InvestmentPitch Media Video Discusses Platinex’ new Shining Tree Joint Venture near Timmins, Ontario, with Fancamp Exploration and $2.5 million private placement
Platinex Inc (OTCPink:PANXF) has announced a joint venture with Fancamp Exploration to develop gold mineral properties in Ontario's Timmins mining camp. The agreement involves transferring Platinex's Shining Tree properties, comprising 1,138 mining claims, into a new entity called Goldco, where Platinex will hold 75%. Fancamp will contribute its Heenan Mallard and Dorothy gold properties for a 25% stake. Platinex is set to raise up to $2.5 million through a non-brokered private placement. The initial exploration program will total $1.1 million, with Fancamp able to increase its interest to 50% over two years.
- Establishment of a joint venture with Fancamp for enhanced gold exploration.
- Acquisition of Heenan Mallard project with historical high-grade drilling results.
- Clear strategy for gold portfolio growth while retaining ownership of other assets.
- Platinex plans to raise up to $2.5 million to fund exploration activities.
- None.
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
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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
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
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
Fancamp will subscribe to the regular unit financing and will own approximately
Goldco will engage in an initial exploration program of
Fancamp has the option to increase its ownership interest in Goldco up to
Platinex’ other assets include a
The shares are trading at
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FAQ
What is the significance of Platinex's joint venture with Fancamp for PANXF shareholders?
How much capital is Platinex planning to raise in the private placement?
What properties are included in the joint venture between Platinex and Fancamp?