KELOWNA, BC,
March 28, 2022 /CNW/ -
Metalex Ventures Ltd. (TSXV: MTX) (the "Company") is
pleased to report that drill targets have been identified in Block
A5, south of Chibougamau Quebec,
which contains strong gold and scandium results.
Follow-up heavy mineral sampling as well as airborne magnetic
and electromagnetic geophysical surveys were completed in 2021 and
2022 on five claim blocks in Quebec, 100% owned by Metalex. Block A5
is to be drilled this spring and summer and will be the focus of
this release.
The A5 Block was staked due to it covering an area anomalous in
scandium and gold. In fact, the scandium result was the
highest in ppm and micrograms of all 8,700 heavy mineral samples
the Company collected in central Quebec.
Microprobe analysis of the sample established that abundant
ilmenite present in this sample contained up to 400ppm scandium
whilst ilmenite being mined usually contains 20 to 40ppm
scandium.
Scandium as an additive increases aluminum's yield strength up
to 15-fold. Consequently it is used in the aviation, space and
automotive industries to make aluminum components lighter and
stronger. Presently most of the world's supply comes from
China and stockpiles in
Russia. However, Rio Tinto have announced that they are
planning to recover scandium in tailings from ilmenite being mined
from the Allard Lake deposit situated near the Gulf of St. Lawrence in southeastern Quebec. Rio
Tinto anticipates that they will supply 20% of the world's scandium
when the recovery circuit is operational at their refinery which is
situated 40km by rail and approximately 1,000km away by freighter
near Montreal.
In 2021 and 2022 Block A5 has undergone heavy mineral follow-up
sampling and analysis, airborne magnetic, resistivity and
aeromagnetic surveying as well as structural and geological mapping
by structural geologist Chris
Buchanan. Block A5 is adjacent to a rail line, which
connects to the Rio Tinto refinery in 680km.
The aforementioned sample, which contained the highest scandium
result in Metalex's regional survey, was collected where a stream
enters the large north-south trending lake central to the claim
block. Highly anomalous ilmenite counts (see Map 1) and gold
results (see Map 2) were received upstream from where the original
anomalous sample was collected. Situated immediately up-ice
from the abundant ilmenite counts and strong gold results are
airborne resistivity and magnetic anomalies. Metalex intends
to drill these anomalies in the upcoming spring and summer
season.
The technical information and results reported here have been
reviewed by Mr. Chad Ulansky
P.Geol., a Qualified Person under National Instrument
43-101, who is responsible for the technical content of this
release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and
uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration and financing
results, and future plans and objectives of the Company are forward
looking statements that involve various risks. The following
are important factors that could cause the Company's actual results
to differ materially from those expressed or implied by such
forward looking statements: changes in the world wide price of
mineral commodities, general market conditions, risks inherent in
mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. In
particular there is no assurance that the Offering detailed herein
will complete in full or at all. Metalex undertakes no obligation
to update such forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on such forward-looking
statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
SOURCE Metalex Ventures Ltd.