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Be the first with the news that moves the market- Platinex (PTX) has launched an exploration program at its Shining Tree property in the Abitibi Greenstone Belt of northern Ontario
- Mechanical stripping and channel sampling will commence next week on the eastern portion of the property’s Caswell prospect
- This will follow up on grab sampling activities completed in 2010, which returned up to 27 grams per tonne of gold
- The results of this work will then be used to inform a diamond drill program later this year
- Platinex (PTX) is currently up 16.67 per cent and is trading at C$0.07 per share
Platinex (PTX) has launched an exploration program at its Shining Tree property in the Abitibi Greenstone Belt of northern Ontario.
A 20,750 hectares, the property is the largest in the Shining Tree Gold District and sits along the Ridout-Tyrrell trend between the July deposit to the east and IAMGOLD’s Côté Gold Project to the west.
James Trusler, Chairman of Platinex, noted that the exploration program will focus primarily on an under-explored 21-kilometres stretch of the Ridout-Tyrrell deformation zone.
“This major deformation zone trends as far west as Borden Lake, through the area of IAMGOLD’s Côté Gold deposit, directly through the Platinex Shining Tree Property and on to Caldas Gold’s gold project which includes the Juby deposit.
“A key initial target for Platinex along this trend will be the Caswell prospect which hosts a 700 metre wide east-west corridor of shear zones and quartz veining,” he added.
Platinex intends to carry out follow up till sampling work to test for evidence of gold deposits associated with the Ridout-Tyrrell deformation zone. This will be supported with a number of airborne magnetometer surveys, which is due to begin shortly, along with LIDAR surveys to facilitate more accurate geological mapping.
A mechanical stripping and channel sampling program is also due to begin next week on the eastern portion of the Caswell prospect, which is underlain by a quartz-carbonate vein swarm.
Many of these veins are thought to host significant gold mineralisation, with grab sampling work from 2010 returning up to 27 grams per tonne of gold.
The results of this work will be used to inform a diamond drill program later this year, which will test the strike extensions of these vein systems beneath deeper overburden areas, as well as the width of the zone.
Platinex (PTX) is currently up 16.67 per cent and is trading at C$0.07 per share at 2:28pm EDT.
