StrategX identifies significant geophysical anomalies to drill at Nagvaak and amends financing terms

14 October 2022

Vancouver, Canada, October 14, 2022 – StrategX Elements Corp. (CSE: STGX) (“StrategX” or the “Company”), is developing drill targets on its 100%-owned Nagvaak property located on the Melville Peninsula, Nunavut. The Company hired APEX Geoscience to complete ground magnetic and electromagnetic surveys using the new Australian Loupe Time Domain EM System (TDEM) over the Nagvaak property. A total of 62-line kilometres were completed over the property, covering a 6,000m by 400m wide zone of black shale hosting prominent Ni-V-Co-Ag-Pd-Mo-Cu-Zn mineralization at the surface. Twelve (12) high-priority drill targets were identified from the resulting high-resolution geophysical data set and will be drill tested. Historical BHP grid and drill hole collars from 1996 were found and surveyed, and the core is currently being logged, sampled and analyzed using an XRF spectrometer.

Highlights:

  • 62-line km of high-resolution ground TDEM and magnetic surveying completed. The Loupe TDEM system is especially suited for this kind of mineralization and produced a data set far more detailed than prior surveys.
  • 6 highly conductive zones coincident with magnetic anomalies occur at depth below surface mineralization across the 6,000m by 400m targeted corridor (see Nagvaak Targets – October 2022 map below)
  • Historical BHP drill core was discovered on the property and was logged, sampled, analyzed by an XRF spectrometer, and sent to SRC Labs for analysis.
  • The Company is now focused on drilling at Project Nagvaak to make a major discovery in energy transition metals.

Geophysical Targets

Multiple geophysical targets representing coincident high conductivity and magnetic anomalies have been identified below known mineralization at the surface over a large area, suggesting a significant mineral system at depth. The time-domain electromagnetic system was utilized to measure the ground conductivity to a depth of 50 m. The high conductivity is interpreted to be related to a sulphide-mineralized graphitic sedimentary host. The geophysical anomalies appear to be continuous at depth and along the mineralized corridor having dimensions over a kilometre-scale and correlate well with the observed gossans on the surface containing high values greater than 1% nickel-equivalent (NiEq) in rock samples collected to date. The magnetic survey data produced linear highs trending N70W to east-west, up to 100 m wide, that appear to dip to the north and south suggesting the magnetic anomalies conform to an east-west trending anticline (see Figure 1 below). Many of the conductivity anomalies from the TDEM survey appear to correlate to the magnetic highs, suggesting the graphitic zones also contain magnetite or pyrrhotite mineralization; however, there are more significant conductivity anomalies than there are magnetic anomalies, suggesting the graphitic host rock is potentially more widespread than the metal deposition. The limited depth of investigation from the TDEM survey does not allow the bottom of the conductors to be resolved, but the 3D models of the magnetic susceptibility indicate the mineralization may potentially extend to a depth of at least 150 metres.

A link to a 3D model showing geophysical anomalies with the gossans (in white) and high NiEq values in rock samples (box symbols) on surface and the location of proposed drill holes can be viewed below.

See full news release here.

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