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Platinex has encouraging Phase 1 sampling results and files NI 43-101 qualifying report on Shiningtree gold property
TORONTO, Oct. 2 /CNW/ - Platinex Inc. (TSX.V: PTX) has now critically reviewed historic explorati...
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 2 /CNW/ - Platinex Inc. (TSX.V: PTX) has now critically\nreviewed historic exploration on its Herrick gold deposit located on the\nShiningtree property in which the Company has an option for 100% interest (see\nprevious news release dated May 1, 2008). The NI 43-101 qualifying report\ndated October 2, 2008, by J.G. Bryant and D. Jamieson (the "Report") is filed\nin SEDAR and on Platinex's website at www.platinex.com.\n\n\nShiningtree's Herrick deposit was discovered in 1918 and subsequently was\ndeveloped by a 94 m (metre) shaft with 345 m of lateral development on two\nveins. In 1989 Unocal Ltd. evaluated the historic data and based on that\nstated a potential for the system to carry 1,732 tonnes per vertical foot at\n7.2 g Au/tonne over a width of 1.8 m. Subsequently, 1989 work by Unocal Ltd.\nincluded 201 channel samples on surface and 11 drill holes for 1,473 m to test\nthe structure. In 1990 Fort Knox Gold Inc. followed this work with 45 further\nchannel samples. This work confirmed the persistence of the gold\nmineralization over a 385 m strike length and obtained samples grading up to\n56.5 g Au/tonne over 1.0 m. Platinex has now qualified the sampling and\ndrilling work by Unocal and Fort Knox compliant to NI 43-101 standards.\n\n\nThe Report states that, "Judging from evidence of previous results on the\nHerrick deposit there is a potential to outline a small commercial gold\ndeposit. On a larger scale the bulk of the property may be at the low\ntemperature top of an epithermal system that could well be associated with a\nworld-class gold deposit at depth."\n\n\nPlatinex has initiated its Phase I exploration program. Particular\ninterest is focused on 52 of 77 samples recovered from basal till that have\nbeen processed by Overburden Drilling Management. Many of the samples contain\npristine gold grains indicating a nearby bedrock source. In addition five of\nthe samples each returned more than ten pristine plus modified gold grains (up\nto 79 gold grains in total in one sample) that indicate potential for several\npreviously unexplored gold occurrences in the bedrock. Elevated quantities of\nmodified gold grains in these and other samples indicate trends that could\nlead to discovery of additional significant gold deposits. More detailed\nfollow-up work is planned.\n\n\nThe Phas...