Published On: February 8th, 2024
Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) has made a significant discovery at the Ronda claims within Ontario’s Shining Tree Gold Property. Recent excavation and sample efforts in partnership with Fancamp Exploration Limited have produced encouraging results.
Platinex and Fancamp jointly own South Timmins Mining Inc., with Platinex holding 75% and Fancamp holding 25%. Their properties cover a vast area along the Ridout-Tyrrell Deformation Zone. They include Shining Tree, Heenan, and Mallard gold projects.
The Ronda is a brownfield underground mine with two shafts that historically produced 2,727 ounces of gold and 4,830 ounces of silver from 22,309 tonnes of ore during its one-year mine life (1939-1940). Drilling is planned to commence at the Heenan site once the initial exploration activities, such as soil sampling, prospecting, and mechanized stripping, are completed.
Confirmation of High-Grade Nature
This is the first major exploration initiative since Platinex acquired the Ronda surface claims from Alamos Gold in 2022. Initial findings confirm the high-grade nature of the Ribble structure at the surface, directly above Platinex’s historical underground workings.
Figure 1: Ronda North Trench
Key Findings
The exploration program has delivered promising gold grades over broad widths, reaffirming the presence of substantial mineralization within the Ronda claims. The program discovered impressive amounts of gold spread out over large areas, highlighting standout findings from combined channel samples, like:
- Channel N30 assayed 9.04 g/t Au over 16.15 m, including 60.30 g/t Au over 1.00 m
- Channel N33 assayed 4.54 g/t Au over 13 m, including 8.88 g/t Au over 1.05 m
- Channel N36 assayed 5.63 g/t Au over 7.95 m, including 11.50 g/t Au over 0.90 m
- Channel N31 assayed 7.97 g/t Au over 4.95 m, including 14.50 g/t Au over 0.65 m
- Channel N38 assayed 4.49 g/t Au over 8.05 m, including 11.30 g/t Au over 1.95 m
Individual sample highlights include:
- Sample 504509 assayed 60.30 g/t Au over 1.00 m
- Sample 504508 assayed 25.70 g/t Au over 1.05 m
- Sample 504657 assayed 15.50 g/t Au over 0.70 m
- Sample 504594 assayed 11.30 g/t Au over 1.95 m
The comprehensive QA/QC program employed throughout the exploration process ensures the integrity and accuracy of the reported findings. Jim Trusler, P. Eng, a qualified person under National Instrument 43-101, has reviewed and approved the technical information.
The stripping program uncovered a broad northeast-trending shear zone that spans approximately 200 meters in width. This particular shear zone is just one of several secondary faults that are linked to the eastward Ridout-Tyrrell Deformation Zone.
Mr Greg Ferron, President, and CEO of Platinex Inc. said,
“Exploration at Shining Tree/Ronda was previously constrained by not having the surface rights. The mineralization appears to be continuous across much of the exposed face of the vein and immediate wall rock, and the returned gold and silver grades are consistent with historical grades reported from the Ronda Mine, thereby strengthening confidence that significant additional gold and silver mineralization exists on the Ronda claims.”
Figure 2: Greg Ferron – CEO & Director at Platinex Inc
President and CEO of Platinex Inc Mr Greg Ferron, is an experienced leader with a proven track record in the mining industry. Mr Greg Ferron plays a pivotal role in shaping Platinex’s strategic direction and ensuring its continued success. Under Greg Ferron’s leadership, Platinex Inc. has made significant advancements in its exploration projects.
Ronda North Trench and South Trench Details
At Ronda North Trench, 1,912 m² were mechanically stripped, washed, and channel sampled. Results ranged from 0.01 g/t to 60.30 g/t Au and <0.30 g/t to 51.40 g/t Ag with a high sample value of 60.30 g/t Au. At Ronda South Trench, 448 m² were mechanically stripped, washed, and channel sampled. Results ranged from 0.01 g/t to 20.90 g/t Au and <0.30 g/t to 83.60 g/t Ag with a high sample value of 20.90 g/t Au.
Moving Forward
The main focus will be on exploring potential mineralized structures along the strike and in the hanging and footwall dilution. The Ribble vein and the surrounding wall rock are structurally complex and have the potential for further exploration and delineation of resources. The South Timmins Mining Joint Venture is committed to utilizing the area’s gold resources to the fullest extent possible.
Additionally, alongside these exploration advancements, Platinex will be commencing drilling at its flagship W2 Cu Ni Pge project located in Northern Ontario in March 2024. Drill assays will be released from its Heenan gold discovery during the month of March and the project is located near Shining Tree. Finally, the company will spin-out its uranium subsidiary in Q2 2024.
Investor Outlook and Financials
- The ongoing exploration work in the South Timmins Mining Joint Venture shows a strong effort to tap into the potential of abundant gold resources in the region
- Platinex holds one of the largest land holdings in the South Timmins area and is strategically focused on exploring and developing these resources. This positions the company well for continued success in uncovering Ontario’s valuable mineral riches
- Platinex Inc.’s share price stands at CAD 0.04 per share as of February 8th, 2024, with a 52-week range movement of CAD 0.02 – 0.055 per share
- The Company’s market capitalization is CAD 13.286 million, with 332.2 million shares issued and outstanding
About Platinex
Platinex Inc. is a Canadian mining company headquartered in Toronto, focused on creating shareholder value through strategic acquisitions and the advancement of high-quality projects in Ontario’s prolific mining regions.
The company’s current assets include the W2 Copper-Nickel-PGE Project in northern Ontario and a 75% interest in the South Timmins Mining joint venture with Fancamp Exploration, targeting gold exploration near IAMGOLD’s Côté Gold operation.
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