Platinex Consolidates W2 Copper-Nickel-PGE Project Acquiring Historical Resource

TORONTO, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce the successful acquisition of a major claim package which contains a historical resource within the existing Central Area boundary of Platinex’s 100% owned W2 Copper-Nickel-PGE Project (“W2”) located in the “Ring of Fire” region of Northern Ontario. The acquisition includes 19 single cell mining claims from Gungnir Resources Inc. (“Gungnir”) as well, Platinex acquired 13 adjacent claims to complete the consolidation of the W2 project area.

“This acquisition gives the Company full control of W2 including all of the historical resource area. This not only improves the project’s economic potential, but also enables us to execute a complete exploration program along the 7.5 km mineralization zone which shows potential for expansion at depth and along strike,” says Greg Ferron, President and CEO of Platinex.

The 32 newly acquired claims total 630 hectares (6.3 km²) and include 42 out of 73 historical drillholes drilled within the Central Area of W2 (see Figure 1). A large portion of the historically identified mineralization zones lay on these newly acquired claims. This includes the following drill hole intersections completed by previous owners:

• Hole 54002 intersected 0.92% Cu, 0.73% Ni over 18.2 m
• Hole 54004 intersected 0.48% Cu, 0.15% Ni over 32.0 m

Most of the historical drillholes are shallow (less than 150 m) with potential open at depth.

The new claim areas are mainly composed of mafic to ultramafic intrusive rocks that are associated with EM anomalies. They are also in proximity to lithological contact between mafic volcanics/metasedimentary rocks and mafic-ultramafic intrusive rocks which is interpreted to be an important factor for controlling higher grade Cu-Ni mineralization.

Figure 1: W2 Project New Claims

Terms of the Transaction:
Platinex has paid C$30,000 and issued 3,000,000 Platinex shares to Gungnir. The Platinex shares were issued at a deemed price of $0.05 and are subject to the standard 4-month and a day hold period. Platinex has also granted Gungnir a 2% net smelter returns royalty on the 19 claims (the “Royalty Interest”), which the Company may repurchase 1% for C$500,000.

W2 is permitted for a Phase 1 exploration program with mineral exploration permits in place for up to 31 drill pads across the property. Additional desktop work, including further compilation of greenfield areas, and modelling of airborne geophysical data is ongoing, and the Company is finalizing plans for its 2024 exploration program at W2.