Platinex 2011 Exploration Update Shining Tree Project
November 24 2011 - 9:00AM
Marketwired
Platinex Inc. (TSX VENTURE:PTX), is pleased to report work has
completed and highlights of this year's exploration program in
Shining Tree, Ontario. The Company has remained active throughout
the year carrying out a property wide program of till and bedrock
sampling, plus focused programs of stripping, channel sampling,
ground magnetometer surveys, and drilling (tabulated below).
Currently, an internal resource estimate on the Herrick deposit is
being carried out. The till sampling program this year has
continued to outline a very large, impressive gold dispersion
train. It has enabled identification of some of the approximate
source locations of the high gold in till content found on the
property. Further, critical data is to be received in December on
high priority areas. A comparative evaluation is being conducted to
compare the till dispersion on the Shining Tree property with those
of the Timmins and Matachewan gold camps. These results will be
released upon completion.
James R. Trusler, President and CEO of Platinex Inc. states,
"The exploration progress and results on the property have been
excellent to date. We will be conducting an IP survey on the
property in the near term and drilling high potential gold targets
early in the New Year."
A ten hole 1,721m program of diamond drilling on the Caswell and
Herrick prospects in March and April returned best results of
18.75g/t Au over 0.50m and 12.55g/t Au over 0.85m (See Platinex
releases May 19 & 23, 2011). A 70km, tightly spaced,
magnetometer survey was completed over Michiwakenda Lake east of
the drilling on Herrick. This survey in conjunction with XDS Ortho
anomalies and anomalous till samples has revealed evidence of an
untested structure, parallel to or part of the Herrick prospect.
Further till sample results in this area are anticipated in
December. The ongoing till sampling program across the property
collected 313 samples for gold grain counts by Overburden Drilling
Management (ODM) in Nepean, Ontario, of which 165 have been
reported and 148 remain outstanding. To date this year, 70 till
samples have returned total counts of 10 or more gold grains, 23
contained 25 or more gold grains and 4 with counts greater than 50
gold grains. Heavy metal concentrates of the till processed by ODM
returned visual estimates from gold grains identified of up to
64g/t Au. (See Platinex release July 18, 2011). A mini excavator
was used to collect 65% of the basal till samples. Assaying of the
fine fraction of the till (See Platinex release Oct. 18, 2011)
aided in the identification of an additional 6 gold in till
dispersion targets. (See Platinex release Oct. 27, 2011). A total
of 424 bedrock samples have been collected and logged with 263
being assayed to date. In November Platinex reported 29g/t Au by
gravimetric analysis (FAG303) in a composite grab sample taken over
a 2m width. (See Platinex release Nov. 9, 2011). This discovery is
a direct result of follow up minimal stripping from the till
prospecting program and warrants additional work. In addition to
the above work, some 1825 sq m of stripping was carried out and 84
channel samples were collected for a best value of 5.23g/t
Au/0.80m. Work on the Gold Corona joint venture by Platinex will be
reported separately.
SUMMARY 2011 EXPLORATION ON SHINING TREE PROPERTY
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Output Number
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Till Sampling 313 samples collected; 165 processed by ODM; 4 greater than
50 grains; 23 greater than or equal to 25 grains; 70 greater
than or equal to 10 grains; best visual assay of heavy metal
concentrate 64.4g/t Au; 174 till fine samples processed at
SGS resulting in six gold train targets
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Drilling Herrick - 3 holes for 651 m best value 18.75 g/t Au /0.5m
Caswell - 7 holes for 1,070 m best value 12.55 g/t Au /0.85m
Total of 10 holes for 1,721m
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Stripping 3 areas for 1,825 m2
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Channel 3 areas for 56.24m and 84 samples from 44 channels for best
Sampling value of 5.23 g/t Au /0.80m
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Grab Samples 424 collected and 263 assayed to date with the best assay of
29 g/t Au being a composite grab sample taken over a 2m
width.
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Ground 70 km
Magnetometer
Survey
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Till and bedrock samples have been collected and processed for
assay under the supervision of Scott Franko, P.Geo who is
considered the qualified person for the purpose of this release.
Assays of bedrock chip samples and sieved till samples were
completed by SGS Laboratories in Don Mills, Ontario or by ALS
Minerals in Vancouver, BC by Fire Assay (FAI313 or FAA313). Assays
over 10g/t Au were retested by gravimetric analysis. (FAG303) Till
samples submitted for gold grain counts are sent to Overburden
Drilling Management in Nepean. A heavy metal concentrate is
produced by ODM for each sample and the gold grains are
characterized as rounded, modified and pristine and counted under a
microscope.
About Platinex Inc.
Platinex has recently revealed strong evidence of a major gold
bearing zone on its Shining Tree property as evidenced by an
extraordinarily high gold content of soil samples along a nine km
long corridor. Platinex is expanding exploration on the Herrick
gold deposit with 66 holes drilled to date returning encouraging
gold values. Platinex's management team are leaders in the
exploration and development of Platinum Group Elements (PGE's) in
North America. Shares of Platinex are listed for trading on the TSX
Venture Exchange under the symbol "PTX".
To receive Company press releases, please email
lparadis@platinex.com and mention "Platinex press release" on the
subject line.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Platinex Inc. James R. Trusler President and CEO (905)
258-0517jtrusler@platinex.comwww.platinex.com Investor Cubed Inc:
Alan Huycke (647) 258-3311, (888) 258-3323 (416) 363-7977
(FAX)info@investor3.ca