Alamos Gold Inc (AGI)

[blackcat]

BY MT Newswires
— 1:13 PM ET 08/24/2021

01:13 PM EDT, 08/24/2021 (MT Newswires) -- Platinex Inc. ( PANXF
on Tuesday surged 12.5% on last look after reporting the purchase of additional mining claims in Shining Tree.

The purchase price includes 5 million Platinex ( PANXF common shares and a 2% net smelter returns royalty on the mining claims.

Platinex ( PANXF ) has consolidated the former Ronda mine which is the largest former producer at Shining Tree providing virtually 100% ownership of the mine workings, depth, and strike extensions by buying the claims of Alamos Gold Inc. ( AGI ) unit Trillium Mining Corp.

The transaction provides Alamos with an equity position in Platinex ( PANXF and greater regional participation in the developing Shining Tree camp.

At Shining Tree, the company said its work program, which began in September 2020, is ongoing and includes a program of linecutting, DHIP inversion study of the Herrick drilling done in 2008-2011, an IP survey covering 28.5 line kilometers of the grid, including parts of the Caswell and Ronda Mine area, and areas south of and through the Herrick Mine and Churchill Mine.

The IP survey identified 25 IP chargeability anomalies including 16 identified as high priority, the company added.

The company expects to announce the Herrick Resource Estimate in October with recommendations for additional definition drilling.