W2 is located approximately 475 km northeast of Thunder Bay, 60 km southwest of Noront/Wyloo’s Eagle’s Nest Mine, and 50 km from the future Webequie Supply Road which will provide a year-round connection between the Ring of Fire and the provincial highway network within 5 years. Current access to the project is by winter road originating in Pickle Lake.

The W2 Project covers 70% of the layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”) which is highly prospective for copper-nickel (Cu-Ni) and reef-type platinum group element (PGE) deposits. The widespread Cu-Ni-PGE mineralization is delineated in at least seven significant mineralized zones within a 7.5 km long folded corridor. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralization in the mafic ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system and therefore a potential significant abundance of the metals in each intrusion.

Two distinct zones are seen in the PGE horizon at W2: A shallow zone of PGE-dominated mineralization (e.g. 1.04 g/t Pd+Pt over 25.5 metres including 3.1 g/t Pd+Pt over 1.5 m in hole LH01-20) where mineralization occurs within sulphide-poor, plagioclase-rich gabbroic rocks within the middle zone of the complex. Also a lower zone of disseminated Cu-Ni sulphide, e.g. a 220.6 m (134.2 m-354.8 m) intercept yielding 0.23% Cu+Ni and 0.32 g/t Pd+Pt in LH01-06 within which several massive sulphide lenses yielded higher grades of copper (e.g., 1.1%-2%) and nickel (e.g., 0.4%-0.9%).

W2 is also transected by the Lavoie Lake Shear Zone System (LSZS), which is a part of the regional transcrustal structure, the Stull-Wunnummin Fault Zone (SWFZ), and presents several shear-hosted gold targets on the W2 property. Several shear zone splays off the SWFZ host significant gold mineralization on Northern Superior’s TPK property (25.87 g/t Au over 13.5 m) located just west of the W2 property.

Mineral exploration activity in the area of what is now the W2 Project goes back as far as the early 1900s. It was not until the 1970s, however, that a systematic exploration program was carried out at W2. From 1970-1974 Inco carried out airborne and ground magnetic and electromagnetic surveys and drilled 47 holes in and around W2. In 1992 KWG Resources carried out additional geophysical surveys and drilling. In 2000, Aurora Platinum staked what it called the Lansdowne House property and carried out reconnaissance mapping, ground and airborne geophysical surveys and two significant drill programs.

The eastern area of W2 was staked by Temex Resources in the 2000s and an AeroTEM II magnetic and electromagnetic airborne geophysical survey was flown which identified numerous targets that have not been followed up. In total approximately $5 M has been spent on exploration at W2 including 8,772 m of drilling. No significant exploration activity has taken place at W2 since the late 2000s.

There are five significant opportunities on this project:

1. High grade PGE dominant mineralization within the known PGE horizon area (West block).
2. Low grade/bulk tonnage Cu-Ni dominant mineralization (West Block).
3. Potential for Cu-Ni-PGE mineralization associated with untested EM anomalies (East block).
4. Gold associated with Lavoie Lake Shear Zone System (runs through whole property).
5. Fe-Ti-V Oxide Horizon (Northwest claims).

Spring 2022

• Reprocess/model and interpretation of 2006/2008 VTEM and AeroTEM II survey data.
• Full project data review and compilation.
• Develop exploration strategy/plans for all five opportunities.
• Prioritize and finalize plans based on available fieldwork budget.
• Expands Platinex’s project portfolio into Cu-Ni-PGE.
• Positions Platinex as a new player in the Ring of Fire. W2 will benefit from recent transaction between Wyloo Metals and Noront, and ongoing infrastructure investments in the region.

Summer 2022

• 4-6 week prospecting and geological mapping program.
• Refine drillhole targeting
• No linecutting or surface geophysics is proposed for Summer 2021 as Platinex has good airborne data to work with. Additional linecutting and IP may be required for certain targets at a later stage. Reprocess/model and interpretation of existing airborne will be a significant cost compared to linecutting/surface geophysics for phase 1.

Fall and Winter 2022/2023

• Phase 1 drill program
  • 2,500 m on infilling and expanding PGE horizon area in west W2 claims
  • 2,500 m targeting priority airborne conductors in east W2 claims