Platinex Releases More Gold Results on Shining Tree Sampling
TORONTO, ONTARIO -- (Marketwire) -- 11/24/10 -- Platinex Inc. (TSX VENTURE: PTX), announced further processing of old data on the Caswell prospect. This data has revealed several vein swarms exhibiting compelling gold concentrations over thick widths based on partial channel sample assaying of veins. A 415 m interval between vein 107 in the south and vein 118 in the North averages 7.19 g/t Au uncut. This interval includes a 40 m interval enclosing both veins 107 and 109 grading 72.6 g/t Au. The best value in the section is from vein 107. It grades 1,068.33 g/t Au/1.22 m uncut. The mineralization appears to be similar in the skewed distribution and broad extent to that recently announced to the west of Platinex's Shining Tree property by Trelawney Resources.
'It is important to put these results in perspective.' says James R. Trusler, President and CEO of Platinex Inc. 'We can say with certainty that the mineralized structures exist in abundance and that much of the past work illustrates both the highly skewed nature of the gold values and the widespread abundance of gold in those structures. However, the old values have not yet been qualified. I am very excited about the work Platinex will be doing on the Caswell prospect.'
A map depicting the location of veins and drill holes is attached for reference and separate tables listing results of grab samples and channel samples are included herein.
The major structural feature at the Caswell site is the Saville/Evelyn vein/shear which trends west northwest parallel to the Tyrrell structural zone. Thirty nine documented shear hosted veins tend to be 0.41 to 0.62 m thick and are flanked on either side by a 0.77 m thick mineralized shear zone. Platinex has stripped an area 200m x 800m on the east side of Michiwakenda Lake. A comprehensive program of exploration will be carried out this winter including bulk sampling of trenches.
Further releases of data on sampling in vicinity of the two shafts and drill hole data will be forthcoming.
For the purpose of this release James R. Trusler, P.Eng is considered the qualified person.
About Platinex Inc.
Platinex is a Toronto based exploration company. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the Merensky and UG2 reefs (Bushveld Complex, RSA) and the JM reef (Stillwater Complex, Montana) 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'.
To receive Company press releases, please email lparadis@platinex.com and mention 'Platinex press release' on the subject line.
To view the map included with this press release, please visit the following link: http://media3.marketwire.com/docs/ptxMAP1124.pdf
HISTORIC CHANNEL SAMPLES
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Avg grade
Vein No. Grade (g/t) Width (m) (g/t) Avg width (m) Length (m) Dates
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1 9.943 0.9 67.78 1.14 10.7 1923
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1 23.147 1.22 1974
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1 91.199 1.22 1974
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1 132.343 1.22 1974
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2 45.943 0.61 58.54 0.98 1916
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2 71.657 0.61 1916
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2 133.029 0.25 1916
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E. of 2 50.743 2.43 1924
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3 21.943 1.47 21.94 1.47 1923
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Saville(4) 52.457 0.91 51.21 0.84 1916
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Saville(4) 49.714 0.76 1916
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7 101.143 1.52 97.94 0.80 1916
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7 28.457 0.07 1923
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19 21.257 0.31 17.49 0.31 1923
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19 13.714 0.31 1923
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103 302.743 0.25 19.67 1.57 1916
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103 31.2 2.13 1916
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103 10.629 1.83 1916
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103 23.657 2.64 1923
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103 9.257 1.02 1923
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107 1068.329 1.22 1068.33 1.22 1923
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109 1052.901 1.52 1052.90 1.52 1923
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113 43.543 0.5 43.54 0.50 1923
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115 4.114 0.76 21.07 1.30 1923
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115 28.114 1.83 1924
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116 25.029 2.13 25.03 2.13 1924
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117 30.171 1.83 36.37 1.10 1916
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117 18.514 1.22 1916
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117 91.543 0.61 1916
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117 109.371 0.61 1916
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117 121.029 0.61 1916
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117 16.114 0.38 1916
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117 8.914 0.76 1916
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117 5.486 0.61 1916
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117 42.514 1.83 1916
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117 9.943 2.13 1916
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117 33.599 1.52 1924
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118 23.314 0.61 23.31 0.61 1924
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HISTORIC GRAB SAMPLES
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Vein No. Grade (g/t) Source Date
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1 6.506 Practical Mining 2001
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1 2 287.109 Chesbar Resources 1987
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1 2 41.143 Chesbar Resources 1987
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1 2 0.514 Practical Mining 2001
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3 0.009 Practical Mining 2001
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Saville(4) 0.537 Practical Mining 2001
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Saville(4) 0.641 Practical Mining 2001
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Saville(4) 0.348 Practical Mining 2001
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Saville(4) 0.031 Practical Mining 2001
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101 0.206 Practical Mining 2001
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101 0.833 Practical Mining 2001
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103 7.748 Chesbar Resources 1987
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107 0.007 Practical Mining 2001
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109 25.234 Chesbar Resources 1987
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109 18.925 Chesbar Resources 1987
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109 4.114 Chesbar Resources 1987
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109 13.474 Practical Mining 2001
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109 2.160 Practical Mining 2001
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109 12.983 Practical Mining 2001
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109 0.079 Practical Mining 2001
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111 9.394 Chesbar Resources 1987
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111 5.486 Chesbar Resources 1987
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111 0.718 Practical Mining 2001
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111 0.039 Practical Mining 2001
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113 3.840 Chesbar Resources 1987
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114 2.297 Practical Mining 2001
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115 7.886 Chesbar Resources 1987
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115 5.760 Practical Mining 2001
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122, 123 0.024 Practical Mining 2001
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113-123 8.331 M. Newbury 1974
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113-123 8.126 M. Newbury 1974
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113-123 5.691 M. Newbury 1974
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FORWARD-LOOKING STATEMENTS:
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Platinex Inc.
James R. Trusler
President & CEO
905-258-0517
jtrusler@platinex.com