Base Metals

StrategX Confirms New Discovery at Nagvaak Project with First Drill Core Results returning 58 metres of 2.63% Copper Equivalent

StrategX Confirms New Discovery at Nagvaak Project with First Drill Core Results returning 58 metres of 2.63% Copper Equivalent

StrategX Elements Corp. (CSE: STGX) ("StrategX" or the "Company"), reports a new discovery of energy transition metals from BHP's drill hole #14 located in Target Area 1 of the Nagvaak Project located on the Melville Peninsula, Nunavut. The mineralized interval in this drill hole returned 2.63% copper equivalent (CuEq) over 58 metres starting at a depth of 27 metres below surface. This interval includes anomalous values of 0.25% nickel, 0.51% vanadium pentoxide, and 0.06% molybdenum. This is very significant in that it confirms the extensive surface anomalies in critical energy metals occur at depth and appear to be open in all directions and continue along the 6km E-W trending mineralized corridor. The Company's next phase of exploration will focus on drilling to expand the mineralized zones, scheduled to commence during the latter part of Q1-2023. "Nagvaak" is an Inuit name and has multiple meanings connected to local landmarks - it also means connection with the land.

Exploration Highlights

  • Drill core results in hole #14 of 58 metres @ 2.63% CuEq confirm Target Area 1 has significant potential at depth to host a large polymetallic deposit in energy transition metals including nickel, vanadium, cobalt, copper, molybdenum, and silver (see Table 1).
  • Vanadium is considered an important component having returned consistent high values over the mineralized interval (58 metres @ 0.51% V2O5).
  • The graphitic shale host rock is also being evaluated for potentially economic quality graphite.
  • The ground geophysical survey anomalies coincide with the mineralization and will guide the drilling to expand and discover additional targets (see Figure 1 and 2).
  • Four drill holes are planned in an area 400 metres by 400 metres around hole #14 to expand the mineralized zone discovered in Target Area 1.

Figure 1: Project Nagvaak Targets Map overview

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Figure 2:Project Nagvaak 3D visual with EM anomalies & BHP drill holes on sections 6300 + 8400 - with DDH14 shown in the distance

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Table 1: Drill Core #14 Summary Assay Intervals (PDF version can be viewed at this link)

From (m)To (m)Length (m)V2O5 (%)Ni (%)Mo (%)Cu (%)Zn (%)Ag (g/t)PGE+Au (g/t)CuEq (%)NiEq (%)V2O5Eq (%)
27.285.258.00.510.250.060.170.388.720.112.630.841.24
includes
47.054.07.00.380.240.040.172.1310.840.072.810.901.32
includes
72.080.08.00.900.170.130.180.015.810.083.491.121.64

Notes:

1. The drill core was logged, and 1-metre samples were taken and sent to SRC Labs, Saskatoon. The individual sample results can be seen on the Company's website and include drill core photos. The quality of the stored core was excellent- intervals were intact.

2. CuEq: Copper equivalent calculation uses copper price of $8,000/tonne. CuEq uses the following formula: CuEq = Cu% + (V2O5% X 2.125) + (Ni% X 3.125) + (Zn% X 0.3625) + (Mo% X 5.8125) + (Ag g/t X 0.0085) + (PGE+Au g/t X 0.622875); NiEq: Nickel equivalent calculation uses nickel price of $25,000/tonne, NiEq uses the following formula: NiEq = Ni% + (V2O5% X 0.6800) + (Cu% X 0.320) + (Zn% X 0.116) + (Mo% X 1.860) + (Ag g/t X 0.00272) + (PGE+Au X 0.19932); and V2O5 equivalent calculation uses price of $17,000/tonne. V2O5Eq uses the following formula: V2O5Eq = V2O5% + (Ni% X 1.4705) + (Zn% X 0.8.6207) + (Mo% X 0.5376) +(Ag g/t X 0.00400) + (PGE+ Au g/t X 0.293118), The other metal prices used: zinc price of $2,900/tonne, molybdenum price of $46,500/tonne, silver price of $21/oz, and PGE+Au uses average price of $1,550/Oz (Pt-Pd-Au). All prices are in US$,.and assumes a 100% metallurgical recovery for all commodities.

Target Area 1 - Cross Section L6300

In Target Area 1, BHP's drill hole 14 intercepted a 58-metre-wide mineralized zone starting at a depth of 27 metres down to 85 metres. This hole intersected massive and brecciated black graphitic shale with strong sulphide mineralization as fracture-filling pyrrhotite, chalcopyrite, sphalerite, and abundant goldmanite representing high vanadium content throughout the intervening calc-silicate intervals. The calc-silicate unit is less fractured or brecciated and consistently hosts scattered sulfide blebs ranging from 1 to 25 mm in diameter. Elevated molybdenum mineralization averaging 0.13% from 72 to 80 metres occurs in the calc-silicate section. The Company is targeting the coincident magnetic and EM conductor anomalies at depth below the mineralization identified on surface in Target Area 1. The polymetallic mineralization appears to be stratiform following stratigraphy, bedding, and foliation, and is open at depth to the south and along the E-W trending corridor. Four diamond drill holes have been proposed, spaced several hundred metres apart, to potentially expand the size of the mineralized interval in hole 14 (see Figure 3). Can click on Photo F, G and H links in the drill hole 14 metals profile chart to view the core on the Company's website (see Figure 4).

Figure 3: Target Area 1 Plan Map

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Figure 4: Cross Section L6300

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To view Profile Section images (labelled Photo, F, G, & H), please click on the attached photos.

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Qualified Person & QA/QC

The geological and technical data contained in this news release about the Nagvaak Project was reviewed and approved by Uwe Naeher, P.Geol, (NAPEG), a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About StrategX

StrategX is a new Canadian-based exploration company on a mission to make discoveries in critical energy metals in northern Canada and contribute towards a sustainable energy economy. The Company's property portfolio of 5 stand-alone projects is situated on the East Arm of the Great Slave Lake, Northwest Territories and the Melville Peninsula, Nunavut. The Company's first-mover land position in underexplored regions provides a unique opportunity for investors to be part of multiple discoveries and the creation of new districts hosting metals required in the transition towards green energy. Click here to check out our 30-second video clip on StrategX.

On Behalf of the Board of Directors

Darren G. Bahrey
CEO, President & Director

For further information, please contact:

StrategX Elements Corp.
Email: info@strategXcorp.com
Phone: 1-855-787-2849 (toll-free)

For further information about the Company, please visit our website at www.strategXcorp.com

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

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On behalf of the board,

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Dr. Paul West-Sells
President and CEO
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Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. In making the forward-looking statements herein, the Company has applied certain material assumptions including, but not limited to, the assumption that general business conditions will not change in a materially adverse manner.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

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