TORONTO, ONTARIO--(Marketwire - June 9, 2011) - Platinex Inc. (News - Market indicators), is pleased to announce today that W.A. Hubacheck Consultants Ltd., ("Hubacheck"), a geological consulting firm and recognized leader in glacial drift prospecting, has confirmed that widespread anomalous gold grain counts in till are indicative of nearby lode gold occurrences or deposits on Platinex's Shining Tree property. Some of the higher gold grain counts are associated with one or more northeasterly trending shears which cross the property for an approximate nine kilometre strike length. Anomalous pathfinder elements in tills such as arsenic, molybdenum, copper and manganese identified in the same sample program suggest a parallel north/south gold bearing structural system associated with the Herrick Deposit mineralization (see Platinex's press release dated February 17, 2011).
Overburden Drilling Management Ltd., ("ODM") has pioneered modern glacial drift prospecting techniques in tracing of gold grains to deposits and has been engaged by Platinex for the work at Shining Tree. Mr. Hubacheck supports this approach and stated "Glacial drift prospecting for base and precious metal deposits has been very effective in the glaciated shields of Canada and Europe leading to many significant commercial discoveries".
James R. Trusler, President and CEO of Platinex Inc. stated, "We are pleased to have two industry experts in the field of gold grain counts in glacial drift working with Platinex on our Shining Tree project. This is important work in the development of Platinex's overall position in the emerging Shining Tree gold camp and to enable Platinex to home in on gold deposits. Our exploration team's use of gold in till results as a viable tool for targeting future drilling prospects has been validated by Hubacheck and ODM, and we are pleased that they will continue to be a resource for us in our ongoing drilling work at Shining Tree. We continue to be excited about the prospects for our Shining Tree project because the gold in till counts are significantly greater than in the immediately surrounding areas which suggests we are very close to the lode source of the gold".
Mr. Hubacheck has also noted that a 25 gold grain sample, collected from trenches 400 m south of the Herrick deposit exposure, may be sourced from untested mineralization proximal to but east of the Herrick deposit and an additional target area parallels the Herrick deposit 400m to 800m to the west. "These untested areas are more pronounced in terms of gold grain counts and anomalous pathfinder elements than the known deposits on the property."
James R. Trusler, President and CEO of Platinex Inc. stated, "We are continuing to sample up ice from the 41 samples in the till dispersion train. Recently 57 samples have been submitted to Overburden Drilling Management and we are expecting results later in the month. Prospecting, stripping and sampling will be conducted throughout the summer in preparation for drilling."
For the purpose of this release Mr. Peter Hubacheck, P. Geo. is the qualified person and has reviewed the geotechnical information reported herein.
About Platinex Inc.
Platinex has recently revealed strong evidence of a major gold bearing zone on its Shining Tree property as evidenced by an extraordinarily high gold content of soil samples along a nine km long corridor. Platinex is also exploring the Herrick gold deposit with 66 holes drilled to date returning encouraging gold values. Platinex's management team has been leaders in the exploration and development of Platinum Group Elements (PGE's) in North America for 24 years. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol "PTX".
To receive Company press releases, please email lparadis@platinex.com and mention "Platinex press release" on the subject line.
FORWARD-LOOKING STATEMENTS:
Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.