Platinex Inc. is a Canadian-focused junior resource company that creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific mining camps. The company’s assets include a 100 per cent ownership interest in the W2 Copper-Nickel-PGE Project near the “Ring of Fire” in northern Ontario and a 75 per cent interest in the South Timmins Mining joint venture with Fancamp Exploration, which is focused on gold exploration along the Ridout-Tyrrell Deformation Zone near IAMGOLD’s Côté Gold operation in the southwest Abitibi. Platinex also holds majority ownership in Green Canada Corporation, which holds uranium assets in Saskatchewan, Ontario, and Quebec, as well as an option to earn as a 100 per cent ownership interest in the Muskrat Dam Critical Minerals Project in northwestern Ontario.
Platinex recently announced a new gold discovery at its Heenan Property, which is part of the South Timmins Mining joint venture. The Heenan Property is in Heenan and Benton Townships in northeastern Ontario and lies within the Swayze area of the Abitibi Greenstone Belt (Figure 1). The Property is located on the fold nose of the Woman River magnetic high indicating a structural target favourable for gold, which formed the basis for the exploration program. Heenan is immediately adjacent to Northern Superior Resources’ “October Gold” Property (recently optioned by Evolution Mining Ltd.) and along the northwest border of IAMGOLD’s soon-to-be-producing Côté Gold Project.
This exciting greenfield discovery was generated through B-horizon soil geochemical surveys, prospecting, and channel sampling. Highlights from the recently completed mechanized stripping program include 13 channel samples > 0.5 g/t Au with a high of 7.50 g/t Au, included in two channel samples that returned composite weighted averages of 4.05 g/t Au over 2.00 m and 2.39 g/t over 8.00 m in Trench 2 (Figure 2). Gold mineralization in Trench 2 is associated with narrow concordant felsic to intermediate intrusive dykes within the iron-formation and metavolcanic sequence.
Joerg Kleinboeck, P.Geo., South Timmins JV’s Exploration Manager, states: “This is an exciting development for the South Timmins JV. The stripping program is part of a systematic approach taken where initial geochemical and prospecting programs identified an area of interest that was targeted with the recent channel sampling program. This approach has led to a greenfield discovery in the emerging Swayze camp.”
The mechanized stripping program focused on areas of highly anomalous geochemical and follow-up prospecting results. A total of 618 m2 were mechanically stripped and washed in two areas. A total of 41 selective channel samples were collected and submitted for analysis. Channels were cut at one metre lengths and, except for Channel 5 on trench 2, were cut perpendicular to geological contacts and were occasionally offset due to overburden or water. Results ranged from <5 ppb to 7,500 ppb Au (7.50 g/t Au), with 13 samples returning > 0.5 g/t Au. Gold mineralization is associated with narrow concordant felsic to intermediate intrusive dykes within the iron-formation and metavolcanic sequence.
The company is currently planning a Phase 1 drill program to follow up on these results. Additional information about Platinex can be found on the company’s website at www.platinex.com.
