Geophysical and Heavy Mineral Geochemical Results Produce Drill Targets ON Metalex'S 100% Owned Claims South of Chibougamau, Quebec
GEOPHYSICAL AND HEAVY MINERAL
GEOCHEMICAL RESULTS PRODUCE DRILL
TARGETS ON METALEX'S 100% OWNED
CLAIMS SOUTH OF CHIBOUGAMAU, QUEBEC
KELOWNA, BC
,
Jan. 10, 2022
/CNW/ -
Metalex Ventures Ltd.
(TSXV: MTX) (the "
Company
") is
pleased to report that the geophysical results including airborne magnetics, electromagnetics and
resistivity have finally been received from three of the highest priority gold areas and two high
priority diamond areas in Quebec.
Map 1 (CNW Group/Metalex Ventures Ltd.)
In addition, heavy mineral picking results for ilmenite have been received in the strongly anomalous
gold and scandium claim block located south of
Chibougamau
(see
March 15, 2021
news release).
A geological map of this area has been prepared by structural geologist
Chris Buchanan
.
Sampling upstream on the drainage previously yielding the highest gold and scandium results
consistently contains some of the highest ilmenite counts to near the headwaters of the drainage
(refer to Map 1). This area is in the centre of a large airborne magnetic high anomaly and down-ice
from a near-surface resistivity anomaly. According to the airborne resistivity results, the near-
surface resistivity anomaly gets stronger and wider to depths greater than 450 metres. A ground
resistivity survey over the area should produce targets for drill testing with increased accuracy.
The heavy mineral results for gold and 43 additional elements are expected to be received by late
January. Microprobe results for scandium in ilmenite from samples containing the highest ilmenite
counts should also be available at a similar time.
Summary
The Metalex directors are most encouraged by the fact that both heavy mineral sampling and
airborne geophysical results have identified targets that potentially warrant drill testing. Forthcoming
heavy mineral results for gold and microprobe results for scandium in ilmenite from samples
collected in the strongly anomalous creek are awaited.
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.
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%SEDAR: 00008159E
For further information:
Chad Ulansky, President & CEO, +1-250-860-8599,
CO: Metalex Ventures Ltd.
CNW 09:00e 10-JAN-22