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.
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.