Platinex Inc. Announces Acquisition of Ontario Gold Assets, Shining Tree Joint Venture with Fancamp and $2.5M Equity Financing - Seite 4

Drilling returned several high-grade near-surface intercepts, including 5.04 g/t Au over 3.69 m core length (BE-85-1), 5.31 g/t Au over 3.82 m core length (BE-85-6), 3.50 g/t Au over 2.80 m core length and 6.62 g/t Au over 1.82 m core length (BE-85-3).

Prospecting, geological mapping, soil sampling, and geophysical surveys carried out by Fancamp at Heenan Mallard in 2019-2020 have generated multiple targets in other sections of the project. Of these, the two most highest priority gold targets identified currently for follow up drilling are an undrilled gold showing at Heenan that is coincident with an IP anomaly and an undrilled zone along the Ridout shear at Mallard with a coincident soil and IP anomalies.

There are other gold zones on the property, including an area previously drilled by Fancamp to be revisited since it has returned anomalous gold values up to 6.32 g/t hosted by strongly altered metasedimentary rocks (Ciesielski 2021, Assessment File 20000019548). This area presents a broad zone of strong pervasive silicification and quartz veining.

Dorothy Project:

The Dorothy property is a grassroots project that was staked to cover four anomalous lake sediment anomalies reported in 2006 OGS's high-density Lake sediment survey. The property appears to be situated on a parallel geological structure 15 km east of the Manitou Straits deformation zone's, which hosts the historical Gold Rock Mining Camp and borders Dynasty's Thundercloud gold discovery.

*Gold values and core lengths are converted from imperial unit troy ounce/t and core lengths in feet to metric units g/t and metre, respectively.

Advisors

The Company engaged Canaccord Genuity to assist as an advisory of the transaction and the Offering.

Other Transaction details:

• Fancamp will be granted anti-dilution rights to participate in future Platinex equity financings to purchase up to its proportionate share of such Shares for terms at least as favorable to Fancamp as to price and upon the terms provided to other subscribers in such financings
• In addition, Fancamp has agreed to vote for management or withhold from voting while the Option is effective
• Fancamp is also restricted from acquiring more than 9.5% of the issued and outstanding shares of Platinex (excluding the exercise of warrants held by Fancamp)