Platinex Inc. (CSE:PTX) announced that it intersected gold mineralization at its first phase of diamond drilling at the Heenan property, part of the Heenan Mallard gold project in Ontario.
The company said the 611.5-meter, three-drill hole program was completed over 50-meter spacing and one undercut hole.
It intersected several wide zones of gold mineralization from surface to 177 meters including 77.44 meters of 0.4 grams per ton gold in hole HE-23-02 and 27.15 meters of 0.55 grams per ton of gold in hole HE-23-03.
The company said it encountered an additional zone of mineralization outside of the iron formation in the second hole grading 5.53 grams per ton over 1 meter at 177 meters.
“We are encouraged with the results of the maiden drill program at Heenan which was not only completed successfully but also on budget,” Platinex CEO Greg Ferron said in a statement.
“The distribution of gold mineralization is widespread and intersected gold in all four holes across a 100-metre strike length, demonstrating the potential of this emerging gold project.”
Platinex holds that Heenan Mallard gold project via the South Timmins Mining Joint Venture (JV) with Fancamp Exploration. Platinex holds a 75% interest in the JV and Fancamp Exploration holds a 25% interest.
The South Timmins JV plans to continue systematically exploring its properties and to follow up on this discovery at Heenan, Platinex said.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.