March 22, 2012 - Vancouver, B.C. Planet Exploration Inc. ("Planet" or the "Company") (TSX-V: PXI) is pleased to announce positive Phase 1 drill results from the large nickel, cobalt, silver and platinum mineralized ultramafic intrusion that forms the core of the Golden Loon property. The intrusion comprises an exploration target of close to a billion tonnes, as described in detail below. SRK Consulting Inc. of Vancouver has been retained to design a definition drill program to be completed in 2012, and to supervise advanced metallurgical tests of this target.
Planet assayed drill core from 8 holes totalling 1380 metres, completed in two drill fences across a 2.2 kilometre by 600 metre area. Drill holes have an average depth of 172 metres. All drill holes end in mineralization. Results include:
-Potential to develop an exploration target in the range of 500 million to 1 billion tonnes of mineralized intrusion grading 0.09% to 0.33% nickel plus accompanying cobalt, silver and platinum mineralization, present from surface with no cover rock
-Consistent mineralization with all intervals returning between 0.09% to 0.33% (2.00 - 7.25 pounds per tonne) nickel, with an average of 0.21% (4.65 pounds per tonne) nickel, and 0.006% to 0.015% (0.13 - 0.33 pounds per tonne) cobalt with an average of 0.011% (0.27 pounds per tonne) cobalt
-High potential of nickel recovery with partial leach tests showing 94% of intervals contain 0.045% to 0.20% (1.00 - 4.34 pounds per tonne) sulfide hosted nickel
-Half of tested intervals contain silver mineralization returning 5 - 91 g/t silver
-Platinum-bearing intervals within the ultramafic intrusion have been drill confirmed
Based on these positive Phase 1 drill results, the Company plans to pursue a 500 million to 1 billion tonne exploration target at the core of the ultramafic intrusion, to be definition drilled in 2012.
In addition to the bulk-tonnage nickel, cobalt, silver and platinum mineralized system, the Golden Loon project also hosts a more than 10 kilometre striking mesothermal gold system that outcrops at surface, and has returned recent drill results including 80.1 metres of 1.00 g/t gold, and 39.4 metres of 1.05 g/t gold.
Development of the Golden Loon project is expected to be strongly aided by excellent infrastructure including the project's location beside a paved highway and active rail line, and the presence of a power line which crosses the claims.
Dimensions and Potential Tonnage
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Figure 1: Map of Golden Loon property showing reported drill results, infrastructure, and large size of mapped and drilled nickel, cobalt, silver and platinum mineralized layered ultramafic intrusion.
The layered ultramafic intrusion is mapped for 10.5 kilometres of strike, with a thickened core measuring approximately 7000 metres by 2000 metres by at least 300 metres depth. The reported depth is supported by drilling, which shows a minimum 300 metres vertical thickness to the intrusion, as all drill holes terminate in mineralization, and are collared at various elevations. Mapping suggests a minimal average vertical thickness of more than 500 metres, which is projected to increase to the west.
The intrusion forms an elongated hill in the centre of the property with a maximum of 150 metres of gentle topographic relief above the generally flat plateau surrounding it, providing a favourable geometry for exploration and potential development. The primary exploration target is outlined on the figure above.
Drill Results - Nickel and Cobalt
------------------------------------------------------------------------------ |Hole |From |To |Interval|Nickel|Nickel |Sulfide|Sulfide |Cobalt| | | | |(m) |% |(lbs/tonne)|Nickel |Nickel |(ppm) | | | | | | | |(%)* |(lbs/tonne)| | |----------------------------------------------------------------------------| |GL-08-01 |1.9 |129.5|127.7 |0.201 |4.43 |0.108 |2.38 |115 | |including| | | | | | | | | | |------------------------------------------------------------------| | |1.9 |45.0 |43.2 |0.243 |5.36 |0.125 |2.76 |96 | |----------------------------------------------------------------------------| |GL-08-02 |2.0 |151.0|149.0 |0.223 |4.91 |Not tested |113 | |including| | | | | | | | |including| | | | | | | | | |------------------------------------------------------------------| | |2.0 |28.0 |26.0 |0.245 |5.40 |0.133 |2.93 |104 | | |------------------------------------------------------------------| | |2.0 |61.0 |59.0 |0.255 |5.62 |Not tested |107 | |----------------------------------------------------------------------------| |GL-08-03 |4.1 |211.8|207.7 |0.198 |4.36 |Not tested |115 | |including| | | | | | | | | |---------------------------------------| |------| | |54.0 |70.0 |16.0 |0.256 |5.64 | |120 | |----------------------------------------------------------------------------| |GL-08-04 |2.0 |177.0|175.0 |0.209 |4.61 |0.085 |1.87 |107 | |Including| | | | | | | | | | |------------------------------------------------------------------| | |34.0 |51.0 |17.0 |0.239 |5.27 |0.099 |2.18 |120 | |----------------------------------------------------------------------------| |GL-08-05 |2.3 |214.9|212.6 |0.205 |4.52 |0.076 |1.68 |116 | |Including| | | | | | | | | | |------------------------------------------------------------------| | |2.3 |25.0 |22.7 |0.248 |5.47 |0.097 |2.14 |119 | |----------------------------------------------------------------------------| |GL-08-06 |4.5 |178.6|174.1 |0.260 |5.73 |Not tested |111 | |Including| | | | | | | | | |---------------------------------------| |------| | |89.0 |124.0|35.0 |0.275 |6.06 | |119 | |----------------------------------------------------------------------------| |GL-08-07 |4.6 |90.5 |86.0 |0.240 |5.29 |0.129 |2.84 |95 | |Including| | | | | | | | | | |------------------------------------------------------------------| | |5.0 |18.0 |13.0 |0.283 |6.24 |0.144 |3.17 |102 | |----------------------------------------------------------------------------| |GL-08-08 |1.0 |226.5|225.5 |0.178 |3.92 |Not tested |113 | |Including| | | | | | | | |Including| | | | | | | | | |------------------------------------------------------------------| | |63.0 |73.0 |10.0 |0.201 |4.43 |0.0923 |2.03 |110 | | |------------------------------------------------------------------| | |131.0|149.0|18.0 |0.219 |4.83 |Not tested |104 | ------------------------------------------------------------------------------
Table 1: Nickel and cobalt assay results from Phase 1 program.
*Ammonium citrate partial leach test results, which provide approximate sulfide nickel content.
Total nickel mineralization is largely consistent, with all assayed intervals returning greater than 0.09% nickel (2 pounds per tonne nickel). Mineralization averages 0.21% nickel (4.65 pounds per tonne nickel), with a high of 0.33 % nickel (7.25 pounds per tonne nickel). Nickel mineralization has been reported in all rock types intersected by the Phase 1 drill program.
The proportion of nickel mineralization that occurs in sulfide versus silicate phases may be important for future considerations of recoverability. To determine sulfide nickel content, partial leach testing through the ammonium citrate method was undertaken. This testing reports the approximate portion of total nickel which originates in nickel sulfides. Nickel that is hosted in sulfide generally has good recovery potential through conventional grinding and flotation processes.
Partial leach tests suggest 94% of intervals contain 0.045% to 0.20% (1.00 - 4.34 pounds per tonne) sulfide hosted nickel. These results suggest the majority of assayed intervals contain a significant proportion of sulfide hosted nickel.
Largely consistent cobalt mineralization was also intersected in drill core. This varies from 0.006% to 0.015% (0.13 - 0.33 pounds per tonne) cobalt, and returns an average of 0.011% (0.27 pounds per tonne) cobalt.
Planned metallurgical work to be supervised by SRK Engineering Ltd. will complete grinding and flotation tests on representative samples of the layered ultramafic intrusion, in order to estimate metal recoveries during conventional mining processing. Additional work will be undertaken to characterize various host minerals of nickel, cobalt, silver and platinum within the various geological units of the intrusion.
This work will investigate potential recoveries of nickel, cobalt, silver and platinum from the intrusion.
Drill Results - Silver
------------------------------------------ |Hole |From|To |Interval|Silver (g/t)| | |(m) |(m)|(m) | | |----------------------------------------| |GL-08-01 |23 |36 |13 |6.0 | | |------------------------------| | |117 |126|9 |7.4 | |----------------------------------------| |Â |2 |12 |10 |8.2 | |Â | | | | | |GL-08-02 | | | | | |Â | | | | | |Â | | | | | |including| | | | | | |------------------------------| | |26 |55 |29 |4.8 | | |------------------------------| | |78 |79 |1 |78.0 | | |------------------------------| | |128 |129|1 |15.0 | | |------------------------------| | |137 |151|14 |12.4 | | |------------------------------| | |148 |149|1 |91.0 | |----------------------------------------| |GL-08-03 |5 |62 |57 |9.0 | | |------------------------------| | |75 |112|37 |6.7 | | |------------------------------| | |131 |132|1 |23.0 | | |------------------------------| | |156 |172|16 |7.7 | | |------------------------------| | |180 |193|13 |6.5 | |----------------------------------------| |GL-08-06 |13 |24 |11 |4.7 | |including| | | | | | |------------------------------| | |51 |168|117 |5.7 | | |------------------------------| | |51 |86 |35 |8.4 | | |------------------------------| | |149 |168|19 |7.1 | |----------------------------------------| |GL-08-08 |84 |85 |1 |17.0 | | |------------------------------| | |194 |195|1 |16.0 | ------------------------------------------
Table 2: Highlighted silver intervals
617 metres of drill core were assayed for silver. 291 metres of this drilling (47.2%) returned more than 5 g/t silver, with a high of 91 g/t silver.
The lower detection limit of the fire assay technique used to determine silver content is 5 g/t silver, meaning that all intervals that contain under 5 g/t silver are reported as 0 g/t silver.
Elevated silver was intercepted in all drill holes where assayed.
Silver extraction will be tested during upcoming metallurgical work, as significant recoverable silver could add a strong additional positive dimension to this project. All further drilling completed into the ultramafic intrusion will be assayed for silver.
Drill Results - Platinum
Anomalous platinum above 0.1 g/t was intercepted in half of the drill holes. Of these, drill hole GL-08-08 returned widespread anomalous platinum with results being summarized in the table to the left.
Platinum content varies from layer to layer within the ultramafic intrusion, with a high of 0.64 g/t platinum being reported over a one metre interval in drill hole GL-08-04.
Grab samples returning up to 13.8 g/t platinum have previously been reported from the layered intrusion. Drill results indicate that platinum-bearing intervals are widespread, and need to be followed up with further drill testing.
------------------------------------------- |Hole |From|To |Interval|Platinum (g/t)| | |(m) |(m)|(m) | | |-----------------------------------------| |GL-08-02|91 |92 |1.0 |0.20 | | |--------------------------------| | |126 |127|1.0 |0.11 | |-----------------------------------------| |GL-08-03|48 |49 |1.0 |0.13 | | |--------------------------------| | |52 |53 |1.0 |0.21 | |-----------------------------------------| |GL-08-04|29 |30 |1.0 |0.64 | |-----------------------------------------| |GL-08-08|55 |56 |1.0 |0.13 | | |--------------------------------| | |79 |80 |1.0 |0.14 | | |--------------------------------| | |109 |110|1.0 |0.32 | | |--------------------------------| | |131 |132|1.0 |0.32 | | |--------------------------------| | |135 |136|1.0 |0.11 | | |--------------------------------| | |145 |146|1.0 |0.12 | | |--------------------------------| | |156 |158|2.0 |0.14 | | |--------------------------------| | |167 |168|1.0 |0.12 | | |--------------------------------| | |199 |205|6.0 |0.13 | -------------------------------------------
Table 3: Highlighted platinum intervals
Geology and Alteration
Rock types within the layered ultramafic intrusion range from olivine rich dunites, through peridotites, pyroxenites and gabbros. As drilled, the layered intrusion is generally non- to weakly-serpentinized, with stronger serpentinization localized in the vicinity of fractures. Drill holes GL-08-01, 02, 05, 06, 07 and 08 consist mainly of dunite. Drill holes GL-08-03, 04, and 05 consist mainly of lherzolite. All drill holes encountered magnetite and chromite layering which occur as both fine grained disseminations and locally strong millimetre-scale bands. Sulfides have been shown through partial leach testing to be present in the majority of layers, and are visible as fine grained disseminations. Sulfide species will be determined during upcoming metallurgical work. Compositional layering occurs in millimetre to tens of metres scale bands.
Mr. Chris Taylor, P.Geo, is President Exploration of Planet and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information.
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. Total nickel and cobalt were determined through four-acid digestion followed by ICP-ES. Sulfide nickel content was estimated through ammonium citrate partial leach testing preceded by aqua regia digestion. Silver and platinum values were determined through aqua regia digestion followed by fire-assay.
For further information please contact Mr. Chris Taylor, M.Sc. P.Geo, President, or Mr. Robert Orr, Investor Relations at 604-681-0084.
PLANET EXPLORATION INC.
On behalf of the Board
"Chris Taylor"
Chris Taylor, President
Drill Program Description
Drilling into the layered intrusion was completed by a past operator in 2008. At that time only 3 of 8 drill holes were completely assayed (GL-08-02, 03 and 06) with small portions of another two holes (GL-08-01 and 08) being assayed. These results are reported in government assessment report number 31022 and are publically available. These results have been re-issued together with new results in this news release. Drill holes were completed at a number of azimuths and dips. Drill holes GL-08-01 and 02 were drilled at 220 degrees and a dip of -50 and -70 respectively. Drill holes GL-08-03, 04 and 05 were drilled at an azimuth of 045 degrees and a dip of -50. Drill holes GL-08-06, 07 and 08 were drilled at an azimuth of 000 degrees with dips of -50, -70 and -50 respectively. A total of 1380.14 metres of drilling was completed. Drill core was stored on the project from 2008 to 2011, when Planet submitted all outstanding intervals for assay.
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 which remains open to expansion.
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, south-central British Columbia, and hosts an eight square kilometre gold in soil and bedrock system plus a large Ni-Co-Ag-Pt target with over 10 kilometres of strike. Recent drill results include 80.1 metres of 1.00 g/t gold, in a from-surface gold system with 700 metres of drill-confirmed strike that remains open to extension. 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.