Potential for Discovery of large Platinum-Palladium Deposits
Ontario: McFaulds - Big Trout Lake - Norton Lake - Shiningtree Gold - Muskox - Awkward Lake / Core Zone
Message: Platinex Reports Success of Till Sampling Program, Shining Tree, Ontario
TORONTO, ONTARIO--(Marketwire - Nov. 22, 2011) - Platinex Inc. (TSX VENTURE:PTX), is pleased to report the success of its gold dispersion sampling program in Shining Tree, Ontario. The recent samples have succeeded in defining the up ice source area along a 2km strike length of the anomalous gold in till zone. In addition, a highly anomalous value obtained in one sample 50m north of the anomalous gold grain counts reported in October, (See Platinex release Oct. 18, 2011) confirmed a newly located gold dispersion train with 79 total and 14 pristine gold grains. Of the 35 till samples reported in this release 7 contained 10 or more gold grains, 3 contained 25 or more gold grains and 1 contained more than 50 gold grains. The majority of these samples are up ice or down ice from the gold dispersion train but aide in the field definition of the source area. To date 318 till samples have been collected on the property and processed by Overburden Drilling Management. Over 165 till samples collected this summer remain to be processed.
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James R. Trusler, President & CEO of Platinex, stated, "We are now in discovery mode. The near perfect correlation of the high gold content tills, the broad deformation zone and wide and extensive XDS Ortho anomalies is convincing. The geophysical anomalies are interpreted to represent deep seated and major time decay structures. Follow up IP will assist in defining our winter drill targets."
The basal till at the bedrock interface is indicative of nearby source material. The proven success of this method of prospecting was recently detailed in the sampling of 29g/t Au across a 2m wide quartz vein. (See Platinex release Nov 9 2011) Till samples submitted for gold grain counts are sent to Overburden Drilling Management in Ottawa. A heavy metal concentrate is produced by ODM for each sample and the gold grains identified under microscope are characterized as rounded, modified or pristine and counted. Of this batch of 57 basal till samples the final 22 are to be processed by ODM by December. All samples have been collected under the supervision of Scott Franko, P.Geo who is considered the qualified person for the purpose of this release.
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".
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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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Source: Marketwire Canada (November 22, 2011 - 9:00 AM EST)
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