KELOWNA,
BC, June 9, 2023 /CNW/ - Metalex
Ventures Ltd. (TSXV: MTX) (the "Company") is pleased to
report that drilling has commenced at its 100% owned A5 claim block
in Quebec.
This is the maiden drill program on the project. Whilst
initially planned to take place in 2022 (see news release dated
March 28, 2022) the Company felt it
prudent to complete geological mapping of the claim block and
detailed heavy mineral sampling to assist in targeting the drill
program.
Drilling will initially test five conductive targets detected by
an airborne electromagnetic survey. These anomalies are a
potential source of the highly anomalous ilmenite counts and gold
values found down ice in heavy mineral samples. See Maps 1
& 2 for these results.
Samples collected from the A5 block contain the highest scandium
results of all 8,700 heavy mineral samples the Company has
collected in Quebec. Concentrates from these heavy mineral
samples (the -60-mesh heavy non-magnetic fraction) had scandium
contents ranging from 0.1ppm to 204ppm scandium as analyzed using
INAA at Activation Laboratories. The highest result was from
sample RQ0754, located downstream of the electromagnetic anomalies
being tested.
Electron microprobe analysis of picked oxide grains from these
samples was conducted by CF Mineral Research Ltd. Their work
established that ilmenite is contained in high concentrations
within claim block A5 (see Map 1).
Drilling has been paused while Quebec's fire hazard remains high and will
recommence when it is safe to do so. Personnel have safely
been demobilized amid the evacuations in Northern Quebec. Our
thoughts are with those affected by the forest fires and we give
thanks to the first responders and emergency support services who
are working to contain the situation. Management looks
forward to the continuation of the drill program and the results of
these five conductive anomalies in the vicinity of the highly
anomalous ilmenite and gold values on claim block A5.
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. All results have passed the internal QA/QC
procedures at the respective laboratories.
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.