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Planet Enters Option Agreement on the Golden Loon Gold and Copper Property Near Kamloops, British Columbia
Feb. 17, 2011 (TheNewswire.ca) -- February 17, 2011 - Vancouver, B.C. Planet Exploration Inc...
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[{"type":"text","content":"\nPlanet Enters Option Agreement on the Golden Loon Gold and Copper Property Near Kamloops, British Columbia\n\n\n Feb. 17, 2011 (TheNewswire.ca) -- February 17, 2011 - Vancouver, B.C. Planet Exploration Inc. (TSXV:PXI) (\"Planet\" or the \"Company\")(TSX-V: PXI) is pleased to announce that it has signed an option agreement with Tilava Mining Corporation, a private company (\"Tilava\") dated February 15, 2011 (the \"Option\"), to acquire an initial 70% interest, which can be increased to 100%, in Tilava's Golden Loon gold and copper project (the \"Property\") located 80 kilometres north of Kamloops, British Columbia. Pursuant to the terms of the option agreement, the Company will pay $45,000 and issue 300,000 common shares to Tilava upon receipt of applicable regulatory approvals.The Property comprises 15 mineral claims with a total area of 1983 hectares, located eight kilometres west of the town of Little Fort, British Columbia, and is road accessible. The Property hosts two multi-kilometre gold and copper in soil and bedrock anomalies with positive preliminary drill results, and is underlain by a highly developed network of silicified and frequently gold-mineralized structures that have extensively altered the country rocks.Golden Loon - Two Major Exploration TargetsThe first main exploration target is a gold mineralized, branching silicified structural system within a large 2000+ metre by 800+ metre gold in soil and bedrock anomaly. Historical grab samples from bedrock trenches and locally excavated quartz-sulfide boulders have returned results as high as 37 g/t gold, with soil values as high as 3.4 g/t gold. A short 691 metre drill program across one branch of this system intersected gold mineralization in all 6 drill holes spaced over a 125 metre strike length. The best results include 2.46 g/t gold over 10.4 metres and 1.64 g/t gold over 14.3 metres in two separate drill holes. Both intervals occur within a broad generally 70 to 80 metre wide silicified and gold mineralized structure. Mineralization as tested is present from surface to a depth of approximately 50 metres, and is open at depth and along strike. Drill intercepts approximate true mineralized thicknesses, as drilling was perpendicular to the mineralized zone.Gold mineralization is associated with quartz, disseminated chalcopyrite, galena, pyrite and specular he...