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Platinex Inc. Unveils Significant Gold Discoveries at Heenan Property

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Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) has announced noteworthy findings from the initial phase of diamond drilling conducted at the Heenan Property. This property is part of the broader Heenan Mallard Gold Project, situated within the Swayze Greenstone Belt of northeastern Ontario. The project is operated through the South Timmins Mining Joint Venture in collaboration with Fancamp Exploration Ltd.

The exploration program comprised four diamond drill holes totalling 611.50 meters, conducted between December 2023 and January 2024. 

The drilling confirmed a new gold system was discovered. More importantly, the system appears to be wide, and gold was well disseminated across the gold intersections. The 3 holes of 50 m spacing all intersected the new system.  

Key Findings

Summary Of Diamond Drill Results At The Heenan PropertyFigure 1: Summary Of Diamond Drill Results At The Heenan Property

Mr. Greg Ferron, President and CEO of Platinex Inc., said,

“We are encouraged with the results of the maiden drill program at Heenan, which was completed successfully and on budget. “The distribution of gold mineralization is widespread and intersected gold in all four holes across a 100-metre strike length, demonstrating the potential of this emerging gold project.” 

Platinex Inc. Mr. Greg FerronFigure 2: CEO & Director At Platinex Inc. Mr. Greg Ferron

Mr Greg Ferron, the President and CEO of Platinex Inc., is an experienced leader with a successful track record in the mining sector. With his extensive experience, Mr. Greg Ferron is crucial in guiding Platinex’s strategic vision and driving its ongoing achievements. 

With Mr. Greg Ferron’s leadership, Platinex Inc. has made notable progress in its exploration initiatives, marking significant milestones in its journey.

Strategic Location

The Heenan Mallard Property is strategically positioned along the northwest border of IAMGOLD’s Cote Gold Project, which is set to commence production in March 2024. Additionally, it lies southeast of Evolution Mining’s October gold project. Situated within the Swayze area of the Abitibi Greenstone Belt, the property rests on the fold nose of the Woman River Iron Formation, a target deemed favourable for gold mineralization due to its high magnetic and structural characteristics.

Platinex Inc. follows a quality analysis program for sample analysis at Activation Laboratories Ltd., North Bay, Ontario. This program includes sample cutting, labelling, and delivery, adhering to ISO 17025:2005 standards. The study involves fire assay with a gravimetric finish, with Platinex and Activation Laboratories inserting standards and blanks and conducting duplicate analyses to ensure accuracy.

Investor Outlook and Financials 

  • The gold mineralization discovery at the Heenan Mallard Gold Project benefits Platinex in strengthening its position in the mining sector, generating revenue, and creating value for its shareholders
  • Gold prices are expected to rise in 2024, with several analysts predicting it could reach all-time highs.
  • Higher gold prices could incentivize exploration companies to increase their activities, leading to more investment, which could help companies like Platinex
  • Platinex Stock Price is CAD 0.035 per share as of February 22nd, 2024, with a 52-week range movement of CAD 0.02 – 0.055 per share
  • The Company’s market capitalization is CAD 11.625 million, with 332.2 million shares issued and outstanding

About Platinex

Platinex Inc., based in Toronto, is focused on increasing shareholder value through strategic acquisitions and advancing top-tier projects in Ontario’s mining hubs. The Company’s assets include the W2 Copper-Nickel-PGE Project and a 75% stake in the South Timmins Mining joint venture, focusing on gold exploration near IAMGOLD’s Côté Gold operation.

For more information and detailed results, access the complete report on the company’s website.

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