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TORONTO, Sept. 19, 2023 (GLOBE NEWSWIRE) — Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is happy to supply an replace on the Company’s exploration actions together with:

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Muskrat Dam Critical Minerals Project

ALS Goldspot, beneath the steerage of Platinex’s Technical Advisors Dr. Fred Breaks, P.Geo. and Ike Osmani, P.Geo., have lately accomplished preliminary fieldwork on the Axe Lake property, included within the Muskrat Dam Critical Minerals Project. The goal of the exploration program is to find and pattern white granitic pegmatites recognized in historic mapping and check them for lithium and different uncommon metals mineralization.

An preliminary 66 rock samples had been collected, and reconnaissance geological mapping was carried out by the ALS Goldspot workforce to information future exploration applications. During the sphere go to, a number of potassic pegmatites with yellow muscovite, tourmaline, and garnet had been noticed and sampled. Assay outcomes are pending.

Additional work on the mission will embody a VTEM airborne geophysical survey deliberate to start through the 2023-2024 winter season, which is able to cowl sections of the 12,934 ha (129 km²) mission positioned inside the Muskrat Dam greenstone belt the place historic operators had drilled intersections of enticing grades of copper, nickel, and gold.

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Significantly, the Muskrat Dam Critical Minerals Project was chosen as a part of the Ontario Junior Exploration Program (OJEP). Under OJEP, the Company will obtain a grant overlaying 50 % of qualifying exploration bills accrued on the mission between April 1, 2023, and February 15, 2024, with a most grant quantity of $200,000. OJEP is an initiative of the Government of Ontario that goals to draw funding in early exploration, increase the pipeline of mineral growth tasks, together with vital minerals, and result in extra mines and jobs in Ontario.

“Exploration is the first and most vital part of the made-in-Ontario supply chain we are building for critical minerals,” stated George Pirie, Minister of Mines. “It is the intrepid junior exploration companies like Platinex that will find the mines of the future that will bring critical minerals to the world and prosperity to northern and Indigenous communities across Ontario.”

Greg Ferron, President and CEO of Platinex, stated “Platinex appreciates the Ontario government’s recognition of the value in developing mineral exploration skills and assets. We are pleased to be included as beneficiaries of this latest round of OJEP funding. Platinex is aligned with the Ontario government’s economic objectives to pursue the opportunities inherent in the province’s natural resources.”

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W2 Copper-Nickel-PGE Project

Platinex has engaged BAW Mining Inc. to conduct a knowledge compilation and 3D modeling program to generate a geological and mineralization mannequin for the W2 mission. The program will incorporate all drill holes accomplished inside the mission’s boundaries in addition to GIS information collected from previous operators to supply a better understanding of the controls and extent of the Cu-Ni-PGE mineralization on the mission.

The evaluation will give attention to 63 diamond drill holes totaling over 12,000 m accomplished at W2 and the central space of the mission. Previous drilling within the central space recognized a 7.5 km folded hall with widespread Cu-Ni-PGE mineralization.

BAW Mining’s evaluation is anticipated to be accomplished in October. Their outcomes will likely be used to refine concentrating on for infill and enlargement drilling for the following drill program.

The W2 Copper-Nickel-PGE Project covers 22,094 ha (220 km²) in an space of world-class geological targets controlling a big a part of the “Oxford Stull Dome Complex”, together with the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne House Igneous Complex, which is extremely potential for copper-nickel (Cu-Ni), platinum group factor (PGE), and chromite deposits.

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South Timmins Mining JV Properties

Since finishing the South Timmins Mining Joint Venture and commencing exploration actions earlier this yr (see press launch dated August 1, 2023, for program overview) the Company has accomplished 2,233 B-horizon soil samples and picked up 134 rock samples on the Shining Tree Gold Project.

The program contains Platinex’s first exploration work on the Ronda mine positioned within the central space of the property. Work has been accomplished in Areas 2 and three and is ongoing within the central space. In addition, reconnaissance prospecting has been carried out in Area 1 alongside the Rideout Deformation Zone.

In August, discipline crews carried out in depth exploration actions together with prospecting, geochemical surveying, and geological mapping at each the Camp and River zones of the Mallard Gold Project. The main intention of this program was to establish potential extensions of those zones, which had beforehand been explored by Noranda and had revealed gold mineralization hosted inside two northwest-oriented shear zones. In complete, the workforce collected 32 rock samples and 446 B-Horizon soil samples, all of which have been submitted to Activation Laboratories Inc. for evaluation.

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An in depth replace from work on the Shining Tree and Mallard Gold Projects will likely be launched upon receipt of ultimate assays that are anticipated later in September.

Currently, the Company has commenced stripping, channel sampling, and geological mapping work in preparation of drilling a high-priority coincident geophysical and geochemical anomaly on the Heenan Gold Project. Upon completion of the stripping program, an identical stripping program will likely be carried out on the previously producing Ronda Mine at Shining Tree in September.

Qualified Person

The technical info introduced on this information launch has been reviewed and permitted by Ike Osmani, P. Geo. (Muskrat Dam Critical Mineral Project), Shuda Zhou, P. Geo. (W2 Copper-Nickel-PGE Project) and Joerg Kleinboeck, P. Geo. (South Timmins Mining JV) who’re the certified individuals as outlined by National Instrument 43-101, Standards of Disclosure for Mineral Projects for the respective tasks.

About Platinex Inc.

Platinex Inc. creates shareholder worth by means of the opportunistic acquisition and development of high-quality tasks in prolific Ontario mining camps. Current belongings embody a 100% possession curiosity within the W2 Copper-Nickel-PGE and Gold Project close to the “Ring of Fire” within the James Bay Lowlands of Northern Ontario, a 75% curiosity within the South Timmins Mining JV with Fancamp Exploration, which incorporates the 225 sq. km Shining Tree Gold Project, in addition to the extremely potential Heenan and Mallard Gold Projects, all of which lie alongside the Ridout-Tyrell Deformation Zone on strike with IAMGOLD’s Côté Gold deposits. Also, Platinex holds an choice to earn a 100% possession curiosity within the Muskrat Dam Critical Minerals Project which is primarily targeted on lithium. Platinex additionally holds a portfolio of web smelter return (NSR) royalties on gold, PGE, and base steel properties in Ontario. Having put collectively a powerful and diversified mission portfolio and an skilled technical workforce, the Company is targeted on comprehensively exploring and evaluating every mission to maximise shareholder worth. Platinex relies in Toronto, Canada, with a main itemizing on the Canadian Securities Exchange beneath the image PTX.

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For further info on Platinex and different company info, please go to the Company’s web site at https://platinex.com/.

For additional info, please contact:

Greg Ferron, President, and Chief Executive Officer
Platinex Inc.
Phone: 416-270-5042
Email: gferron@platinex.com

Forward-Looking Information

This information launch accommodates forward-looking info which isn’t comprised of historic information. Forward-looking info is characterised by phrases resembling “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and different related phrases, or statements that sure occasions or circumstances “may” or “will” happen. Forward-looking info includes dangers, uncertainties and different elements that would trigger precise occasions, outcomes, and alternatives to vary materially from these expressed or implied by such forward-looking info. Factors that would trigger precise outcomes to vary materially from such forward-looking info embody, however aren’t restricted to, modifications within the state of fairness and debt markets, fluctuations in commodity costs, delays in acquiring required regulatory or governmental approvals, and contains these dangers set out within the Company’s administration’s dialogue and evaluation as filed beneath the Company’s profile at www.sedar.com. Forward-looking info on this information launch relies on the opinions and assumptions of administration thought-about cheap as of the date hereof, together with that each one vital governmental and regulatory approvals will likely be obtained as and when anticipated. Although the Company believes that the assumptions and elements utilized in making ready the forward- trying info on this information launch are cheap, undue reliance shouldn’t be positioned on such info. The Company disclaims any intention or obligation to replace or revise any forward-looking info, aside from as required by relevant securities legal guidelines.

Neither the CSE nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the CSE) accepts accountability for the adequacy or accuracy of this launch.

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