Samples Containing Abundant Ilmenite and Anomalous Scandium Prevalent in Metalex Claims, South of Chibougamau, Quebec

KELOWNA, BC , April 19, 2021 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) (the " Company ") is pleased to report that exceptionally anomalous amounts of ilmenite as well as highly anomalous scandium analyses of ilmenite-rich concentrates have been received for 22 of the 24 heavy mineral samples tested and collected on its 100% owned gold-scandium claims located 100km southeast of Chibougamau, Quebec .

These results are consistent with the claims being underlain by an extensive massive ilmenite horizon highly anomalous in scandium. Rio Tinto are presently mining an extensive massive ilmenite horizon near Allard Lake, Quebec. The ilmenite ore is railed 42km and then shipped about 900km along the St. Lawrence River to their Fer et Titane metallurgical complex near Montreal where titanium oxide, iron, steel and metal powders are recovered from the ilmenite ore. A plant to recover scandium from the ilmenite tailings is presently being constructed that is expected to produce 20% of the global scandium supply. Scandium is used primarily in the aerospace, automotive, military and 3D printing industries.

The Metalex claims are located adjacent to Highway 167, 520 kilometres by road from the Rio Tinto metallurgical complex.

Table 1, below, presents the results from the 0.25mm to 0.5mm sized heavy (> 3.27 specific gravity), weakly magnetic, conductive concentrate recovered from the sample. This concentrate should contain the vast majority of the ilmenite grains of this size fraction. For each sample, a representative split of the concentrate was picked, with the number of ilmenites within the sample extrapolated from this. The table contains the number of ilmenites (normalized to a 10kg sample size) along with the scandium content of the concentrate as determined by neutron activation analysis at Activation Laboratories.

Table 1. Ilmenite counts and scandium content of the 0.25mm to 0.5mm heavy, weakly magnetic, conductive concentrate.

According to Alexandsandrovsky et al., Ores and Metals Publishers, Moscow , 2004, about 2 million tons per year of ilmenite containing 10 to 20ppm scandium yields about 20 to 40 tons of scandium oxide. As seen in the table above, the ilmenite rich concentrates exceed these global ppm values.

Upon review of the Company's proprietary 8,698 regional heavy mineral samples database covering central Quebec ten samples were selected that also yielded anomalous scandium in the -0.25mm sized heavy, non-magnetic concentrates of these +/- 10kg samples. 0.25mm to 0.5mm, weakly magnetic, conductive concentrates (which would contain the bulk of the ilmenite grains) were prepared. Picking at CF Minerals using a binocular microscope of a portion of each concentrate yielded abundant ilmenites from seven of ten samples. These concentrates have also been submitted for neutron activation analysis for scandium and 33 other elements. Metalex awaits these results to see whether other areas in Quebec could also host scandium rich ilmenite.

Metalex directors are optimistic that an extensive ilmenite-rich body high in scandium will be discovered within the claims. A combined magnetic-electromagnetic survey is expected to commence over the claims within the next month which should provide drill targets.

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 and financing 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. In particular there is no assurance that the Offering detailed herein will complete in full or at all. 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.

View original content: http://www.newswire.ca/en/releases/archive/April2021/19/c6116.html