Metalex Ventures Ltd V.MTX

Alternate Symbol(s): MXTLF

Metals & Mining Industrial Metals & Minerals

Metalex Ventures Ltd. is a Canada-based company engaged in the acquisition, exploration and development of mineral properties. The Company’s principal projects are located in Quebec and northern Ontario (U2), Canada. Its overseas projects are located in South Africa, Morocco and Mali. Its projects include Wemindji James Bay Property, Kyle Lake Property, Viljoenshof Diamond Project and James Bay Lowlands Property. It has a 100% earned interest in mineral claims located in the Kyle Lake area of Ontario, located approximately 200 kilometers (km) west of James Bay in Northern Ontario and about 80 km west of De Beers’ Victor Mine. It also has an interest in various mineral claims located in the Wemindji James Bay region of Quebec for the exploration of diamonds and owns 100% of the non-diamond project. It also has a 100% interest in certain mineral claims in the James Bay Lowlands area of Northern Ontario. It has a 70% interest in the Viljoenshof Diamond Project in South Africa.

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Metalex Ventures Ltd > Stockwatch Aug 31

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Comment by pennymaker69on Sep 01, 2022 7:50pm

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Post# 34937001

RE:Stockwatch Aug 31

Is that the full story? anyone have it all?

Oregonduck wrote: Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) rose one-half cent to 6.5 cents on 3,000 shares. The company spent nearly $2-million on exploration in fiscal 2022, which ended April 30, including over $230,000 on its U2 kimberlite project at Kyle Lake in Northern Ontario. At least that is what its financials say -- the company has also been saying for years that it "does not plan to undertake further work on this project" until it reaches an agreement with the local First Nations.
In fact, this year's expenses look much like last year's outlays, with much of the expenses charged to "shipping, freight and storage." Given the inaction, storage appears the most likely option. Metalex has been racking up comparable expenses year after year just to keep Kyle Lake ensconced in mothballs, but Mr. Fipke and his crew remain unwilling to write off the project, on which the company has now spent over $47-million in the past 20 years.