StrategX reports significant mineralization in drill core at Nagvaak Project

1 December 2022

Vancouver, Canada, December 1, 2022 – StrategX Elements Corp. (CSE: STGX) (“StrategX” or the “Company”), reports significant mineralization in drill core that resembles surface rock samples having returned high values greater than 1% nickel equivalent (NiEq) and 0.5% vanadium pentoxide.  Approximately 1,000m of well-preserved stored core from a 1996 drill program completed by BHP at Nagvaak was logged in detail with a focus on identifying mineralized intervals for energy transition metals. The previous drill program by BHP focused on exploring for zinc mineralization outlined by a gravity anomaly and multiple EM conductors central to the Nagvaak target area. The Company’s exploration program confirmed the location of the BHP drillhole collars and incorporated the drill holes and recently completed ground geophysical survey results into a sectional interpretation (see news release dated October 14th, 2022).  Utilizing a handheld XRF spectrometer, the StrategX exploration team identified mineralized zones anomalous in nickel, vanadium, cobalt, copper, molybdenum, and silver.  A total of 354 drill core samples were taken and sent to SRC laboratory for assaying.

Highlights

  • Targets identified to date represent a potentially new major mineral system hosting energy transition minerals including nickel, vanadium, cobalt, copper, molybdenum, and silver.
  • Significant polymetallic mineralization over wide intervals can be observed in five (5) BHP core holes (see Table 1) indicating that the extensive surface gossan anomalies that returned values greater than 1% NiEq and 0.5% vanadium pentoxide may also occur at depth.
  • XRF spectrometer identified highly anomalous values in nickel, vanadium, copper, molybdenum, and silver in the sampled drill core intervals.
  • Vanadium pentoxide continues to be recognized as an important component in the mineralized zones.
  • Significant size potential is outlined based on drill core mineralization observed in two target areas located over 2km apart - confirming depth potential and continuity in the interpreted 6km-long by 400-m-wide mineralized corridor (see Figures 1 to 3 views of project location on the Melville Peninsula, Nunavut, and Nagvaak targets map showing anomalies and cross-section locations).