Platinex and Transition Metals to collaborate on Shining Tree exploration
Platinex Inc. and Transition Metals Corp 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.
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.”
Tags: Northern Ontario / Exploration / Gold / All Articles