Treasury Metals Inc. (TSX: TML; FRA: TRC) and Platinex Inc. (CSE: PTX) are pooling their exploration claims in the so-called Shining Tree District at the foothills of the famous Abitibi greenstone belt in Ontario. Platinex effectively acquires Treasury claims against the issue of shares. Treasury will receive 12.5 million shares and another 5 million warrants with a subscription price of $ 0.05. Platinex receives a total of 208 unpatented mining claims in the Shining Tree District, Northern Ontario from Treasury, including the three associated royalties.
Treasury’s mining claims total approximately 5,045 hectares (12,466 ac.) And are adjacent to the Shining Tree property of Platinex. With this acquisition, Platinex has created the largest combined gold-focused property package in the Shining Tree District in northern Ontario. The Shining Tree property extends for 21 kilometers along the Tyrrell Ridout Deformation Zone, which is also home to IAMGOLD’s Côté Lake gold deposit and Caldas Gold’s Juby deposit.
Figure 1: Forgotten gold district “Shining Tree” at the foothills of the Abitibi greenstone belt.
Figure 2: The two Platinex and Treasury projects now belong together.
In return for the acquisition of mining claims and royalties (the “Acquisition”)
Greg Ferron, CEO of Treasury Metals Inc., said: “The consolidation of the two Shining Tree properties offers both parties numerous benefits and gives Treasury shareholders an equity position in another exciting gold area in Ontario. We look forward to the exploration results. “He added that the recent acquisition of the neighboring Juby gold deposit by Caldas Gold shows the increasing activity in the area.
Platinex Chairman James R. Trusler said, “The supportive relationship with Treasury Metals brings an expanded marketing presence to help advance the Shining Tree property. We look forward to accessing further exploration funding.”
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