sections of the 12,934 ha (129 km2) mission positioned inside the Muskrat Dam greenstone belt the place historic operators had drilled intersections of engaging grades of copper, nickel, and gold.
Considerably, the Muskrat Dam Important Minerals Undertaking was chosen as a part of the Ontario Junior Exploration Program (OJEP). Underneath OJEP, the Firm will obtain a grant protecting 50 p.c of qualifying exploration bills accrued on the mission between April 1, 2023, and February 15, 2024, with a most grant quantity of $200,000. OJEP is an initiative of the Authorities of Ontario that goals to draw funding in early exploration, broaden the pipeline of mineral improvement initiatives, together with essential minerals, and result in extra mines and jobs in Ontario.
“Exploration is the primary and most important a part of the made-in-Ontario provide chain we’re constructing for essential minerals,” stated George Pirie, Minister of Mines. “It’s the intrepid junior exploration firms like Platinex that may discover the mines of the long run that may carry essential minerals to the world and prosperity to northern and Indigenous communities throughout Ontario.”
Greg Ferron, President and CEO of Platinex, stated “Platinex appreciates the Ontario authorities’s recognition of the worth in creating mineral exploration expertise and belongings. We’re happy to be included as beneficiaries of this newest spherical of OJEP funding. Platinex is aligned with the Ontario authorities’s financial goals to pursue the alternatives inherent within the province’s pure sources.”
W2 Copper-Nickel-PGE Undertaking
Platinex has engaged BAW Mining Inc. to conduct an information compilation and 3D modeling program to generate a geological and mineralization mannequin for the W2 mission. This system will incorporate all drill holes accomplished inside the mission’s boundaries in addition to GIS knowledge collected from previous operators to supply a larger understanding of the controls and extent of the Cu-Ni-PGE mineralization on the mission.
The overview will concentrate on 63 diamond drill holes totaling over 12,000 m accomplished at W2 and the central space of the mission. Earlier drilling within the central space recognized a 7.5 km folded hall with widespread Cu-Ni-PGE mineralization.
BAW Mining’s evaluation is predicted to be accomplished in October. Their outcomes will probably be used to refine focusing on for infill and growth drilling for the following drill program.
The W2 Copper-Nickel-PGE Undertaking covers 22,094 ha (220 km2) in an space of world-class geological targets controlling a big a part of the “Oxford Stull Dome Advanced”, together with the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne Home Igneous Advanced, which is extremely potential for copper-nickel (Cu-Ni), platinum group aspect (PGE), and chromite deposits.
South Timmins Mining JV Properties
Since finishing the South Timmins Mining Joint Enterprise and commencing exploration actions earlier this 12 months (see press launch dated August 1, 2023, for program overview) the Firm has accomplished 2,233 B-horizon soil samples and picked up 134 rock samples on the Shining Tree Gold Undertaking.
This system consists of Platinex’s first exploration work on the Ronda mine positioned within the central space of the property. Work has been accomplished in Areas 2 and three and is ongoing within the central space. As well as, reconnaissance prospecting has been carried out in Space 1 alongside the Rideout Deformation Zone.
In August, subject crews performed in depth exploration actions together with prospecting, geochemical surveying, and geological mapping at each the Camp and River zones of the Mallard Gold Undertaking. The first goal of this program was to determine potential extensions of those zones, which had beforehand been explored by Noranda and had revealed gold mineralization hosted inside two northwest-oriented shear zones. In whole, the group collected 32 rock samples and 446 B-Horizon soil samples, all of which have been submitted to Activation Laboratories Inc. for evaluation.
An in depth replace from work on the Shining Tree and Mallard Gold Initiatives will probably be launched upon receipt of ultimate assays that are anticipated later in September.
At the moment, the Firm has commenced stripping, channel sampling, and geological mapping work in preparation of drilling a high-priority coincident geophysical and geochemical anomaly on the Heenan Gold Undertaking. Upon completion of the stripping program, an analogous stripping program will probably be carried out on the previously producing Ronda Mine at Shining Tree in September.
The technical data introduced on this information launch has been reviewed and authorised by Ike Osmani, P. Geo. (Muskrat Dam Important Mineral Undertaking), Shuda Zhou, P. Geo. (W2 Copper-Nickel-PGE Undertaking) and Joerg Kleinboeck, P. Geo. (South Timmins Mining JV) who’re the certified individuals as outlined by Nationwide Instrument 43-101, Requirements of Disclosure for Mineral Initiatives for the respective initiatives.
About Platinex Inc.
Platinex Inc. creates shareholder worth by means of the opportunistic acquisition and development of high-quality initiatives in prolific Ontario mining camps. Present belongings embrace a 100% possession curiosity within the W2 Copper-Nickel-PGE and Gold Undertaking close to the “Ring of Fireplace” within the James Bay Lowlands of Northern Ontario, a 75% curiosity within the South Timmins Mining JV with Fancamp Exploration, which incorporates the 225 sq. km Shining Tree Gold Undertaking, in addition to the extremely potential Heenan and Mallard Gold Initiatives, all of which lie alongside the Ridout-Tyrell Deformation Zone on strike with IAMGOLD’s Côté Gold deposits. Additionally, Platinex holds an choice to earn a 100% possession curiosity within the Muskrat Dam Important Minerals Undertaking which is primarily centered on lithium. Platinex additionally holds a portfolio of internet smelter return (NSR) royalties on gold, PGE, and base metallic properties in Ontario. Having put collectively a powerful and diversified mission portfolio and an professional technical group, the Firm is targeted on comprehensively exploring and evaluating every mission to maximise shareholder worth. Platinex relies in Toronto, Canada, with a main itemizing on the Canadian Securities Alternate underneath the image PTX.
For extra data on Platinex and different company data, please go to the Firm’s web site at
For additional data, please contact:
Greg Ferron, President, and Chief Government Officer
E-mail: [email protected]
This information launch incorporates forward-looking data which isn’t comprised of historic details. Ahead-looking data is characterised by phrases comparable to “plan”, “count on”, “mission”, “intend”, “consider”, “anticipate”, “estimate” and different related phrases, or statements that sure occasions or situations “might” or “will” happen. Ahead-looking data entails dangers, uncertainties and different elements that might trigger precise occasions, outcomes, and alternatives to vary materially from these expressed or implied by such forward-looking data. Elements that might trigger precise outcomes to vary materially from such forward-looking data embrace, however are usually not restricted to, modifications within the state of fairness and debt markets, fluctuations in commodity costs, delays in acquiring required regulatory or governmental approvals, and consists of these dangers set out within the Firm’s administration’s dialogue and evaluation as filed underneath the Firm’s profile at www.sedar.com. Ahead-looking data on this information launch relies on the opinions and assumptions of administration thought of cheap as of the date hereof, together with that each one essential governmental and regulatory approvals will probably be acquired as and when anticipated. Though the Firm believes that the assumptions and elements utilized in getting ready the forward- wanting data on this information launch are cheap, undue reliance shouldn’t be positioned on such data. The Firm disclaims any intention or obligation to replace or revise any forward-looking data, aside from as required by relevant securities legal guidelines.
Neither the CSE nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the CSE) accepts duty for the adequacy or accuracy of this launch.