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.