- Platinex (CSE:PTX) has announced that it has acquired 63 mining claims adjoining its Shining Tree Project through an agreement with Skead Holdings Ltd
- The acquisition increases the Shining Tree property holdings from 21,847 hectares (53,985 ac) to 23,219 hectares (57,375 ac)
- The new acquisition covers some of the down dip extension and a prominent spur fault associated with the Ridout-Tyrrell Deformation Zone (RTDZ)
- Platinex paid Skead $11,500 in cash and issued 400,000 shares of the company
- The mining claims are subject to a 2 per cent net smelter returns royalty
- Platinex (PTX) began today’s trading at $0.045 per share
Platinex (CSE:PTX) has acquired 63 mining claims adjoining its Shining Tree Project through an agreement with Skead Holdings Ltd.
The acquisition increases the Shining Tree property holdings from 21,847 hectares (53,985 ac) to 23,219 hectares (57,375 ac) and covers areas in the central-western portion of the Project.
The new acquisition covers some of the down-dip extension and a prominent spur fault associated with the Ridout-Tyrrell Deformation Zone (RTDZ).
The RTDZ is a trans-crustal structure, along which several world-class gold deposits are spatially and genetically associated.
On the Shining Tree property, the RTDZ has been identified as the likely source of highly anomalous gold indications in a provincially significant gold dispersion train.
Consequently, Platinex paid Skead $11,500 in cash and issued 400,000 shares of the company. The shares issued in this transaction will be subject to a four-month hold period and subject to the approval of the Canadian Securities Exchange.
The mining claims are subject to a 2 per cent net smelter returns royalty of which the company has the right to repurchase up to 1 per cent at the rate of $400,000 per 0.5 per cent.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
Shining Tree Gold Project is in the Abitibi region of Ontario, a world-renowned gold district.
Platinex (PTX) began today’s trading at $0.045 per share.