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

7 December 2022

Vancouver, Canada, December 7th, 2022 – 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 (click map to enlarge view)

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