Platinex Updates Shining Tree Drilling
TORONTO, ONTARIO -- (Marketwire) -- 11/18/10 -- Platinex Inc. (TSX VENTURE: PTX), announced today that results for 6 of the 12 holes drilled on the Herrick prospect have been received. Holes HP10-55 to HP10-59 were drilled north of the shaft (up to 125 metres vertically below surface), to test depth extensions of previous drilling. Hole HP10-59 intersected the main mineralized zone returning a 2.55m section grading 4.91 g/t Au including 1.95 m grading 6.32g/t Au. Hole HP10-58 is the most northerly hole drilled to date and intersected encouraging alteration widths and gold values, returning 0.46 g/t Au over 11.2 metres including 1.2 g/t Au over 2.9 metres. All holes intersected the main horizon, with visible gold noted in HP10-56. Hole HP10-53 was drilled on the south margin of the drilled portion of the Herrick structure, again to test depth extensions (150 metres vertical) of previous drilling, and intersected the main zone alteration with anomalous gold values. More detailed results are posted in the following table:
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Hole ID From (m) To (m) Interval Composite intersection
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HP10-53 162.8 163.7 0.9 0.21 g/t over 0.9 m
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HP10-55 103.2 104.6 1.4 1.64 g/t over 1.4 m
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HP10-56 62.3 80 17.7 0.37 g/t over 17.7 m
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Including:
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HP10-56 62.3 64.2 1.9 1.76 g/t over 1.9 m
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Or
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HP10-56 62.3 80 17.7 0.37 g/t over 17.7 m
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HP10-57 62.3 68.7 6.4 0.83 g/t over 6.4 m
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Including:
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HP10-57 68 68.7 0.7 3.7 g/t over 0.7 m
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HP10-58 19.1 30.3 11.2 0.46 g/t over 11.2 m
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Including:
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HP10-58 19.1 22 2.9 1.2 g/t over 2.9 m
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HP10-59 97.8 100.35 2.55 4.91 g/t over 2.55 m
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Including: 6.32 g/t over 1.95 m
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Results from the remaining 6 drill holes in the current Herrick drilling program will be reported once the assays are available.
The first 3 holes have been completed on or near the Gold Corona Joint Venture claims with Creso Exploration and these assays are pending as well. Stripping and sampling the Churchill, Gold Corona and Rhyolite vein areas has been completed and assays are awaited. Pro Minerals was also stripping and sampling the Rhyolite vein on the adjacent property.
The updated longitudinal section of the Herrick drilling is on the Shining Tree portion of the Platinex website.
For the purpose of this release James R. Trusler, P.Eng is considered the qualified person.
About Platinex Inc.
Platinex is a Toronto based exploration company. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the Merensky and UG2 reefs (Bushveld Complex, RSA) and the JM reef (Stillwater Complex, Montana) and opportunistic acquisition and exploration of other selected precious metal targets. Platinex is determined to find platinum sources to be used in the campaign to eliminate the threat of global warming. 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.
Contacts:
Platinex Inc.
James R. Trusler
President & CEO
905-258-0517
jtrusler@platinex.com