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Platinex Announces Acquisition of Mining Claims at Shining Tree Gold Project
TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce that it has acquired
About this update from Ptx Metals Inc
[{"type":"text","content":" TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce that it has acquired 63 mining claims adjoining its Shining Tree Project through an agreement with Skead Holdings Ltd. (“Skead”). The acquisition increases the Shining Tree property holdings from 21,847 hectares (53,985 ac) to 23,219 hectares (57,375 ac) and covers area in the central western portion of the Project (see image). The new acquisition covers some of the down dip extension and a prominent spur fault associated with the Ridout-Tyrrell Deformation Zone (RTDZ). The RTDZ is a trans-crustal structure, along which several world-class gold deposits are spatially and genetically associated. On the Shining Tree property, the RTDZ has been identified as the likely source of highly anomalous gold indications in a provincially significant gold dispersion train. Pursuant to the agreement, the Company paid Skead $11,500 in cash and issued 400,000 shares of the Company. The shares issued pursuant to the agreement will be subject to a four-month hold period and subject to the approval of the Canadian Securities Exchange. The mining claims are subject to a 2% net smelter returns royalty of which the Company has the right to repurchase up to 1% at the rate of $400,000 per 0.5%. The information presented in this news release has been reviewed and approved by James R. Trusler, P.Eng., Chairman of Platinex Inc. and the qualified person for exploration at the Shining Tree project, as defined by National Instrument 43-101, Standards for Disclosure for Mineral Projects. About Platinex Inc.: Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100% ownership interest in the district scale W2 Copper-Nickel-PGE Project and a 100% interest in the 225 km2 Shining Tree Gold Project in the Abitibi region of Ontario, a world-renowned gold district. The W2 Project controls one of the major Oxford Stull Dome complexes. The Shining Tree Project covers a major portion of the Ridout-Tyrrell deformation zone that trends as far west as Newmont’s Borden Mine, through the area of IAMGOLD’s Cote Gold deposit, and across Aris Gold’s Juby Project. The Company is also developing a net smelter return (...