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Metalex Ventures Ltd. (TSXV: MTX,OTC:MXTLF) (the "Company") announces that it has arranged funding for the drilling of its A1 and A2 gold claims in Quebec.
Claim Blocks A1 and A2 (Gold)
Metalex looks forward to drilling its A1 and A2 claim blocks. These claim blocks were staked due to the promising gold and pathfinder element results from detailed heavy mineral sampling of the areas. A VTEM survey over the claim blocks identified several conductive and magnetic anomalies that could be the bedrock source of the gold. This survey provided both magnetic and electromagnetic data, which have identified several potential sources to the gold in till anomalies.
As reported in our recent financial statements the Company has sold 22 percent of its Juno Corp holdings to raise $1M , at a generous profit. A portion of these monies will be used to fund the drilling of these promising gold targets. Permitting of this drilling is underway with drilling expected either late this season or early next season.
Claim Block B3 (Copper-Nickel-Cobalt)
Eight holes were drilled this summer testing four targets at the Company's B3 claim block which shows potential for copper-nickel-cobalt sulphides. Though these initial holes intersected substantial sulphides (mainly pyrite) they did not contain significant base metals. There remain four targets to be tested.
The technical information and results reported here have been approved by Mr. Chad Ulansky P.Geo ., President and CEO of the Company and 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", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, 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.
SOURCE Metalex Ventures Ltd.
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