Platinex Inc. (CSE:PTX) has provided an update on exploration activities at the Shining Tree Gold Project in northern Ontario, which is held through the South Timmins Mining Joint Venture with Fancamp Exploration Limited.
The resource project's developer said reconnaissance rock sampling was completed on the Ronda Mine’s Ribble Vein over a strike length of about 300 metres (m) with results ranging from 4.85 to 14.3 grams per tonne (g/t) gold, which also confirmed historical results.
Platinex noted that other significant samples included 32.9 g/t gold from the Kingston occurrence and 283 g/t gold from the Churchill occurrence.
It added that mechanized stripping and channel sampling is currently in progress at Ronda, which is located on the Shining Tree Project, representing the first significant work program on the occurrence by Platinex since the Ronda Mine was acquired in 2022.
As well, the company reported that its Green Canada Corp (GCC) subsidiary has closed the previously announced transaction to acquire a portfolio of exploration-stage uranium projects from International Prospect Ventures (TSX-V:IZZ) Inc.
GCC also closed a $500,000 private placement at $0.09 per share, which will be used for mineral exploration and administrative expenses.
Platinex owns about 60% of the issued common shares of GCC.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
Contact Sean at sean@proactiveinvestors.com