by Ubika Research on Nov 26, 2010
View the Platinex Inc (TSXV: PTX) CEO Interview HERE.
On Nov 24, 2010 Platinex announced results from further processing of old data on the Caswell Project. We need to mention right upfront that these results are from very old exploration work done on the property in the 1920s and hence the quality of data collection, analysis etc cannot be assured. Having said that, one good advantage with geology is that time does not diminish the value or concentration of any mineral. So while we should take these findings with a “grain of salt” this data does appear impressive.
This data has revealed several vein swarms exhibiting compelling gold concentrations over thick widths based on partial channel sample assaying of veins. A 415 metre interval between vein 107 in the south and vein 118 in the North averages 7.19g/t Au uncut. The best value in the section is from vein 107. It grades 1,068.33g/t Au/1.22m uncut.
Recognizing that there is no assurance of the quality of these data values, this data gives some indication that there may be very high grade mineralization in the Caswell project for Platinex (TSXV: PTX). The company has stated that it plans to carry out an extensive program of stripping, channel sampling and bulk sampling and intends to continue drilling on Caswell project this winter. If the follow on work confirms the presence of high grade gold mineralization, this could make this project a potential candidate for bulk mining.
Platinex is exploring in the Shining Tree area in Northern Ontario, which is considered a high prospect area for a new emerging gold camp by industry professionals, given the favourable geology and historic findings. The geology of the Shining Tree area is similar to that of the well-known Kirkland Lake gold camp. On a regional scale the property is located within the prolific Abitibi greenstone belt which is renowned for its concentration of world-class gold and Cu-Zn-Ag-Au deposits. The Shining Tree property is underlain by the Larder Lake – Cadillac Break with which many of the world-class gold deposits are spatially associated.
Platinex recently entered into a joint venture agreement with Creso exploration to combine claim holdings along the Larder Lake Break into a 50/50 joint venture in the Shining Tree gold area of Ontario. Platinex’s properties in Shining Tree area are for the most part surrounded by Creso Exploration’s (TSX VENTURE: CXT), (FRANKFURT: C3X) properties.
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