Platinex Inc. announced results from the first phase of diamond drilling on the Heenan Property, part of the Heenan Mallard Gold Project located in the Swayze Greenstone Belt of the Abitibi northeastern Ontario and held through the South Timmins Mining Joint Venture ("South Timmins JV") with Fancamp Exploration Ltd. Highlights: The program totalled 611.50 m with three drill holes completed over 50 m spacing and one undercut hole. All cross sections for the four holes are on the website. Several consistent wide zones of gold mineralization intersected from surface to 177m including: 77.44 m of 0.40 g/t Au in hole HE23-02 and, 27.15 m of 0.55 g/t Au in holeHE-23-03 with higher-grade intercepts within.

An additional zone of mineralization, outside of the iron formation, was encountered in hole 2 grading 5.53 g/t over 1.00 m at 177 m. The drill program is the first drill program completed on the project and was focused on results obtained from past geochemical and prospecting programs, including those from the mechanized stripping program completed in Fourth Quarter 20231 that discovered gold occurrences in two channel sample composites including 4.05 g/t Au over 2.00 m, and 2.39 g/t Au over 8.00 m in Trench 2. Gold mineralization is hosted mainly within the Woman River Iron Formation and is associated with pyrite mineralization, alteration, and minor quartz veining. The Heenan Mallard Property is located along the northwest border of IAMGOLD's Cote Gold Project, which is set to commence production in March 2024 and Southeast of Evolution Mining's October gold project. The Property is located in Heenan and Benton Townships lying within the Swayze area of the Abitibi Greenstone Belt and is found on the fold nose of the woman River Iron Formation, a high-magnetic and structural target considered favourable for gold mineralization.

Program Summary: During the months of December 2023 and January 2024, four diamond drill holes totaling 611.50 m were completed. Drill hole HE23-01 was collared to drill underneath the surface mineralization encountered in Trench 2. The drill hole intersected numerous zones of gold mineralization, including: 0.64 g/t Au over a sampled length of 5.00 m, 0.27 g/t Au over a sampling length of 13.20 m, and 2.07 g/t Au over a sample length of 1.00 m. Drill hole HE23-02 was collared approximately 50 m grid east to test the strike length of the AbitibiGreenstone Belt southeast of Trench 2. 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 mechanical stripping at Heenan and Shining Tree, with drilling at Heenan to commence upon the completion of initial exploration activities.