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Golden Loon Property Expanded to Control Extension of Gold Trend and Large Nickel-Cobalt-PGE Target
May 5, 2011 (TheNewswire.ca) -- May 5 2011, 2011 - Vancouver, B.C. Planet Exploration Inc. (...
About this update from Planet Ventures Inc
[{"type":"text","content":"\nGolden Loon Property Expanded to Control Extension of Gold Trend and Large Nickel-Cobalt-PGE Target\n\n May 5, 2011 (TheNewswire.ca) -- May 5 2011, 2011 - Vancouver, B.C. Planet Exploration Inc. (TSXV:PXI) (\"Planet\" or the \"Company\")(TSX-V: PXI) is pleased to announce the signing of an amendment to the Option agreement (the \"Agreement\") with Tilava Mining Corporation (a private company) originally signed on February 15, 2011, which adds an additional 5,500 hectares to the Golden Loon property near Little Fort, British Columbia. The Golden Loon property now covers 7487 hectares and includes both gold-mineralized structural targets and a 7+ kilometre long layered mafic intrusion that is highly prospective for nickel, cobalt and platinum group element (PGE) mineralization. Pursuant to the terms of the Agreement amendment, the Company will pay an additional $45,000 and issue an additional 300,000 common shares to Tilava upon receipt of applicable regulatory approvals.To View Map Image, Please Copy and Paste into New Browserhttp://thenewswire.ca/client_files/2011-05-05-0.pdfGold exploration results from the Property include over 2 square kilometres of gold-in-soil anomalies returning values up to 3.4 g/t gold within two adjacent zones in the region of Dum Lake, including positive reconnaissance drilling within one of these targets that intersected multiple mineralized intervals including 2.46 g/t gold over 10.4 metres and 1.64 g/t gold over 14.3 metres in two separate drill holes.The layered mafic intrusion that underlies the extended property is flanked on its eastern side by a continuation of the structural network that is gold-bearing in the vicinity of Dum Lake, extending the gold exploration target from approximately 2.5 kilometres to over 7 kilometres of strike.The layered mafic intrusion is of the Alaskan-type and comprises a second exploration target, measuring over seven kilometres in length by 1.2 to 2.2 kilometres in width. 15 drill holes totalling 2313 metres have historically tested it in two locations, with reported mineralization along total core length that is typically between 1000 and 3000 ppm (0.1 to 0.3%) nickel and 0.010 to 0.015% cobalt. Platinum results in drill core vary with mafic layering and range from 20 to 320 ppb in PGE-bearing layers. Grab and soil sampling of the intrusion has identified severa...