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Platinex Launches Exploration Programs for the South Timmins Mining Joint Venture
TORONTO, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce explorat
About this update from Ptx Metals Inc
[{"type":"text","content":" TORONTO, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce exploration progress and plans for its South Timmins Mining Joint Venture (“South Timmins Mining” or “Joint Venture”) properties. The South Timmins Mining properties include the Shining Tree, Heenan, and Mallard gold projects, all of which lie along the Ridout-Tyrrell Deformation Zone (“RTDZ”) in the Abitibi Subprovince, one of the most gold enriched geologic regions in the world. IAMGOLD/Sumitomo’s Côté Gold project, Aris Mining’s Juby deposit, and numerous other small-scale historic gold producers fall within or are proximal to the RTDZ (see project location map, Figure 1). Following a comprehensive technical review of the South Timmins Mining assets, the Joint Venture has finalized its plans for an inaugural exploration program. Once the initial programs described below have been completed, drilling (approximately 2,000 meters) will commence during the second half of 2023, with more advanced field programs continuing through the joint venture earn-in period. Summary of Work Programs: Mallard Gold Project: The Mallard Gold Project lies northwest of Côté Gold in the Swayze Greenstone belt and hosts a package of sheared and altered mafic through felsic rocks interpreted as a splay to the Ridout deformation zone, immediately to the south. Anomalous gold mineralization occurs across the property along that trend, with the principal gold occurrences at the Camp and River zones, in the northwest portion of the property. Historical near surface drill intercepts at Camp and River (41O09NW0003) include: 5.04 g/t Au over 3.69 m (BE-85-1) 6.62 g/t Au over 1.83 m (BE-85-3) 1.85 g/t Au over 6.25 m (BE-85-4) 3.50 g/t Au over 2.77 m (BE-85-5) 5.31 g/t Au over 3.84 m (BE-85-6) Work at Mallard will commence in August, and includes prospecting, geochemical surveying, and geological mapping. The primary objective is to identify potential extensions of the Camp and River zones which were previously explored by Noranda and had revealed gold mineralization hosted within two northwest-oriented shear zones. Following the completion of this program, the Company plans to conduct a diamond drilling program focused on Camp, River, and new targets generated in the area from the upcoming fieldwork. Sh...