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.
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
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SOURCE Metalex Ventures Ltd.