Platinex is focusing its efforts on the exploration of its district scale gold property in the Shining Tree District. Platinex has created the largest combined gold focused property package in the Shining Tree District, northern Ontario, Canada, which has received little modern exploration compared to other gold camps in the Abitibi Greenstone Belt – Canada's largest gold producing region.
Shining Tree has been brought to the forefront as a new mining camp scale which is currently revealing monster Tier 1 gold deposits including Cote Gold/Gosselin. The Company believes the Shining Tree camp will host several multi-million-ounce gold deposits.
Shining Tree Gold Project, Northern Ontario
Platinex's 100% owned Shining Tree Property is situated in the Abitibi Greenstone Belt comprising 21,720 ha (53,648 ac/217 sq. km), making it the largest gold prospect in the Shining Tree area. Platinex's Shining Tree project enjoys world class infrastructure.
The property is located to the east of IAMGOLD's Cote Gold deposit and along 21 km of the poorly explored Ridout-Tyrrell Deformation Zone (“RTDZ”) and borders Aris Gold's 2.3 million-ounce Juby gold deposit. Platinex has acquired the former Caswell, Herrick, and Churchill Mine properties along with portions and extensions to the Ronda and Gold Corona Mine properties.
Platinex Accomplishments at Shining Tree
Drilling Program Commenced:
The phase 1 drill program will total 3,500 metre, and the first 1,000m tranche has commenced. The program will test 2-5 targets including intersections of a collection of east-northeast-trending veins and a slaty pyritic and graphitic metasedimentary rock unit known locally as the Evelyn vein. The program will attempt to characterize the mineralization in the intersection between the wide mineralized zone and the slaty band, plus drill the mapped but previously untested veins along the projected strike of this slaty unit.
Gold-in-till Sampling Program:
Platinex reported exceptional results from its ongoing gold-in-till sampling program. Highly anomalous gold-in-till samples are now pointing to the RTDZ as the high potential place to find gold on the property. From all gold in till work on the Shining Tree property and publish data nearby a total of 766 till samples have been collected with a highest grain count of 207 and 23 samples containing greater than 50 grains of gold.
A total of 42 till samples were processed recently by Overburden Drilling Management Ltd. revealing 22 samples returning counts equal to or greater than 10 grains of gold, 3 samples having counts equal to or greater than 25 grains, and 1 sample containing 79 grains. The program will be continued in 2021 to identify gold targets along the Ridout Tyrrell Deformation Zone.
Stripping and Channel Sampling Program:
A program of mechanized stripping and channel sampling was conducted at surface to test an area of multiple quartz-carbonate veins within a system of shear zones on the east side of the Caswell prospect. The Caswell prospect is one of twenty old gold prospects, on the Shining Tree property, most of which were explored and developed underground and are very prospective warranting modern exploration.
James R. Trusler, Chairman & CEO of Platinex Inc. stated, “The body of work on the Caswell prospect has identified a broad area of what we believe to be associated mineralization in ENE trending veins hosted within shear zones. The near surface veins combined with the other known mineralized NNW trending veins such as the Saville and the Evelyn are targets for the possible location of a near surface gold deposit. Indications of disseminated sulphides associated with the gold mineralization suggest that Induced Polarization (IP) may be used to locate targets with stronger mineralization. The Ridout Tyrrell deformation zone is believed to trend just south of or within the Herrick deposit, and this may explain the thicker zones of mineralization intersected in the Herrick drilling. If so, any associated IP anomalies will represent priority targets.” (See news release dated April 19, 2021)
Management and Directors
James R. Trusler, P.Eng., Chairman and Chief Executive Officer, Chair Exploration Committee
Mr. Trusler is a geological engineer with over 45 years of exploration experience with a history of discovery and strategic acquisitions of world class scale gold, uranium and Ni-Cu-PGE deposits.
Graham C. Warren, CPA, CMA, Chief Financial Officer and Director
Mr. Warren is a senior financial executive with over 30 years of experience in the resource sector both domestically and internationally. He has served as CFO and/or Director of numerous public and private companies.
Felix Lee, P.Geo., Director
Mr. Lee is an economic geologist and senior executive with over 30 years of experience both in Canada and internationally. He is past President of Prospectors and Developers Association of Canada.
Christophe Vereecke, MBA, Director
Mr. Vereecke is a businessman and entrepreneur based in Paris, with a background in finance, oil and gas, mine royalties and renewable energy (post mining). He is currently a director of Treasury Metals Inc. since 2015.
Greg Ferron, Director and Chair Finance Advisory Committee
Mr. Ferron has 20 years experience in corporate development, capital markets, and public companies. Former CEO of Treasury Metals, Head at TMX corporate finance, Laramide executive.
Frank Hoegel, MBA, Finance Advisory Committee Member
Mr. Hoegel has more than 20 years of direct experience in the mining industry, and a successful track record as an international financier / investor and stockbroker in London, England.
Olivier Crottaz, Finance Advisory Committee Member
Mr. Crottaz is an independent asset manager who founded Crottaz Finance. 30 years in the Swiss banking business as senior portfolio manager and tactical asset allocator at UBS and Credit Suisse as managing director.
Max Pluss, MBA, Finance Advisory Committee Member
Mr. Pluss provides strategic advisory and consulting services to public and private companies. Former analyst at Extract Capital.
On April 05, 2022, Platinex Inc. has closed a non-brokered private placement for gross proceeds of $1,536,300. The company issued 16.06 million units at a price of five cents per unit. In addition, the company issued 12,221,667 flow through units at a price of six cents per unit. The company will use the proceeds of the offering to incur Canadian Exploration Expenses on its exploration properties in Ontario including W2 copper-nickel-PGE project in the Ring of Fire and the Shining Tree gold project in the Abitibi and for general corporate purposes.
On March 31, 2022, Platinex Inc. has acquired 63 mining claims adjoining its Shining Tree project through an agreement with Skead Holdings Ltd. The acquisition increases the Shining Tree property holdings from 21,847 hectares (53,985 acres) to 23,219 hectares (57,375 acres) and covers area in the central western portion of the project.
The new acquisition covers some of the down dip extension and a prominent spur fault associated with the Ridout-Tyrrell deformation zone (RTDZ). The RTDZ is a trans-crustal structure, along which several world-class gold deposits are spatially and genetically associated. On the Shining Tree property, the RTDZ has been identified as the likely source of highly anomalous gold indications in a provincially significant gold dispersion train.
On March 17, 2022, Platinex Inc.'s wholly owned subsidiary, Endurance Elements Inc., has acquired 149 mining claims located along the western boundary of the W2 copper-nickel-platinum-group-element (PGE) project in Ontario's Ring of Fire (see press releases dated Jan. 17, 2022, and Jan. 27, 2022). The additional 2,932 hectares (29.3 square kilometres) of ground brings the W2 land package to 15,973 hectares (159.7 square kilometres). Endurance Elements holds a 100-per-cent interest in the W2 project.
On March 14, 2022, Platinex Inc. has appointed Sam Kiri, CFA, to the company's board of directors, where he will chair the audit committee. Mr. Kiri has over 20 years of capital markets and asset management experience in North America, Europe and the Pacific Rim, with a primary focus on the mining and energy sectors. He was an equity analyst for the Scotia Pacific Rim Mutual Fund and one of the founders of Proactive Investors, a global media network that provides information on capital market activities, with considerable focus on the mining sector.
On October 18, 2021, Platinex Inc. has released initial results in connection with a portion of the planned phase 1 drilling program conducted on the Shining Tree property and completed magnetic data synthesis and magnetic inversion modelling. A short video showing the relationship between some of the data indicating prime exploration targets is on the home page of the company's website. It drilled 0.5 m of 6.4 g/t Au at Shining Tree.
September 27, 2021, Platinex Inc. has released further results from its gold-in-till exploration on its Shining Tree property, including geochemical analyses for gold and a multielement package. The results, covering a large 90-square-kilometre gold dispersion area, reveal a high gold content of the till and the identification of multiple elements, which will help Platinex develop drill targets. The 21,806-hectare (53,883 acres/218 square kilometres) property is situated along the Ridout-Tyrrell trend between the Juby deposit of Aris Gold to the east; the mine development-stage Cote gold deposit; and a recently announced major discovery, the Gosselin gold deposit of Iamgold and Sumitomo to the west.
On April 22, 2021, Platinex Inc. announced the appointment of Jamie Lavigne and Blaine Webster to the Company's technical committee. Both individuals bring significant industry experience including work directly in the area at Cote Gold deposit and in the Shining Tree camp.