Platinex Inc. (TSX VENTURE:PTX) and Creso Exploration Inc. (TSX VENTURE:CXT) (FRANKFURT:C3X) announced today that they have entered into an agreement to combine claim holdings along the Larder Lake Break into a 50/50 joint venture in the Shining Tree gold area of Ontario.
The nine claims (336ha) that constitute the joint venture property bring together the historic high grade vein systems that include the former Churchill, Gold Corona, Cochrane, and Pet occurrences.
A 1,000 m drilling program is to commence immediately on the joint venture claims. The current drill program has been designed to begin outlining the dimensions and structural controls of an alteration zone and to guide further drilling toward the most prospective part of the system.
"For both companies this move brings together claims for the first time to form a discreet high potential mineral play giving each company a new front of activity." says Jim Trusler, President and CEO of Platinex Inc.
"The level of cooperation among companies in the Shining Tree area in sharing properties and talent is creating more opportunities for significant gold discoveries," said Bob Casaceli, President of Creso Exploration.
The Ontario Department of Mines reported in 1934 that visible gold and significant gold values over 0.5 opt were returned from channel samples on the principal N60E trending Churchill veins in the southeast part of the zone, where secondary veins in the area also showed gold values of up to 6.96 g/t.
Select grab samples from the old Pet Vein on the Churchill Mining property, taken by Vernon Drylie (P.Eng.) for Creso Exploration in 2009, responded well to initial enhanced gravity concentration testing undertaken by the Knelson Research and Technology Centre, with feed material grading 14.7 g/tonne Au gave a Knelson concentrate grading 724.1 g/tonne Au at 39% Au recovery, in a mass pull of 0.8%, indicating good grade enhancement by gravity concentration techniques.
This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101.
Source: Platinex Inc.