Platinex Inc. agreed to acquire 43 claim units totaling 688 hectares contiguous to its early stage Shining Tree gold property in Timmins, Ontario, in exchange for 71,429 shares.
The claims host several quartz veins and carbonate shears within a 1.5-kilometer-wide corridor, which hosts historical gold showings, according to the company's Jan. 26 statement.
Platinex holdings in the area now total 380 claim units over 6,088 hectares. In November 2016, the company agreed to acquire 70 claim units totaling 1,120 hectares in the Shining Tree area.
The Shining Tree property is centered on the Ridout-Tyrrell Fault zone, between IAMGOLD Corp.'s Cote gold project and Tahoe Resources Inc.'s Juby project.