Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

June 23, 2005 07:30 ET

Planet Exploration Inc.: Sidace Lake Drilling Update

CALGARY, ALBERTA--(CCNMatthews - June 23, 2005) - Planet Exploration Inc. (TSX VENTURE:PXI) is pleased to announce the latest results from the continuing exploration drilling on the Sidace Lake, Ontario Joint Venture with Goldcorp Inc (GG:NYSE; G:TSX). The latest results relate to seven holes drilled on and south and west of the Upper Duck Zone. Four holes were drilled into the Upper Duck Zone and returned the following results:



Drilling on the Upper Duck Zone
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Hole ID Az Inc Length From To Interval Au
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deg deg m m m m g/t
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RL-05-78 146 -60 348 157.00 158.00 1.00 16.75
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169.00 170.00 1.00 3.01
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177.00 178.00 1.00 5.20
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183.00 184.00 1.00 1.28
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RL-05-79 090 -45 351 174.00 175.00 1.00 1.88
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180.00 183.58 3.58 6.62
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includes 182.68 183.58 0.9 22.36
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211.00 215.00 4.00 2.00
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includes 214.00 215.00 1.00 4.83
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238.00 239.00 1.00 1.72
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RL-05-80 147 -55 165 46.00 68.85 19.85 1.23
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includes 47.00 48.00 1.00 2.33
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and 49.00 50.00 1.00 5.65
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and 58.00 59.00 1.00 3.34
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and 63.00 63.85 0.85 4.73
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85.00 86.00 1.00 2.31
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91.00 92.00 1.00 3.09
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RL-05-81 146 -50 225 27.00 28.00 1.00 2.44
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33.00 34.00 1.00 2.49
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39.00 40.00 1.00 1.85
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60.00 61.00 1.00 2.12
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The Upper Duck Zone is well developed in RL-05-79, from 181.68 to 185.00m, where it is manifest as a brecciated pyrrhotitic zone, with specks of visible gold within bands of arsenopyrite, hard against a feldspar porphyry dyke. There are encouraging values of up to 16.75 g/t over one metre in RL-05-78, although the zone is less visibly distinct. The zone in RL-05-80 from 46.00 to 50.00m is rich in magnetite with common pyrite-pyrrhotite-arsenopyrite mineralization. RL-05-81 is the most westerly of these four new holes. Although it has some interesting values, low core angles suggest that the main target zone is folded to the north of the drill hole collar, and was therefore missed by RL-05-81. These intersections, together with those previously announced on this zone (2005-05-19 and 2005-03-21) indicate a strike length on the zone in excess of 300m, tested vertically to below 100m, and open in all directions.

It is too early to correlate the high-grade intersection in RL-05-77, (reported in the press release of May 19, 2005) with this Upper Duck Zone which is more than 300m away; although the stratigraphic position is similar, as too is the lithology of the mineralized zone. Because RL-05-84 is stepped out more than 500m west of drillhole RL-05-77, direct correlation between the two mineralized intersections is also not yet appropriate. However, it presents a good target strike for further drilling. In RL-05-84 the values from 179.00 to 181.00m are within a faulted zone, but notable values in a biotite-amphibolite skarn zone from 211.48 to 213.65m with common calcite stringers well mineralized with needles of arsenopyrite and common pyrrhotite and pyrite occur in the same stratigraphic position as the zone of interest in RL-05-77, and along the same strike, which adds further interest to the zone. The following table outlines the more significant intersections in these 2 holes:



Drilling West of the Upper Duck Zone

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Hole ID Az Inc Length From To Interval Au
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deg deg m m m m g/t
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RL-05-77 146 -50 399 249.7 251.0 1.30 37.08
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RL-05-84 146 -50 333 20.80 21.45 0.65 3.04
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37.00 38.00 1.00 1.78
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134.00 135.00 1.00 2.50(1)
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137.00 138.00 1.00 1.27
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179.00 180.00 1.00 3.28
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180.00 181.00 1.00 4.69
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211.48 212.00 0.52 2.09
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212.00 212.50 0.50 1.78
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212.50 213.00 0.50 0.41
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213.00 213.65 0.65 1.13
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227.00 228.00 1.00 2.68
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264.00 265.00 1.00 3.04
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321.00 322.00 1.00 1.37
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(1) relogging shows there is still some interesting arsenical
mineralization unsampled between 135.00-136.00m.


An additional two holes were drilled as a fence along the line of RL-05-69 to investigate some interesting geophysical features in the hangingwall of the Skarn Zone. The thin oxide iron formation at 116.2m returned an interesting value in RL-05-82, as did a pyrrhotitic laminated amphibole chlorite-carbonate Skarn Zone at 157.7m. Hole RL-05-83 showed interesting geology, but no noteworthy values:



Drilling South of the Upper Duck Zone

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Hole ID Az Inc Length From To Interval Au
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deg deg m m m m g/t
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RL-05-82 90 -50 240 42.00 43.00 1.00 1.33
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64.00 65.00 1.00 1.12
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116.20 116.84 0.64 2.41
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157.70 158.20 0.50 9.28
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RL-05-83 90 -50 249
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With these excellent results, consideration is being given to bringing a second drill rig onto the property to accelerate follow-up work on the extension of the Upper Duck Zone. Meanwhile the methodical exploration drilling of other geophysical targets in the south continues.

Planet and Goldcorp have recently added seven contiguous new claims to the Sidace Lake property.

Field work, geological supervision and core logging is being done by Goldcorp, which is the JV operator. Dr. Adrian G. Mann, P.Geol., is the qualified person for Planet Exploration Inc.

Planet is a well-funded junior mineral exploration company with active gold projects in Canada (Sidace Lake), Mongolia and Mexico.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. We assume no responsibility for the accuracy and completeness of these statements and are under no duty to update any of the forward-looking statements contained herein to conform these statements to actual results. This is not an offer to sell or a solicitation of an offer to purchase any securities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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