Platinex Receives Exploration Permits for W2 Copper-Nickel-PGE Project and Provides Update on Shining Tree and Heenan Mallard Gold Projects

TORONTO, June 19, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to provide an update on its exploration activities and corporate developments.

W2 Copper-Nickel PGE and Gold Project (“W2”)

At W2, located near Ontario’s Ring of Fire, the Company’s wholly owned subsidiary, Endurance Elements Inc. (“Endurance Elements”), has received exploration permits, from Ontario’s Ministry of Mines for twelve (12) drill pads in the western and central area of the project. The permits are dated June 14^th, 2023, and remain valid for three (3) years. Permits for nineteen (19) drill pads in the eastern portion of W2 were issued in October and December 2022. Endurance Elements is now authorized to proceed with a Phase 1 exploration program.

Greg Ferron, President, and CEO of Platinex, stated: “Since taking ownership of the project in January 2022, Platinex/Endurance Elements has been actively engaging with local indigenous communities and Ontario's Ministry of Mines (MINES) and remains committed to strengthening these relationships as exploration activities proceed. The issuance of these permits is a valuable step, and we can now proceed to begin work to prove the significant Cu-Ni-PGE potential of the project.”

The W2 Copper-Nickel-PGE and Gold Project is comprised of 1,122 cell units covering 22,094 ha (220 km²) in an area of world-class geological targets near Ontario’s Ring of Fire. W2 controls a significant part of the “Oxford Stull Dome Complex”, including the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne House Igneous Complex ("LHIC"), which is highly prospective for copper-nickel (Cu-Ni), platinum group element (PGE), and chromite deposits. 

Historical drilling along a 7.5 km folded corridor near the centre of the land package has identified widespread Cu-Ni-PGE mineralization across the widely spaced holes. Overall, the system shows strong parallels with the nearby Ring of Fire Intrusive Suite, which may well be coeval.

W2 is also highly prospective for gold deposits. Exploration plans for W2 remain focused on expanding the historical Cu-Ni-PGE zone at the centre of the property and testing Eagle’s Nest-style VTEM targets in the eastern portion of the project. The western area of W2 brings compelling gold opportunities and optionality to the project.

Shining Tree Gold Project (“Shining Tree”) and Heenan Mallard Gold Project (“Heenan Mallard”)

The Company is also updating on exploration activities on its Shining Tree and Heenan Mallard Gold Projects which the Company holds a 75% interest through the South Timmins Mining joint venture (“South Timmins”) with Fancamp Exploration Ltd. (see news release dated May 17^th, 2023).