Platinex and Transition Metals Announce Collaboration on Shining Tree Area Exploration
27 October 2020 - 10:30PM
Platinex Inc. (CSE: PTX)
("
Platinex") and Transition Metals Corp (TSX-V;
XTM) (“
Transition”) jointly announce that they
have entered into an agreement respecting sharing of data and
conceptual knowledge for conducting collaborative exploration work
on their adjoining properties in the Shining Tree area of Ontario.
The joint exploration programs will initially focus on developing a
greater understanding of the controls on mineralization to
optimally target drilling within the Cryderman property area of the
larger Shining Tree property package.
The central portion of the Shining Tree area is
underlain by a cluster of numerous gold showings, many of which
have been explored underground in the past with some limited
production. Platinex has acquired many of these prospects in its
efforts to consolidate a mining camp scale project which is now the
largest land holding in the Shining Tree gold district at 20,750
hectares (51,274 acres). The Platinex property is situated along
the Ridout-Tyrrell trend between the Juby deposit of Caldas Gold to
the east and the mine development-stage Cote gold deposit of
IAMGOLD and Sumitomo to the west.
Transition, an experienced project generator
team that specializes in converting new exploration ideas into
discoveries, identified the Shining Tree Belt as an underexplored
but very prospective area for gold. Subsequently, Transition
acquired the Cryderman property which hosts the Queen Elizabeth
vein in close proximity to a common property boundary with
Platinex. (see Transition Metals News Releases May 15, 2018,
September 23, 2019 and November 27, 2019).
Mr. James R. Trusler, Chairman and CEO of
Platinex stated, ”We are pleased to work towards a common
understanding of the controls on gold mineralization in the Shining
Tree area with Transition Metals in order for both companies to
enhance their approaches to identifying optimal exploration
targets. This would apply not only on the Queen Elizabeth vein but
on the many other known and yet to be identified prospects in the
Shining Tree area.”
Transition President and CEO Scott McLean
commented, “Sometimes you just have to take a step back before you
can fully appreciate what the scale of the opportunity can be.
Transition has reported high grade gold on its Cryderman property
and by working with Platinex we expect to gain a more robust
understanding of the mineralization controls to optimally target
drilling. Our property is situated in one of the best gold belts in
the world that continues to produce new discoveries. Recent
examples of success in this part of the Abitibi include IAMGOLD and
Sumitomo’s now >10 million Oz¹ Cote Gold project under
development 40km to the west and Caldas Resources >2 million Oz²
Juby deposit located 20km to the east.”
¹Source: IAMGOLD news release dated February 18,
2020 stating more than 10.2 million ounces of Measured and
Indicated Resources.
²Source: Technical report filed by Caldas Gold
dated October 5, 2020 listing 0.773 million ounces of gold in the
Indicated Resource category and 1.488 million ounces of gold in the
Inferred Resource category
The information presented in this news release
has been reviewed and approved by James R. Trusler, P.Eng.,
Chairman and CEO of the Platinex and the Qualified Person for
exploration at the Shining Tree property, as defined by National
Instrument 43-101 ‘Standards for Disclosure for Mineral
Projects’.
About Platinex
Inc. – Advancing a District Scale Project in
the Abitibi Greenstone
Belt
Platinex is focused on the exploration of its
property in the Shining Tree District. Platinex has created the
largest combined gold focused property package in the Shining Tree
District, northern Ontario, which has received little modern
exploration compared to other gold camps in the Abitibi Greenstone
Belt. The Shining Tree property is the largest holding in the
Shining Tree gold district at 20,750 hectares (51,274 acres)
situated along the Ridout-Tyrrell trend between the Juby deposit
owned by Caldas Gold to the east and the mine development-stage
Cote gold deposit to the west owned by Iamgold and
Sumitomo. The Company is also utilizing its proprietary data
to seek financial backing to secure and advance major Platinum
Group Element properties in North America. Shares of Platinex are
listed for trading on the Canadian Securities Exchange under the
symbol "PTX".To receive Company press releases, please email
lparadis@platinex.com and mention “Platinex press release” on the
subject line.
About Transition Metals
CorpTransition Metals Corp (XTM -TSX.V) is a
Canadian-based, multi-commodity project generator that specializes
in converting new exploration ideas into discoveries. The
award-winning team of geoscientists has extensive exploration
experience which actively develops and tests new ideas for
discovering mineralization in places that others have not looked,
often allowing the company to acquire properties inexpensively.
Joint venture partners earn an interest in the projects by funding
a portion of higher-risk drilling and exploration, allowing
Transition to conserve capital and minimize shareholder’s equity
dilution. Further information is available at
www.transitionmetalscorp.com
FORWARD-LOOKING STATEMENTS:
This news release may contain forward-looking
statements and information based on current expectations. These
statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. Such statements include use proprietary
data to seek financial backing to advance its platinum group
properties, submission of the relevant documentation within the
required timeframe and to the satisfaction of the relevant
regulators, completing the acquisition of applicable assets and
raising sufficient financing to complete the Company's business
strategy. There is no certainty that any of these events will
occur. Although such statements are based on management's
reasonable assumptions, there can be no assurance that such
assumptions will prove to be correct. We assume no responsibility
to update or revise them to reflect new events or circumstances,
except as required by applicable securities laws.
Investing into early stage companies, inherently
carries a high degree of risk and investment into securities of the
Company shall be considered highly speculative.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any province in which such offer,
solicitation or sale would be unlawful. The securities issued, or
to be issued, under the Private Placement have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.
Neither the TSX Venture Exchange, Canadian
Securities Exchange nor their Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
For More Information
Contact:
Platinex Inc:
James R Trusler, Chairman Email:
jtrusler@platinex.comTel: (416) 565-5616
Lori Paradis, Assistant Secretary
Tel:
(416)
268-2682 Email:
lparadis@platinex.comWeb: www.platinex.com
Transition Metals CorpScott McLean President and
CEO Transition Metals Corp. Tel: (705) 669-1777
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