Potential for Discovery of large Platinum-Palladium Deposits

Ontario: McFaulds - Big Trout Lake - Norton Lake - Shiningtree Gold - Muskox - Awkward Lake / Core Zone

Platinex Profile

Platinex Inc. Toronto, On, TSX.V : PTX,

Interests focus on carefully selected Platinum Group Element targets in settings with potential for discovery of multi-million ounce deposits analogous to the JM reef, the Merensky reef and the UG2 reef (each of which contain resources of PGEs in the tens or hundreds of millions of ounces).

The goal of Platinex Inc. is to enhance growth in capitalization and share value by exploration for, and discovery of Platinum Group Elements, contributing to adequate supplies for society's fight against global pollution and adverse climate changes.

The Company will endeavor to achieve its goals through strong scientific leadership and business management, along with sound application of engineering principles in accord with environmental, societal and ethical concerns.

Platinex Highlights

  • Explore for Multi-Million oz PGE deposits (e.g. Bushveld)
  • Control 4,889 Ha of claims and leases over Big Trout Lake (BTL) layered intrusions in Northern Ontario
  • BTL Complex: 500 m thickness of ultramafics;
  • identified 17 chromitite layers
  • PGE Intercepted: 8.3 g/t PGE over 2.3 m in previous drilling
  • 310 intercepts over 1 gm Pt+Pd+Au
  • Six Drill Ready PGE Targets and chromium deposits have been identified - 7,225 m drilling planned

ØChromium drill program to substantiate previous results which includes conceptual model of 1.725 billion tonnes of 8.4% Cr2O3.

ØMetallurgical tests to evaluate characteristics of chromite, test recovery and processing techniques and conduct preliminary pilot studies.

ØPreliminary ore valuation of chromite deposits. Possibly 2-4 g PGE in chromite; relationship between chromite and PGE mineralization.

Ø17,000 feet of core drilled by INCO to be relogged and sampled for PGE for the first time at a total probable cost of $200,000 ( a cost saving of

$1.3 million

ØHigh hit potential in the former INCO drill fences as both Merensky Reef equivalent and Main Sulphide Zone equivalent stratigraphy will be tested for the first time for PGE.

McFaulds South

The McFaulds South project, located in the McFaulds Lake area of northwestern Ontario, comprises a total of six claim blocks with a combined area of 11,267 hectares and a total of 696 claim units. The closest community with year-round round road access is Nakina, located approximately 270 kilometres to the south. The six claim blocks are 35-50 kilometres southeast of the First Nation community of Webequie, on Winisk Lake. Although there is year-round scheduled air service to Webequie, there are no air charter operators based there.

Norton Lake

Norton Lake is located 413 km north of Thunder Bay and 50 km northeast of Fort Hope in Ontario. This property comprises 56 claim units for 907 ha (2,240 acres). The property covers a magnetic anomaly to the south and west of a 2.46 million-tonne resource of nickel, copper, cobalt, and palladium held by Cascadia International Resources and East West Resources. Lake sediment anomalies in the area suggest an environment promising for these metals on the Norton Lake prospect.

Big Trout Lake

Location and Description

The Property consists of 221 contiguous mining claims and 81 mining leases covering approximately 4,889 ha (12,075 acres), including the 22.3 km long Nemeigusabins Lake Arm of the Big Trout Lake layered complex. All claims are located in the Patricia Mining Division, Kenora Mining District, Ontario. The Property is located approximately 230 km north of Pickle Lake, Ontario (by winter road) and 580 km north of Thunder Bay, Ontario. The Property is covered by NTS map sheet 53H/12 between longitudes 89° 40' and 90° 00' West and latitudes 53° 29' and 53° 43' North.

The Big Trout Lake Igneous Complex is a large layered intrusion with an unfolded strike length of up to 90 km and a thickness of up to 7 km. It is tholeiitic, rich in chromium and differentiated analogous to the Bushveld Igneous Complex of South Africa, the Stillwater Complex of Montana and the Great Dyke of Zimbabwe. The intrusion is of a critical mass to contain extensive economic concentrations of platinum group elements and is known to host four very large chromium deposits containing PGEs on Platinex's property. (See Comparative Stratigraphy of Large layered Intrusions) (See also 3D Rendering of Pt+Pd)

Exploration and Development History

The Big Trout Lake area was essentially unexplored until 1960. Prior to that time the only work conducted in the area was reconnaissance scale mapping by the Geological Survey of Canada in 1913 and reconnaissance scale geological mapping by the Ontario Department of Mines in 1960. More detailed mapping was done in 1979 for the Ontario Geological Survey.

From 1969 to 1980, Inco Limited carried out airborne magnetometer surveys and limited diamond drilling. Inco's exploration target, however, was initially nickel and later chromite mineralization, and the PGE potential of the area was not recognized until 1980 when P. J. Whittaker carried out a mineralogical research study on chromites of the Inco diamond drill core and speculated on the PGE potential of the chromitites. In the 1970s, Inco also attempted to assess the potential of large chromite deposits in the area.

From 1980 to 1982, Canadian Occidental Petroleum Ltd. carried out ground geophysical surveys and completed three diamond drill holes in 1981 and eight holes in 1982. One of the 1981 holes (Hole BT-2-81) intersected 7 g/t combined Pt+Pd over two m. The Property was dormant until 1985, when Platinum Exploration Canada Inc acquired it by staking.

From 1985 to 1989, Platinum Exploration Canada and its successor companies carried out airborne and ground geophysical surveys and drilled 54 holes to explore the Big Trout Lake layered intrusive complex

Last changed at 21-May-2012 05:17PM by Red~One