InvestmentPitch Media Video Discusses Platinex’ new Shining Tree Joint Venture near Timmins, Ontario, with Fancamp Exploration and $2.5 million private placement
VANCOUVER, British Columbia, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Platinex Inc (CSE:PTX) (OTCPink:PANXF) (FSE:9PX) has entered into an agreement with Fancamp Exploration (TSXV:FNC) whereby the two companies will jointly develop certain gold minerals properties located in the Timmins mining camp in Ontario. Platinex will transfer its district scale Shining Tree gold mineral properties located in the Shining Tree District of Ontario, consisting of 1,138 mining claims and one mining lease into South Timmins Mining, currently a 100% wholly owned subsidiary of Platinex, for 75% of the new “Goldco” entity. The Shining Tree Properties are situated between the Côté Gold development project of IAMGOLD and Sumitomo, and the Juby Project of Aris Mining, along the prospective Rideout Deformation Zone.
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Fancamp will transfer its Heenan Mallard gold property, consisting of 296 mining claims, located in the Swayze Greenstone Gold Belt adjacent to Côté Gold Deposit in Northern Ontario, and the Dorothy Gold property, a grassroots project consisting of 70 mining claims adjacent to Dynasty Gold’s Thundercloud Project in Northern Ontario, for 25% of Goldco.
Greg Ferron, President and CEO, stated: “The Transaction achieves a number of goals for Platinex. It creates a stronger gold-focused growth vehicle in a world class Ontario gold camp and brings in a strong joint venture partner, Fancamp with access to capital and technical expertise, allowing us to accelerate exploration at Shining Tree Gold Project. The newly acquired Heenan Mallard Gold project which borders IAMGOLD’s Côté Gold Project, and the Shining Tree Gold Property are expected to be the first projects to be drilled. The Transaction provides a clear strategy for the enhanced gold portfolio while retaining a 100% ownership of our high-quality W2 Ni-Cu project and the recently acquired Muskrat Dam Critical Minerals Project.”
At the Heenan Mallard gold property, historical drilling completed by Noranda in 1985 on Mallard’s River and Camp zones led to an initial discovery. The drilling returned several high-grade near-surface intercepts, including 5.04 g/t Au over a 3.69 m core length (BE-85-1), 5.31 g/t Au over a 3.82 m core length (BE-85-6), 3.50 g/t Au over a 2.80 m core length and 6.62 g/t Au over a 1.82 m core length (BE-85-3), and it is Goldco’s intention to drill follow up on those results.
The Shining Tree Properties includes one historical gold producer and over 30 underground developments and prospects. 40 IP anomalies have been identified on the property for follow up, with drill hole HU89-08 intersecting 35.4 metres grading 1.1g/t gold.
Platinex plans to raise up to $2.5 million from a non-brokered private placement of both regular and flow-through units. The company plans to raise up to $1 million from the issuance of 22,222,222 flow-through units priced at $0.045, with each unit consisting of one share and one-half a warrant. The company also plans to raise up to $1.5 million from the issuance 37.5 million regular units priced at $0.04, with each unit consisting of one share and one half a warrant. All warrants are exercisable at $0.055 for 60 months, subject to an acceleration clause.
Fancamp will subscribe to the regular unit financing and will own approximately 9.5% of the outstanding shares of Platinex following the closing of the private placements.
Goldco will engage in an initial exploration program of $1.1million, funded by the Platinex Financings and an additional $130,000 to be advanced to Goldco by Fancamp, with Platinex contributing a minimum of $940,000 to the operation. Within 60 days from the completion of the Initial Exploration Program, Platinex as Operator shall prepare the Phase II Exploration Program.
Fancamp has the option to increase its ownership interest in Goldco up to 50% over a two-year period commencing on the date of approval of a Phase II Exploration Program by making staged payments of $1,500,000 to be used for exploration activities of Goldco, upon which Fancamp will assume the role of Operator.
Platinex’ other assets include a 100% interest in the W2 Copper-Nickel-PGE project, a large land package in the Oxford Stull Dome. The company is also developing a net smelter return royalty portfolio and current holds royalties on gold, PGE, and base metal properties in Ontario.
The shares are trading at $0.05. For more information, please visit the company’s website, , contact Greg Ferron, President and CEO, at 416-270-5042 or by email at .
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