Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

February 25, 2009 09:00 ET

Planet Exploration Inc.: Sidace Lake Drilling Update- Encouraging Values Continue

CALGARY, ALBERTA--(Marketwire - Feb. 25, 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.

Main Discovery Zone ("MDZ")

- RL07-160 returns 15.83 g/t (0.46opt) over 1.00m at 613m

- RL07-168A returns 58.25 g/t (1.70opt) over 1.00m at 519m

A total of 3,054m in 8 holes to investigate an underexplored part of the main limb of the MDZ were drilled recently. These holes were as follows:

- pre-existing hole RL07-160 extended by 216m, then sidetracked

-- RL07-160A,

-- RL07-160B (aborted, unacceptable deviation),

-- RL07-160C

- pre-existing hole RL07-168 sidetracked

-- RL07-168A,

-- RL07-168B

- RL07-195 drilled, then sidetracked

-- RL08-195A,

-- RL08-195B

Results from 3 of these holes (RL-07-160 extension, RL07-160A and RL07-168A), totaling 923m, have been received. These drilling results have demonstrated the continuity in grade and thickness through this portion of the MDZ, with some noteworthy gold values. The more significant assays returned are as follows:



HOLE KICK OFF FINAL INTERVAL GRADE GRADE
NUMBER POINT DEPTH FROM TO THICKNESS Au g/t Au opt
m m m m m
RL07-160 525 741 613.00 614.00 1.00 15.83 0.462
RL07-160A 290 645 545.00 546.00 1.00 3.28 0.096
552.90 558.00 5.10 2.65 0.077
includes 555.50 558.00 2.50 4.08 0.119
includes 555.50 556.00 0.50 2.97 0.087
and 556.00 556.50 0.50 3.08 0.090
and 557.00 557.50 0.50 10.33 0.301


HOLE KICK OFF FINAL INTERVAL GRADE GRADE
NUMBER POINT DEPTH FROM TO THICKNESS Au g/t Au opt
m m m m m
and 557.50 558.00 0.50 2.34 0.068
601.00 602.00 1.00 2.85 0.083
RL07-160B hole aborted - unacceptable deviation
RL07-168A 370 720 512.00 613.00 101.00 2.09 0.061
includes 513.00 514.00 1.00 4.19 0.122
and 519.00 520.00 1.00 58.25 1.699
and 542.00 543.00 1.00 3.47 0.101
and 544.00 545.00 1.00 3.31 0.097
and 571.00 572.00 1.00 3.17 0.092
and 584.00 586.00 2.00 3.25 0.095
and 587.00 588.00 1.00 3.18 0.093
and 591.00 592.00 1.00 3.95 0.115
and 594.00 595.00 1.00 3.55 0.104
and 604.00 605.00 1.00 5.99 0.175
and 612.00 613.00 1.00 3.62 0.106


Results from RL07-160C, RL07-168B and RL08-195 and the sidetracks RL08-195A and B, which are all evaluation infills on the MDZ, are still outstanding.

Upper Duck Zone ("UDZ")

- RL08-191 returns 19.05 g/t (0.56opt) over 1.00m at 619m

A total of 1,369m in 3 holes to investigate the potential at depth in the heart of the UDZ were drilled in September. These holes were as follows:

- hole RL08-191 drilled, then sidetracked

-- RL08-191A,

-- RL08-191B (aborted, unacceptable deviation),

-- RL08-191C

In addition, 3 holes totalling 773m (RL08-192 to RL08-194) were drilled to the west of the heart zone of the UDZ, evaluating the high grade intersection in RL08-182 (45.63g/t over 1.0m) (PR October 9, 2008). As these 3 holes did not return any substantial gold values the high grade intersection in RL08-182 needs to be re-evaluated. Full assays have been received for all these 6 holes, the more significant of which are as follows:



HOLE KICK OFF FINAL INTERVAL GRADE GRADE
NUMBER POINT DEPTH FROM TO THICKNESS Au g/t Au opt
m m m m m
RL08-191 0 624 144.00 145.00 1.00 2.36 0.069
470.00 471.70 1.70 2.28 0.067
includes 471.00 471.70 0.70 4.00 0.117
514.00 515.00 1.00 2.19 0.064
574.00 575.00 1.00 2.33 0.068
619.00 623.00 4.00 6.97 0.203
includes 619.00 620.00 1.00 19.05 0.556
and 621.00 622.00 1.00 8.11 0.237
RL08-191A 276 668 591.80 595.50 3.70 1.20 0.035
includes 594.00 595.00 1.00 3.80 0.111
RL08-191B hole aborted - unacceptable deviation
RL08-191C 232 585 466.20 468.20 2.00 1.40 0.041
474.00 474.50 0.50 2.99 0.087
RL08-192 0 150 NO VALUES OF SIGNIFICANCE
RL08-193 0 182 NO VALUES OF SIGNIFICANCE
RL08-194 0 441 NO VALUES OF SIGNIFICANCE


The zones at 470.0m in RL08-191, 591.8m in RL08-191A, and 466.2m in RL08-191C are all in typical UDZ, occurring in, or close to, silicate-sulphide facies banded iron formation, generally associated with characteristic strong arsenopyrite-pyrite-pyrrhotite mineralization. The higher grade zone at 619.0m in RL08-191 is beneath the iron formation, in mafic volcanics, the significance of which is not yet understood.

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. Goldcorp has a 60% share of ownership of the property and as such, fund 60% of the drilling.

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

Contact Information

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