Planet Exploration Inc.

Published : December 01st, 2011

(PXI.V) DRILLS 30.2 METRES OF 1.17 GRAMS PER TONNE GOLD AT GOLDEN LOON, BC

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Cobalt |

To view this email as a web page, go here.

  • Over $4 million in the company treasury

  • 360,000 oz. of gold indicated at Red Lake district property with JV partner Goldcorp

  • Phase 1 drill program complete at Golden Loon property in BC with assays pending and Phase 2 anticipated for commencement in winter/spring of 2012


NEWS RELEASE

PLANET DRILLS 30.2 METRES OF 1.17 G/T GOLD IN FROM-SURFACE GOLD ZONE AT GOLDEN LOON - SOUTHERN BRITISH COLUMBIA

December 1, 2011 - Vancouver, B.C.  Planet Exploration Inc. ("Planet" or the "Company") (TSX-V: PXI) is pleased to announce additional results from Phase 1 Diamond drilling at the Golden Loon property near Kamloops, southern British Columbia.  16 drill holes totaling 2400 metres were completed.  Assays have been received for the first six drill holes.  Drilling tested a shallow-dipping, from-surface gold mineralized system that underlies a 1.5 kilometre by 1 kilometre gold-in-soil and bedrock anomaly.  New results increase the down-dip extent of the gold zone, which remains open at depth and along strike.  Assay results are summarized in the table below:

drill hole table

Drill results define a -35� to -45� dipping gold mineralized silicified zone that projects to surface in an area of comparable historic trench results. Historic drilling in this area intersected similar results, including 2.46 g/t gold over 10.4 metres.  The new results extend gold mineralization to a minimum 100 metres down-dip from surface.

"With the exciting discovery of continuous from-surface, multi-gram gold in all drill holes returned to date, the Golden Loon is emerging as a high development potential project in a favorable, infrastructure-rich district." said Chris Taylor, President of Planet, "The shallow dip of the system greatly reduces exploration and potential development costs and makes this a very attractive project for rapid expansion."

The Company plans to begin a Phase 2 winter drill campaign in early 2012.  This will aim to further increase the recently extended 700 metre strike of the mineralized system, and will test additional targets across more than three square kilometres containing multiple gold-in-soil and bedrock anomalies with strong coincident geophysical signatures.

The Company has also submitted drill core from a total of seven unassayed or incompletely assayed historic drill holes completed by a previous operator into the 7+ kilometre striking nickel-cobalt-platinum group element target at the Golden Loon.  Analytical results are expected in early 2012.

PXI cross section with drill intercepts
Figure 1: Cross section of reported drill intercepts.  Zone remains open down dip and along strike.

Additional maps and cross sections are posted to the Company's website at www.planetexploration.net.

Mr. Andrew Wilkins, P.Geo, is Vice President Exploration of Planet and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information.  Information was collected from public government assessment report records.

Drill core assay results are evaluated through a Quality Assurance and Quality Control (QAQC) procedure that includes the use of standards with known precious and base metal values, duplicated core intervals and blank samples in order to determine accuracy. Assaying was carried out by Acme Analytical Laboratories Ltd. of Vancouver, Canada.

For further information please contact Mr. Chris Taylor, M.Sc. P.Geo, President, or Mr. Andrew Wilkins, P.Geo., Vice President Exploration at 604-681-0084.

PLANET EXPLORATION INC.
On behalf of the Board

"Chris Taylor"
Chris Taylor, President

About Planet Exploration

Planet Exploration is a Canadian mineral exploration company focused on exploration for high development potential gold resources.  The Planet/Goldcorp joint venture owns 100% of the Sidace Lake property in the Red Lake gold district of Ontario, 60% Goldcorp and 40% Planet.  The Sidace Lake property has an NI 43-101 compliant Indicated and Inferred resource of 360,000 ounces of gold.

Planet has an option to earn up to 100% interest in the Golden Loon property through its option agreement with Tilava Mining Corporation, a private company. The property is located eight kilometres west of the town of Little Fort, British Columbia, and hosts two multi-kilometre gold in soil and bedrock anomalies and a large Ni-Co-PGE target with over 7 kilometres of strike.  Paved highways and rail lines are less than 2 kilometres from the property, which is serviced by a power line and is road-accessible.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable securities laws.



contact info

This email was sent to: .com

This email was sent by: The Preakness Group
750 West Pender Street, Vancouver, BC, V6C2T7, CANADA


We respect your right to privacy - view our policy

Update Profile and Subscription Preferences |
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Planet Exploration Inc.

EXPLORATION STAGE
CODE : PXI.V
ISIN : CA7270331027
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Planet Expl. is an exploration gold company based in Canada.

Planet Expl. holds various exploration projects in Canada and in Mongolia.

Its main exploration properties are SIDACE LAKE and SIDACE LAKE (RED LAKE EAST) in Canada and SOUTH GOBI and SOUTH GOBI (NOMGON)- PLANET in Mongolia.

Planet Expl. is listed in Canada and in Germany. Its market capitalisation is CA$ 27.1 millions as of today (US$ 21.3 millions, € 17.6 millions).

Its stock quote reached its highest recent level on December 31, 2003 at CA$ 1.95, and its lowest recent point on January 01, 2016 at CA$ 0.02.

Planet Expl. has 69 540 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Planet Exploration Inc.
1/10/2012Drills 39.4 Metres of 1.05 g/t Gold in New, From-Surface Gol...
4/24/2008(Sidace Lake)Winter Drilling hits 10.24g/t over 1.00m outside the two kno...
2/25/2008(Sidace Lake)winter drill program has commenced at the Sidace Lake Proper...
Corporate news of Planet Exploration Inc.
7/24/2015IIROC Trading Resumption - PXI
7/24/2015IIROC Trading Halt - PXI
12/1/2011(PXI.V) DRILLS 30.2 METRES OF 1.17 GRAMS PER TONNE GOLD AT G...
8/23/2007Reports 4.61 OPT Gold Over 1.6 Feet And 3.87 OPT Gold Over 2...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (PXI.V)BERLIN (P6U.BE)
0.390-7.14%0.036-2.70%
TSX-V
CA$ 0.390
01/15 14:26 -0.030
-7.14%
Prev close Open
0.420 0.430
Low High
0.390 0.430
Year l/h YTD var.
0.350 -  0.420 11.43%
52 week l/h 52 week var.
0.025 -  0.590 500.00%
Volume 1 month var.
69,609 4.00%
24hGold TrendPower© : 24
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/30/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021680.00%
20200.00%0.080.02
2019-16.67%0.130.05
2018-73.91%0.240.06
2017360.00%0.290.03
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.42-1.07%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.36+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.82+0.71%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.96-2.04%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.95+0.52%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 5.03-5.45%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 11.45-2.05%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.65+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.20+7.89%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 5.53-8.75%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 19.57-3.50%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :