TORONTO, Oct. 21 /CNW/ - Platinex Inc. (TSX. V: PTX) today announced that
a new technical report was SEDAR-filed on October 17, 2008, for its Muskox
property. The NI 43-101 technical report (the "Report"), written by
Fred Gittings, P.Geo, is also available on Platinex's website at
The Muskox property was staked in 2007 to enable the evaluation of the
platinum group element ("PGE") potential of the "hidden" portion of the Muskox
Intrusion (the "Intrusion"). The claim block covers 136 square miles (352.3
km(2)). The Muskox Intrusion is one component of the Mackenzie Magmatic Event,
one of the world's largest magmatic episodes. In size and style of magmatic
activity, it is strikingly similar to the Permian-Triassic events which
created the giant Noril'sk sulphide deposits which together are the world's
principal supplier of palladium.
The Muskox Reef, which contains up to 6.2 g/t PGE+Au, occurs in the upper
portion of the Ultramafic Zone of the Intrusion. Currently, the Merensky Reef
in the Bushveld Complex supplies most of the world's platinum from a similar
horizon situated higher up in the igneous stratigraphic column. The Report
makes the case for the existence of a similar horizon within the Muskox
Intrusion above the exposed stratigraphy yet closer to the focal point of the
mantle plume from which the original magma was produced.
The Report analyzes the mineral potential of the Muskox Intrusion with
emphasis on the untested down dip extension of the Intrusion which underlies
the Platinex property. A number of lines of evidence supported by scientific
writers are cited by Mr. Gittings to establish the fact that the Muskox
Intrusion continues north underneath cover rocks. Ultimately the Report's
recommendations are to geologically map the property in conjunction with
ground geophysics and subsequently to directly test favourable targets by
The recommended exploration program comprises $420,000 to be spent on
geophysics and geological mapping in 2009, followed by a $2.2 million drill
program contingent on its results.
For the purposes of this press release Mr. Fred Gittings, P.Geo, is the
qualified person as defined by National Instrument 43-101.
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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