Metalex Announces Lithium IN Samples from Quebec
METALEX ANNOUNCES LITHIUM IN SAMPLES
FROM QUEBEC
KELOWNA, BC
,
Nov. 22, 2023
/CNW/ -
Metalex Ventures Ltd.
(TSXV: MTX) (the "Company")
announces that its 100% owned A1 claim block shows potential for hosting lithium mineralization.
Figure 1 (CNW Group/Metalex Ventures Ltd.)
Quebec
For close to 20 years Metalex has quietly made a substantial investment in central Quebec. We
recognized that central
Quebec
not only had substantial geological potential to host precious metal,
base metal and diamond deposits but was also significantly underexplored. Over this period the
Company has built a comprehensive geochemical dataset, collecting nearly 10,000 heavy mineral
samples covering almost 400,000 square kilometres. The area is shown in Figure 1.
Heavy mineral samples are a powerful technique to explore for a variety of commodities. A large 10
kilogram sample of fine material within stream gravels is collected in the field. At the CF Minerals
laboratory ("CFM") the sample undergoes sequential concentration using specific gravity and
magnetic techniques to produce small fractions with specific physical properties in which pieces of
mineralization or indicators associated with mineralization are concentrated. Analysis of these
fractions for metals or diamond indicators provides insight into mineralization up stream and up ice of
the sample location. Due to the concentrating effects of both the collection and processing methods
mineralization can often be detected tens of kilometres away.
So far, this work has resulted in the staking of several areas for a variety of commodities. Metalex's
current claim blocks are shown in Figure 1. Also shown in Figure 1 are the commodities of interest
for each claim block.
As Metalex has retained the concentrate fractions, it is possible to re-analyze them should new
commodities become of interest. The increased demand for lithium is a prime example. Research
conducted at CFM shows that spodumene (the lithium-containing mineral in pegmatites) reports to
one of the concentrate fractions. Analysis of this fraction at ALS Chemex in
North Vancouver
using
the ME-MS89L technique has been used to detect lithium.
Lithium
Metalex's A1 claim block is located in the vicinity of significant lithium discoveries made by Patriot
Battery Metals' Corvette property and Winsome Resources' Adina property (see Figure 2). Both of
these properties host lithium deposits in pegmatites.
Re-analysis of previously collected samples indicates that the A1 claim block hosts lithium in
pegmatites (Figure 3). Lithium contents are elevated in the northern portion of the claim block. Field
work confirmed that there are extensive outcrops of pegmatite in this portion of the property and an
initial rock sampling program was undertaken. Additional work on this claim block will be undertaken
next year to define the bedrock source.
With sample coverage of nearly 400,000 square kilometres, Metalex has a substantial advantage in
locating additional lithium deposits. It is believed that this is the most comprehensive geochemical
dataset of the region.
Gold
Metalex has staked five claim blocks for their gold potential. Substantial work has been undertaken
on these this year.
Claim block A5 has had its maiden drill program, with five holes drilled testing geophysical
conductors up ice of anomalous gold in heavy mineral samples. Locations of the drill holes are
presented in Figure 4, along with the geophysical conductors being tested. Samples from these
holes were prepared at CFM prior to being sent to ALS Chemex for analysis. Results are expected
shortly.
Claim blocks A1 and A2 have also had an airborne EM survey flown by Geotech Airborne
Geophysical Surveys ("Geotech"). Soil samples have been collected down-ice from the detected
conductors to determine whether one or more of these are the source of the gold in down-ice
samples.
Claim block B1 has not yet had an airborne geophysical survey flown, but soil samples have been
collected to better isolate the source of gold mineralization.
Base Metals
Metalex engaged Geotech Airborne Geophysical Surveys to fly an airborne electromagnetic and
magnetic survey over its B3 claim block. Geochemical results from the claims suggest that they
host nickel-copper-cobalt mineralization. This airborne survey will assist in drill targeting.
The survey flights have been completed and the results of the survey are awaited.
Summary
Quebec
is a prime jurisdiction for mining, frequently ranked in the top ten regions globally in terms of
investment attractiveness by the Fraser Institute survey of mining companies. Metalex, recognizing
not only the attractive investment climate in
Quebec
but also the prospective and underexplored
nature of central
Quebec
, has made a substantial investment in building a unique geochemical
dataset over nearly 400,000 square kilometres. This dataset provides Metalex a substantial
advantage in identifying new mineralized areas, including lithium. Budgeting for the re-analysis of the
existing samples for lithium is underway.
The Company looks forward to receiving the drill results targeting gold at claim block A5.
In addition, field programs this fall (over 1,000 samples collected) on a number of claim groups
focused on moving targets forward to the drill testing stage. Metalex looks forward to receiving
these results which will allow the drilling to be prioritized. A busy season in
Quebec
lies ahead in
2024.
The technical information and results reported here have been reviewed by Mr.
Chad Ulansky
P.Geo
., 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: Certain of the statements and information in this press
release constitute "forward-looking statements" or "forward-looking information", including
statements regarding the expected use of proceeds of the private placement. Further, any
statements or information that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans",
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occur or be achieved, or the negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking statements or information. The
Company's forward-looking statements and information are based on the assumptions, beliefs,
expectations and opinions of management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume any obligation to update
forward-looking statements and information if circumstances or management's assumptions,
beliefs, expectations or opinions should change, or changes in any other events affecting such
statements or information. For the reasons set forth above, investors should not place undue
reliance on forward-looking statements and information.
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.
Figure 2 (CNW Group/Metalex Ventures Ltd.)
Figure 3 (CNW Group/Metalex Ventures Ltd.)
Figure 4 (CNW Group/Metalex Ventures Ltd.)
SOURCE
Metalex Ventures Ltd.
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For further information:
Chad Ulansky, President & CEO, +1-250-860-8599,
CO: Metalex Ventures Ltd.
CNW 09:00e 22-NOV-23