Mineral exploration company Platinex har signed a joint venture (JV) agreement with Fancamp Exploration (FNC) to advance gold mineral properties owned by two companies in Ontario, Canada.
As part of the agreement, Fancamp’s Heenan Mallard and Dorothy properties and Platinex’s Shining Tree property will be transferred to South Timmins Mining, a wholly owned subsidiary of Platinex.
Located in the Shining Tree District of Ontario, the Shining Tree gold mineral properties comprise 1,138 mining claims and one mining lease.
Greg Ferron, President, and Chief Executive Officer of Platinex, said " the Transaction achieves a number of goals for Platinex. It creates a stronger gold-focused growth vehicle in a world class Ontario gold camp and brings in a strong joint venture partner, Fancamp with access to capital and technical expertise, allowing us to accelerate exploration at Shining Tree Gold Project.”
“The newly acquired Heenan Mallard Gold project which borders IAMGOLD’s Côté Gold Project, and the Shining Tree Gold Property are expected to be the first projects to be drilled. The Transaction provides a clear strategy for the enhanced gold portfolio while retaining a 100% ownership of our high-quality W2 Ni-Cu project and the recently acquired Muskrat Dam Critical Minerals Project."