Metalex Announces Upcoming Drilling Program ON 100% Owned A5 Claims South of Chibougamau, Quebec
METALEX ANNOUNCES UPCOMING
DRILLING PROGRAM ON 100% OWNED A5
CLAIMS SOUTH OF CHIBOUGAMAU, QUEBEC
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.
Map 1 (CNW Group/Metalex Ventures Ltd.)
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
Map 2 (CNW Group/Metalex Ventures Ltd.)
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 28-MAR-22