TORONTO, Oct. 2 /CNW/ - Platinex Inc. (TSX.V: PTX) has now critically
reviewed historic exploration on its Herrick gold deposit located on the
Shiningtree property in which the Company has an option for 100% interest (see
previous news release dated May 1, 2008). The NI 43-101 qualifying report
dated October 2, 2008, by J.G. Bryant and D. Jamieson (the "Report") is filed
in SEDAR and on Platinex's website at www.platinex.com.
Shiningtree's Herrick deposit was discovered in 1918 and subsequently was
developed by a 94 m (metre) shaft with 345 m of lateral development on two
veins. In 1989 Unocal Ltd. evaluated the historic data and based on that
stated a potential for the system to carry 1,732 tonnes per vertical foot at
7.2 g Au/tonne over a width of 1.8 m. Subsequently, 1989 work by Unocal Ltd.
included 201 channel samples on surface and 11 drill holes for 1,473 m to test
the structure. In 1990 Fort Knox Gold Inc. followed this work with 45 further
channel samples. This work confirmed the persistence of the gold
mineralization over a 385 m strike length and obtained samples grading up to
56.5 g Au/tonne over 1.0 m. Platinex has now qualified the sampling and
drilling work by Unocal and Fort Knox compliant to NI 43-101 standards.
The Report states that, "Judging from evidence of previous results on the
Herrick deposit there is a potential to outline a small commercial gold
deposit. On a larger scale the bulk of the property may be at the low
temperature top of an epithermal system that could well be associated with a
world-class gold deposit at depth."
Platinex has initiated its Phase I exploration program. Particular
interest is focused on 52 of 77 samples recovered from basal till that have
been processed by Overburden Drilling Management. Many of the samples contain
pristine gold grains indicating a nearby bedrock source. In addition five of
the samples each returned more than ten pristine plus modified gold grains (up
to 79 gold grains in total in one sample) that indicate potential for several
previously unexplored gold occurrences in the bedrock. Elevated quantities of
modified gold grains in these and other samples indicate trends that could
lead to discovery of additional significant gold deposits. More detailed
follow-up work is planned.
The Phase I $330,000 exploration program currently in progress includes
an airborne geophysical survey, further till sampling, reverse circulation
drilling, and 10 to 15 holes for a total of 1,500 m of diamond drilling to
take place during the fall. The drilling will attempt to confirm high grade
mineralization in the Herrick deposit preliminary to a resource calculation.
As mentioned above, detailed reporting on the Herrick deposit appears in the
Report filed on SEDAR and on the Company's website. Updates will be posted
when they become available.
J. G. Bryant, P.Geo., of Bryant Groundwater Consulting is the qualified
person as defined by National Instrument 43-101 with respect to the content of
About Platinex Inc.
Platinex is a Canadian exploration company based near Toronto. Platinex
focuses on carefully selected Platinum Group Element targets in settings
analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and
UG2 reefs (Bushveld Complex, RSA) and opportunistic acquisition and
exploration of other selected precious metal targets. Platinex is determined
to find platinum sources to be used in the campaign to eliminate the threat of
global warming. 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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RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Platinex Inc., James R. Trusler, President &
CEO, Tel: (905) 727-9046, Email: firstname.lastname@example.org; CHF Investor Relations,
Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: email@example.com