TORONTO, April 22 /CNW/ - Platinex Inc. (TSXV: PTX) today announced two new developments that add exploration properties to the Company's portfolio of assets. They are the staking of new claims on six platinum-group-elements (PGEs) prospects in northern Ontario; and a gold property option agreement with Skead Holdings Ltd.
SIX NEW PGE PROSPECTS
Platinex also announced that six PGE prospects have recently been staked and filed in Ontario, which comprise a total of 1,795 claim units for 29,069 ha (71,800 acres). The properties are described below.
- North McFauld's Lake - is located 22 km north of Noront Resources'
Eagle One and Eagle Two nickel-copper-PGE discoveries. This property
comprises 608 contiguous claim units covering 9,846 ha
(24,320 acres). The property adjoins on the south and east a claim
block held by MacDonald Mines and Temex Resources, and on the west a
block held by Noront Resources. It was staked to cover a layered
intrusion coupled with magnetic anomalies which was recently revealed
in survey publications by the Ontario government.
Layered intrusions in the McFauld's Lake area containing Ni-Cu-PGE
mineralization and thick chromium layers suggest they could be
related in many respects to Platinex's Big Trout Lake holdings 250 km
to the west. Platinex Management believes that the Company will be
able to apply its unique knowledge of the geology of the
Big Trout Lake Igneous Complex to the McFauld's Lake area.
- South McFauld's Lake - is located 25 km southwest of
Noront Resources' Eagle One and Eagle Two nickel-copper-PGE
discoveries. This property comprises 692 claim units in three blocks
covering 11,206 ha (27,680 acres). The property adjoins a block held
by MacDonald Mines, Temex and Baltic Resources on the southeast, a
claim block held by MacDonald Mines and Temex Resources to the east,
and a block held by Noront Resources and MacDonald Mines on the west.
Platinex staked it covering a layered intrusion that is coupled with
magnetic anomalies and the possible strike extension to the southwest
of the host environment for the Noront discoveries; all of which were
have been recently revealed in survey publications by the Ontario
government.
- Norton Lake - is located 413 km north of Thunder Bay and 50 km
northeast of Fort Hope in Ontario. This property comprises 56 claim
units for 907 ha (2,240 acres). The property covers a magnetic
anomaly to the south and west of a 2.46 million-tonne resource of
nickel, copper, cobalt, and palladium held by Cascadia International
Resources and East West Resources. Lake sediment anomalies in the
area suggest an environment promising for these metals on the
Norton Lake prospect.
- Awkward Lake - is located 175 km north of Thunder Bay. This property
comprises 88 contiguous units covering 1,425 ha (3,520 acres). The
property adjoins the International Nickel Ventures property on the
south and the Cascadia International Resources property on the
southwest as with Norton Lake (above). It was staked to cover the
northern portion of the Awkward Lake intrusion which is believed to
be the same age and style as the producing Lac des Iles intrusion
belonging to North American Palladium Ltd. and contains known
nickel-copper-PGE mineralization.
- Core Zone - is located 174 km north of Thunder Bay and to the south
of the previously mentioned International Nickel Ventures property.
Platinex's property covers 302 claim units comprising 4,891 ha
(12,080 acres) and was staked to cover a layered intrusion believed
genetically related to the chromium-bearing Puddy Lake ultramafic
intrusion. Nickel-copper-PGE mineralization has been found within the
area described.
- Tib Lake - is located 60 km northwest of Thunder Bay. This property
comprises 49 claim units covering 793.5 ha (1960 acres). The property
adjoins the Tib lake property of Houston Lake Resources to the south
and was staked to cover the northern portion of the Tib Lake layered
intrusion. The intrusion is known to be related to the producing
Lac des Iles intrusion and is mineralized on the adjacent property
with nickel-copper-PGEs. Testing of this property is warranted,
especially when considered in light of North American Palladium's
nearby operation that demands feedstock.
Worthy of mentioning is that one criterion in particular that Platinex has used in property selection has been for positive relations between First Nation Bands and exploration companies in the adjoining areas to have been cooperatively demonstrated as exploration there has progressed to date.
Option Agreement with Skead Holdings Ltd.
Platinex has entered into an option agreement with Skead Holdings Ltd., subject to board and regulatory approval, with respect to certain claims situated in Churchill, MacMurchy and Asquith Townships, in Ontario (the "Shiningtree property"). Platinex has the right to acquire a 100%-interest in the 133 claim units (5,320 acres or 2,153 ha), subject to a 3% NSR, by issuing 350,000 shares of Platinex, by making cash payments (or share equivalent) of $400,000.00 and by incurring property expenditures of $850,000.00 during the ensuing four-year period to April 11, 2012.
The Shiningtree property is underlain by a northwest trending, steeply dipping, sequence of felsic to mafic metavolcanic rocks and lesser irregular quartz feldspar porphyries of Early Precambrian age overlain in part by Nipissing diabase sills of middle Proterozoic age on 5% of the property.
The Shiningtree property is transected by NNW and NW trending fault systems and shear zones. Multiple gold bearing quartz-sericite-ankerite-tourmaline fissure veins, lenses and anastamosing fissure veins are evident on the property within the Early Precambrian rocks.
The gold mineralization has been explored and developed on several occasions (1920 to 1937; 1974 to the late 1980's; and again in 2001). The No 1 shaft is reported to be 500 feet deep with drifts at the 92, 240, and the 500-foot levels. Apparently it was never mined, but development muck is present on surface. Several other small shafts are reported. Drilling has been conducted by several parties in the past and records of this work are being assembled by Platinex and Skead.
The Shiningtree property has not been the subject of a NI 43-101 compliant report; however an independent report is presently being prepared.
In the past, grades greater than 1.0 ounce/ton Au have been observed by different authors in several veins. One such vein is stated to have returned grades over 1.0 ounce per ton over thicknesses of over 2.0 metres with continuity over tens of metres laterally and vertically. However, old reports and maps which would corroborate and testify to this mineralization are sparse and not compliant with NI 43-101 standards. The Shiningtree property is in need of a comprehensive program of geological mapping, overburden sampling, stripping, trenching and quite possibly ground geophysics with line-cutting.
The Company has sufficient finances currently to cover initial exploration on these properties this year, but drilling will require additional financing. Platinex will be initiating exploration work on these new prospects which may variously include airborne geophysical surveys, ground geological, geophysical and geochemical surveys with linecutting. An independent report and exploration budget will be prepared prior to launching the exploration program.
James R. Trusler, P.Eng., President and CEO of Platinex Inc. is the qualified person as defined by National Instrument 43-101 with respect to the content of this release.
Further information will be posted shortly on the Company's website.
About Platinex Inc.
Platinex is a Canadian exploration company based near Toronto. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and UG2 reefs (Bushveld Complex, RSA). Platinex is determined to find platinum sources to be used in the campaign to eliminate the threat of global warming. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol PTX.
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FORWARD-LOOKING STATEMENTS:
Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
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