Mr. Greg Ferron reports

PLATINEX COMMENCES DRILLING PROGRAM AT HEENAN GOLD PROJECT IN THE SWAYZE GREENSTONE BELT OF THE ABITIBI

Platinex Inc. has commenced a diamond drilling program on the Heenan property, part of the Heenan Mallard gold project, which is a property held through the South Timmins mining joint venture with Fancamp Exploration Ltd. The program will consist of five drill holes for a maximum total of 950 metres following up on the greenfield gold discovery announced on Nov. 9, 2023, that was generated through B-horizon soil geochemical surveys, prospecting and a mechanized stripping/channel sampling program.

The Heenan property lies within the Swayze area of the Abitibi greenstone belt in Northwestern Ontario. The property is located on the fold nose of the Woman River magnetic high indicating a structural target favourable for gold, which formed the basis for the exploration program. The Heenan Mallard gold project is located immediately adjacent to Northern Superior's October gold property, which was recently optioned by Evolution Mining Ltd. and is also northwest of Iamgold Corp.'s Cote gold project.

The drill holes will target mineralization identified in Trench 1 and Trench 2, as well as test several high-priority spectral IP (induced polarization) anomalies that coincide with a northwest-orientated structure known as the Mallard shear zone.

The Mallard shear zone is a regional structure with associated gold mineralization along it, and it has been interpreted as a splay structure off of the main Ridout deformation zone. This structure could provide conduits for hydrothermal fluids to deposit gold mineralization along favourable horizons within the Archean stratigraphy.

Recent work by Platinex discovered gold mineralization associated with narrow concordant felsic to intermediate dikes and iron formation within the metavolcanic sequence. In Trench 2, strong silicification and sulphide mineralization within a felsic to intermediate dike at the contact with iron formation returned a composite weighted average of 4.05 grams per tonne (g/t) gold (Au) over two metres, with 2.39 g/t Au over eight m being returned from the adjacent iron formation (see news release dated Nov. 9, 2023).

Shining Tree gold project -- Ronda mine: Platinex is also pleased to announce completion of a substantial program at Shining Tree with assays expected in January, 2024. The program involved mechanized stripping and channel sampling program on the Ribble vein at the past-producing Ronda mine site. Two stripped areas totalling 1,360 square metres exposed the Ribble vein for an aggregate strike length of 144 metres. A total of 265 samples were submitted for analysis, including 37 quality-control samples consisting of standards, blanks and duplicates.

Qualified person

The technical information presented in this news release has been reviewed and approved by Joerg Kleinboeck, PGeo, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About the South Timmins JV

South Timmins Mining Inc. is a joint venture in which Platinex holds a 75-per-cent interest and Fancamp Exploration Ltd. holds a 25-per-cent interest. The South Timmins properties include the Shining Tree and Heenan Mallard gold projects, which lie along the Ridout-Tyrrell deformation zone (RTDZ), which also hosts Iamgold's Cote gold project and Aris Mining's Juby deposit. The combined South Timmins land package totals over 285 square kilometres, which is one of the largest landholdings in the region. Following a property review and exploration planning process, South Timmins JV commenced operations in May, 2023. Exploration work carried out to date has included geochemical soil sampling (B-horizon), prospecting and mechanized stripping at Shining Tree and Heenan Mallard, with drilling to commence upon the completion of initial exploration activities (see press release Aug. 1, 2023).

About Platinex Inc.

Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100-per-cent ownership interest in the W2 copper-nickel-PGE (platinum group element) and gold project near the Ring of Fire in Northern Ontario and a 75-per-cent interest in the South Timmins mining joint venture with Fancamp Exploration, which is focused on gold exploration along the Ridout-Tyrrell deformation zone near Iamgold's Cote gold operation in the southwestern Abitibi. Platinex also holds majority ownership in Green Canada Corp., which holds uranium assets in Saskatchewan, Ontario and Quebec, as well as an option to earn as a 100-per-cent ownership interest in the Muskrat Dam critical minerals project in Northwestern Ontario. In addition to its mineral exploration assets, Platinex holds a portfolio of net smelter return (NSR) royalties on gold, PGE and base metal properties in Ontario. Having put together a strong and diversified project portfolio, and an expert technical team, the company is focused on comprehensively exploring and evaluating each project to maximize shareholder value. Platinex is based in Toronto, Canada.

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