Platinex Inc. Deals Interest in One Shining Tree Property Claim
TORONTO, April 18, 2019 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) announces assignment of its ownership rights, under an option agreement with Skead Holdings Ltd and Ashley Gold Mines Limited respecting a 50% interest in claim L4212960, to Goldeye Explorations Ltd., a subsidiary of Treasury Metals Inc. The terms include proceeds of $25,000 in cash and shares of Treasury Metals Inc and a 1% NSR royalty on 50% of the claim. Claim L4212960 comprises eight claim units for approximately 128 ha (320 acres) and is equivalent to less than 1% of Platinex’s Shining Tree property. Giving consideration to this transaction Platinex’s remaining 100% owned Shining Tree gold property comprises 14,058 ha (34,720 ac).
Previous exploration has revealed a very large and significant gold in till dispersion train across the Shining Tree camp in over 450 till samples. As a result Platinex has increased its property holdings and now holds a 21 km strike length of the Tyrrell-Ridout deformation zone, a suspected source of the gold dispersion train, which has received sparse past attention from explorers. The IAMGOLD Cote Lake ad Gosselin deposits and the Tahoe Resources Juby deposit are recent discoveries along strike to the west and east respectively.
An Exploration Plan for the Shining Tree property and Exploration Permit have been approved for a three-year period. A NI43-101 technical report was completed in June 2018 on the expanded property holdings.
Mr. James R. Trusler, Chairman and Interim CEO of Platinex Inc., states, “Glacial till prospecting still accounts for a large number of major discoveries in Canada and abroad and has revealed a large prospective target on the property. Platinex is currently seeking other interested parties to participate in the exploration of the property.”
Lori Paradis, Corporate Secretary
Tel: (416) 268-2682
Email: lparadis@platinex.com
Web: www.platinex.com
About Platinex Inc.
Platinex is currently focusing efforts on developing various strategies to capitalize on the lucrative growth of the cannabis sector in North America. At the same time Platinex has been focusing its mining business efforts in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone Belt. Shares of Platinex are listed for trading on the Canadian Securities Exchange under the symbol "PTX".
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