NewsOct 22, 2010 08:30 ET
Platinex and Creso Sign Gold Corona Joint Venture
TORONTO, ONTARIO--(Marketwire - Oct. 22, 2010) - PlatinexInc. (TSX VENTURE:PTX) and Creso Exploration Inc. (TSX VENTURE:CXT)(FRANKFURT:C3X) announced today that they have entered into anagreement to combine claim holdings along the Larder Lake Break into a50/50 joint venture in the Shining Tree gold area of Ontario. The nineclaims (336ha) that constitute the joint venture property bringtogether the historic high grade vein systems that include the formerChurchill, Gold Corona, Cochrane, and Pet occurrences.
A1,000 m drilling program is to commence immediately on the jointventure claims. The current drill program has been designed to beginoutlining the dimensions and structural controls of an alteration zoneand to guide further drilling toward the most prospective part of thesystem.
"For both companies this move brings togetherclaims for the first time to form a discreet high potential mineralplay giving each company a new front of activity." says Jim Trusler,President and CEO of Platinex Inc.
"The level ofcooperation among companies in the Shining Tree area in sharingproperties and talent is creating more opportunities for significantgold discoveries," said Bob Casaceli, President of Creso Exploration.
TheOntario Department of Mines reported in 1934 that visible gold andsignificant gold values over 0.5 opt were returned from channel sampleson the principal N60E trending Churchill veins in the southeast part ofthe zone, where secondary veins in the area also showed gold values ofup to 6.96 g/t.
Select grab samples from the old PetVein on the Churchill Mining property, taken by Vernon Drylie (P.Eng.)for Creso Exploration in 2009, responded well to initial enhancedgravity concentration testing undertaken by the Knelson Research andTechnology Centre, with feed material grading 14.7 g/tonne Au gave aKnelson concentrate grading 724.1 g/tonne Au at 39% Au recovery, in amass pull of 0.8%, indicating good grade enhancement by gravityconcentration techniques.
This Press Release has beenreviewed and approved by Mr. Michael White, M. Sc, P. Geo., theQualified Person under National Instrument 43-101.
About Platinex Inc.
Platinexis a Toronto based exploration company. Platinex focuses on carefullyselected Platinum Group Element targets in settings analogous to theMerensky and UG2 reefs (Bushveld Complex, RSA) and the JM reef(Stillwater Complex, Montana) and opportunistic acquisition andexploration of other selected precious metal targets. Platinex isdetermined to find platinum sources to be used in the campaign toeliminate the threat of global warming. Shares of Platinex are listedfor trading on the TSX Venture Exchange under the symbol "PTX".
About Creso Exploration Inc.
TheCorporation's principal mining exploration holdings are located in theShining Tree mining camp of Northern Ontario within 100km of theTimmins and Kirkland mining camps, and additional interests are held inbase metal properties in Guatemala.