Platinex Inc. announced today that it has been granted the option to acquire the Nabish Lake Ni-Cu-PGE property located 20 kilometres south of the Town of Dryden, in the District of Kenora, Ontario.
The property comprises 94 claim units covering 1,504 hectares of the Nabish Lake mafic intrusive complex. The intrusion is one of several mineralized mafic to ultramafic intrusive complexes that systematically ring the large Atikwa Batholith. Documents on record with the Ontario Ministry of Northern Development and Mines report samples collected on the property have returned values of up to 3.5% Ni, 6.5% Cu and anomalous levels of PGE. In addition, a recent airborne VTEM survey over a portion of the property has identified several unexplained geophysical conductors worthy of drill testing.
Perry English, on behalf of Rubicon Minerals Corporation, has agreed to grant Platinex a four year option to purchase a one hundred percent (100%) undivided interest in 10 unpatented mining claims, subject to a 1.5% NSR, in exchange for 800,000 common shares of Platinex and $70,350 cash. An initial issuance of 200,000 common shares and payment of $7,350 will be made on the earlier of four months after signing or receipt of drilling permits and exploration financing.The transaction is arms length.
"We are excited about the prospects for small high grade nickel deposits or layered PGE deposits within the very accessible, but underexplored Nabish Lake Intrusive Complex." stated James R. Trusler, President and CEO.
About Platinex Inc.
Platinex's management team is a leader in the exploration and development of Platinum Group Elements (PGE's) in North America. Platinex has revealed strong evidence of a major gold bearing zone on its Shining Tree property as evidenced by a provincially significant extraordinarily high gold content of soil samples along a nine km long corridor. In addition to locating and defining the source of the gold anomaly, Platinex is drill targeting the Herrick gold deposit with 66 holes drilled to date and the down dip continuation of the Ronda Mine workings. Platinex is seeking alternative financing for the Shining Tree property. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol "PTX".
Source: http://platinex.com/