Platinex Inc. announced additional information about its recently acquired Muskrat Dam Critical Minerals Project including the appointment of members of an advisory committee to assist the Company with the development of the Project. With additional staking in December 2022, Platinex's Muskrat Dam Property now totals 12,934 hectares (129 km2) which includes the 7,025 hectare (70 km2) Axe Lake property, which shows the potential to host lithium-bearing pegmatites and will be the focus of initial exploration activity at the Project. The Muskrat Dam Project is located in Northwestern Ontario approximately 125 km northeast of Frontier Lithium's PAK lithium project and 125 km northwest of Newmont's Musselwhite gold mine.

The Project comprises 6 property blocks in the highly prospective Muskrat Dam Lake (MDGB) and Rottenfish River (RRGB) greenstone belts, where multiple groups have recently staked claims. Project Geology: A newly recognized major high-strain zone, the northwest-trending Axe Lake deformation zone (ALDZ), as termed here, is interpreted to pass through the Axe Lake and Munekun Lake properties. This major, regionally extensive structural zone potentially provided pathways for granitic melts and evolving pegmatites, potentially lithium-bearing and other rare metals, to be emplaced into volcano-sedimentary rocks on the Axe Lake property. The Muskrat Dam project also contains compelling copper-nickel-platinum group elements (Cu-Ni-PGE), gold, and chromite targets.

The southeastern part of the MDGB may connect with the North Caribou Lake greenstone belt, which hosts the Musselwhite Gold Mine. The MDGB and RRGB typically comprise volcano-sedimentary rock sequences. They are internally intruded by felsic and mafic to ultramafic sills, stocks, and dikes and bounded by external composite granitic batholiths.

These belts are deformed by an early D1 thrusting event causing the repetition of volcanic sequences from differing stratigraphic positions. The subsequent D2 deformation caused the D2 fold-parallel shears to separate the various volcano-sedimentary assemblages. The emplacement of the large batholiths surrounding the belt broadly warps the D2 fold axes within the belt.

Several major northeast and northwest-striking fault/shear zones transect the MDGB and RRGB. From an economic point of view, the north-northeast-striking Windigo River Shear Zone (WRSZ) and northwest-trending, Axe Lake Deformation Zone (ALDZ) occur respectively near/along the east-central and northwest margins of the MDGB. These structures are potential hosts to gold and copper mineralization.

The ALDZ is hosting potentially lithium-bearing white pegmatites on the Axe Lake property. Axe Lake Property: The Axe Lake property is situated at the north-central edge of the Muskrat Dam Lake greenstone belt along the contact with the Misquamaebin Lake batholith (MLGB), which is composed of many discrete composite plutons. Volcano-sedimentary rocks underlie the property, which is bounded on the northeast by the MLGB.

The northwest-trending, regional Axe Lake deformation zone (ALDZ) passes through the property. The property hosts numerous white granitic pegmatites of potential lithium and rare metals mineralization. ALDZ potentially provided pathways for granitic melts and evolving pegmatites to be emplaced into volcano-sedimentary rocks on the property.

Ayers (1969) describes the white pegmatites as dikes, sills, and lenses that commonly occur between Axe Lake and the Morrison River. These pegmatites typically consist of albite-oligoclase, quartz, muscovite, tourmaline, garnet, magnetite, and molybdenite. According to Ayers, the pegmatites have a maximum crystal size of 15 centimetres, and one of the pegmatite dikes, on a small island in the Severn River at the entrance of Axe Lake, contains fractured black tourmaline crystals up to 10 cm long.

The white muscovite-bearing pegmatites have also been intersected in a historic drill hole (#43455-0) located in the southeastern part of the property. These pegmatites occur within highly schistose and brecciated graywacke and gabbroic rocks. Ayers also reported the presence of equigranular, garnetiferous, potassic muscovite-bearing postgabbro leucogranites and pegmatites elsewhere in the MDGB.

The presence of these rocks along with white muscovite-bearing pegmatites indicates that the Muskrat Dam project presents a favourable environment for the presence of potential lithium-bearing pegmatites. According to Lewis and Paterson (2020), the geological setting of these rocks at the Muskrat Dam project is comparable with Frontier Lithium's PAK ithium project which is situated near an intersection of three differing lithologies, mafic to intermediate metavolcanic muscovite-bearing granitic and metasedimentary rocks. Windigo `A' Property The Windigo `A' property is mainly underlain by massive to pillowed mafic flows and minor felsic to intermediate tuffs and sedimentary rocks.

Narrow dikes, sill-like bodies of gabbro, and feldspar±quartz porphyries have been emplaced concordant to volcano-sedimentary sequences. The north-to-northeast- trending WRSZ passes through and deforms all rock types. Gold is associated with pyrite-chalcopyrite in quartz vein lenses within sheared gabbro sills and volcano-sedimentary rocks.

Historic grab sampling from a gossonous trench located within two 3rd-party held interior cell claims reportedly yielded up to 4.06 oz/t Au and 2% Cu (Murdy 1984, Assessment File #53G05SW0004 2.6245). Historical drilling by Canadian Occidental (1984) and Eldor Resources (1984-85) on the interior claims adjacent and north and south of the trenched area intersected visible gold (KP-2-84) and multiple anomalous gold intercepts (e.g., 0.186 oz/t over 2.4m - KP-4-84, 0.425 oz/t over 1.3m - KP-14-84, 0.128 oz/t over 3.0m - KP-85-21, and 0.480 oz/t over 0.3m - KP-85-21). Fox Bay Property: A part of an extensive east-west-trending Fox Bay mafic-ultramafic sill (FBMS) underlies the property.

The FBMS comprises crudely differentiated gabbro to diorite, anorthositic gabbro, and serpentinized peridotite. The sill has the potential to host Cu-Ni-PGE and chromium deposits. However, since it is highly underexplored, the economic potential needs to be thoroughly evaluated by modern geological, geochemical, and geophysical exploration methods.

In the early 1970s, Canadian Onex and Serem Ltd. drilled a few core holes on and adjacent to the property. MDL-7, drilled by Canadian Onex, intersected serpentinized peridotite for 124 m of its total core length. Serpentinite contains traces of disseminated, fine-grained sulphides (mostly pentlandite and pyrite) that, from several core samples, yielded anomalous nickel (up to 0.4%) and copper (up to 0.10%).

The property has not been explored since the mid-seventies.