Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

April 01, 2009 16:00 ET

Planet Exploration Inc.: MDZ Infill Drilling Confirms Continuity and Grades

- Results show continuity and predictability on the Main Discovery Zone - RL08-195B returns 14.08 g/t over 1.00m at 585m - RL07-160B returns 7.40 g/t over 0.50m at 543.50m

CALGARY, ALBERTA--(Marketwire - April 1, 2009) - Planet Exploration Inc. (TSX VENTURE:PXI) announces results from ongoing drilling on the Sidace Lake Property, under its joint venture with Red Lake Gold Mines, an affiliate of Goldcorp Inc. (Goldcorp). The Sidace Lake property is located approximately 30 kilometres northeast of the town of Red Lake, Ontario.

The more significant assay results from four holes (of which three are wedged sidetracks) drilled into the heart of the Main Discovery Zone ("MDZ") during the final quarter of 2008 are as follows:



HOLE KICK OFF FINAL INTERVAL GRADE
NUMBER POINT DEPTH FROM TO THICKNESS Au g/t
m m m m m
RL07-160B 320 759 540.00 544.50 4.50 4.28
includes 540.50 541.00 0.50 8.06
and 541.00 541.50 0.50 5.49
and 543.50 544.00 0.50 7.40
RL08-195 0 700 506.00 507.00 1.00 2.27
540.00 551.00 11.00 2.84
includes 545.00 546.00 1.00 6.34
and 547.00 548.00 1.00 5.36
558.00 575.00 17.00 2.51
includes 559.00 560.00 1.00 4.91
and 561.00 562.00 1.00 4.23
and 565.00 566.00 1.00 5.83
and 568.00 569.00 1.00 6.06
RL08-195A 249 709 535.00 538.00 3.00 2.03
551.00 553.00 2.00 1.64
622.00 623.00 1.00 2.30
644.00 653.00 9.00 2.71
includes 647.00 648.00 1.00 4.88
and 651.00 652.00 1.00 3.88
669.00 691.00 22.00 1.36
includes 676.00 677.00 1.00 4.29
693.00 694.00 1.00 3.64
RL08-195B 346 660 553.00 554.00 1.00 2.24
585.00 586.00 1.00 14.08

Note: Thicknesses quoted are intersection lengths, not true thicknesses.


The results for these infill drillholes once again demonstrate the continuity and predictability of the deposit. The MDZ is characterized by a thick envelope of gold mineralization in quartz-sericite schist, containing scattered high grade zones. For this reason, these higher grades, such as the 14.08g/t over one metre in RL08-195B, 8.06g/t and 7.40 g/t over 0.5m in RL07-160B and 6.34 and 5.36g/t over one metre in RL08-195 are as expected; and the substantial thicknesses showing pervasive gold values such as 2.51g/t over 17m in RL08-195 and 1.36g/t over 22 metres in RL08-195A are consistent with many other holes in the MDZ. RL08-195B was curtailed at the Christmas break, and will be extended when drilling resumes shortly. The sidetrack holes are intended to provide a 25 metre spacing between intersections in the plane of mineralization.

Sidetrack RL07-160C was renamed RL07-160B. Results from RL07-168B, another evaluation infill on the MDZ, are still outstanding.

All samples were analyzed by conventional fire assay at Accurassay Labs in Thunder Bay, Ontario, on saw-split 1/2 NQTK core. The duplicate split is stored at the Goldcorp core facility at Cochenour Mine, outside Balmertown, Ontario. All field work, drill supervision and core logging is undertaken by the geological staff of Goldcorp, who are the JV operators. The Qualified Person (QP) for Planet Exploration is Dr. Adrian Mann, P.Geol.

Planet is a minerals exploration company based in Calgary, Canada, with the Red Lake area being the current focus of our attention. The Planet /Goldcorp joint venture owns 100% of the Sidace Lake property. Planet has a 40% interest in the joint venture and Goldcorp has a 60% interest.

CAUTIONARY STATEMENT

No securities commission or other regulatory authority has approved or disapproved the information contained herein.

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

Contact Information

  • Planet Exploration Inc.
    Salim Jivraj
    (403) 537-0067
    or
    Planet Exploration Inc.
    Dr. Adrian Mann
    (403) 537-0067
    Website: www.planetexploration.net