Platinex Inc. (CSE:PTX) has announced results from its exploration program on the Heenan Property in northern Ontario, part of the Heenan Mallard Gold Project held through the South Timmins Mining Joint Venture (JV) with Fancamp Exploration Ltd (TSX-V:FNC, OTC:FNCJF).
The resource projects developer said a greenfield gold discovery was generated through B-horizon soil geochemical surveys, prospecting, and channel sampling, with 13 samples returning greater than 0.5 grams per tonne (g/t) gold with a high of 7.50 g/t gold, included in two channel samples that returned composite weighted averages of 4.05 g/t gold over 2m and 2.39 g/t over 8m in Trench 2.
"The stripping program is part of a systematic approach taken where initial geochemical and prospecting programs identified an area of interest that was targeted with the recent channel sampling program," South Timmins JV’s exploration manager Joerg Kleinboeck said in a statement.
Platinex noted that the gold mineralization is associated with narrow concordant felsic to intermediate intrusive dykes within the iron-formation and metavolcanic sequence.
The company added that it is currently planning a late fall or early winter Phase 1 drill program to follow up on these results, the details of which will be provided shortly.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
Its current assets include a 100% ownership interest in the W2 Copper-Nickel-PGE Project near the 'Ring of Fire' in northern Ontario and a 75% interest in the South Timmins Mining joint venture with Fancamp Exploration.
Contact Sean at sean@proactiveinvestors.com