Toronto, March 31, 2022 (GLOBE NEWSWIRE) — Platinex Inc. (CSE: PTX) (Frankfurt: 9PX) (“Platinex” or “Company”) Skead Holdings Ltd. We are pleased to inform you that we have acquired 63 mining claims adjacent to the Shining Tree Project under a contract with (“Skead”). The acquisition will increase Shining Tree’s footprint from 21,847 hectares (53,985 ac) to 23,219 hectares (57,375 ac), covering the central western area of the project (see image).
The new acquisition covers some of the downdip extensions and significant spar faults associated with the Ridout-Tyrrell Deformation Zone (RTDZ). The RTDZ is a cross-crustal structure along which several world-class gold deposits are spatially and genetically associated. The properties of the Shining Tree have identified RTDZ as likely to be the cause of the very unusual gold signs in the state’s important gold distribution train.
Under the agreement, we paid Skade $ 11,500 in cash and issued 400,000 shares of our company. Shares issued under the agreement are subject to a four-month holding period and require the approval of the Canadian Stock Exchange. Mining claims are subject to a 2% net smelter revenue royalties, of which we reserve the right to repurchase up to 1% at a rate of $ 400,000 per 0.5%.
The information presented in this news release is James R. Trusler, P. Eng, Chairman of Platinex Inc. And reviewed and approved by qualified exploration personnel in the Shining Tree project as defined in National Instrument 43-101, Standards. For disclosure of mineral projects.
About Platinex Inc .: Platinex creates shareholder value by opportunistically acquiring and promoting quality projects in Ontario’s abundant mining camps. Current assets include 100% ownership of the district-wide W2 Copper-Nickel-PGE project and 100% ownership of 225 km.2 Shining Tree Gold Project in the Abitibi region of Ontario, the world-famous Gold District. The W2 project manages one of the major complexes of the Oxford Star Dome. The Shining Tree Project, heading west from the Bowden Mine in Newmont, passes through the area of the IAM GOLD Coat Gold Deposit and covers most of the Redout-Tyrell Deformation Zone that spans the entire Jubby Project in Alice Gold. We are also developing a loyalty portfolio of net smelter income (NSR) and currently hold royalties on Ontario’s gold, PGE, and base metal assets.
Please contact us for more information. Greg Ferron, CEO (416-270-5042) or email (email@example.com)
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as a guarantee of future performance or results. Such statements include known and unknown risks, uncertainties, and other sources that may cause actual results, performance, or outcomes to differ materially from those implied by such statements. Factors are included. Such statements include the use of proprietary data to seek financial assistance to advance the Platinum Group’s assets, the submission of relevant documentation for the satisfaction of relevant regulatory agencies within the required time frame, and the applicable. A strategy that includes the completion of the acquisition of assets and sufficient financing to complete the company’s business. There is no certainty that any of these events will occur. Such statements are based on management’s reasonable assumptions, but there is no guarantee that such assumptions will prove correct. We are not responsible for updating or revising new events or circumstances to reflect new events or circumstances, except as required by applicable securities law.
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Platinex Announces Acquisition of Mining Claims at Shining Tree Gold Project in Canadian Business Journal
Source link Platinex Announces Acquisition of Mining Claims at Shining Tree Gold Project in Canadian Business Journal