Metalex Announces Exploration Work in Quebec
Metalex Announces Exploration Work in
Quebec
KELOWNA, BC
,
Dec. 3, 2020
/CNW/ -
Metalex Ventures Ltd
. (TSXV:MTX) (the "
Company
") has
been exploring for gold, base metals and diamonds in southern to central
Quebec
since 2002 and to
date 8,579 heavy mineral samples have been collected and analyzed from a survey area of over
250,000 square kilometres.
Forty-nine high priority gold anomalies, containing both anomalous concentrations and physical
amounts of gold, have been identified within the survey area. These anomalies are defined by
multiple samples that not only contain gold, but associated pathfinder elements and other associated
metals that indicate that a bedrock source is nearby.
Metalex has staked claims covering three of the highest gold anomalies. One of the gold anomalies
staked is also accompanied by the most anomalous scandium result in the dataset.
Scandium added to aluminum produces alloys that are far stronger and are 30 to 40% lighter than
steel. Consequently, scandium-aluminum alloys are very valuable and in demand in the aerospace,
automotive and military industries.
To fund exploration on the three recently staked gold claims and to define the up-ice source areas of
46 additional high priority gold anomalies, Metalex is reviewing financing options. In connection with
the financing, Metalex is proposing to consolidate its shares and settle debt related to exploration
expenses totalling
$2.75M
owing to companies associated with Dr.
Charles Fipke
, the Chairman of
the Company, by the issuance of shares. These transactions are all subject to the acceptance of
the TSX Venture Exchange.
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 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. 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.
View original content:
http://www.newswire.ca/en/releases/archive/December2020/03/c6827.html
%SEDAR: 00008159E
For further information:
Chad Ulansky, President & CEO, +1-250-860-8599,
CO: Metalex Ventures Ltd.
CNW 09:00e 03-DEC-20