Geophysical And Heavy Mineral Geochemical Results Produce Drill Targets On Metalex Ventures's 100% Owned Claims South Of Chibougamau, Quebec

In addition, heavy mineral picking results for ilmenite have been received in the strongly anomalous gold and scandium claim block located south of Chibougamau (see March 15, 2021 news release). A geological map of this area has been prepared by structural geologist Chris Buchanan.

Sampling upstream on the drainage previously yielding the highest gold and scandium results consistently contains some of the highest ilmenite counts to near the headwaters of the drainage (refer to Map 1). This area is in the centre of a large airborne magnetic high anomaly and down-ice from a near-surface resistivity anomaly. According to the airborne resistivity results, the near-surface resistivity anomaly gets stronger and wider to depths greater than 450 metres. A ground resistivity survey over the area should produce targets for drill testing with increased accuracy.

The heavy mineral results for gold and 43 additional elements are expected to be received by late January. Microprobe results for scandium in ilmenite from samples containing the highest ilmenite counts should also be available at a similar time.

Summary
The Metalex directors are most encouraged by the fact that both heavy mineral sampling and airborne geophysical results have identified targets that potentially warrant drill testing. Forthcoming heavy mineral results for gold and microprobe results for scandium in ilmenite from samples collected in the strongly anomalous creek are awaited.

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.