- StrategX (STGX) signs agreement to acquire new energy transition metals target on the Melville Peninsula, Nunavut – Project Nagvaak
- Surface results to date confirm an extensive mineralized system over seven kilometres long by 500 metres wide
- A total of 144 rock grab samples were collected from sulphidic graphite schist and quartzite in float
- The area has less than five per cent outcrop in this part of the Melville Peninsula region
- StrategX plans to advance the targets in the next field season and is applying for the necessary permits and licenses to complete program
- StrategX Elements Corp. (STGX) is up a massive 92.98 per cent, trading at C$0.55 at 12:17 pm EST
StrategX Elements Corp. (STGX) has signed a Mineral Exploration Agreement with Nunavut Tunngavik for a 20-year mining lease.
This will be for a 2,665-hectare property located approximately 20 km west of its Mel property on the Melville Peninsula, Nunavut, Canada.
This property is an excellent addition to its portfolio as it is a targeted area not previously recognized for hosting energy transition metals specifically, nickel, vanadium, cobalt, molybdenum, copper, and platinum group elements.
The polymetallic target is hosted in an underexplored regional-scale early Proterozoic sedimentary basin. Surface results to date confirm an extensive mineralized system over seven kilometres long by 500 metres wide.
A total of 144 rock grab samples were collected from sulphidic graphite schist and quartzite in float, sub-crop boulders and outcrop.
The area has less than a five per cent outcrop in this part of the Melville Peninsula region.
Anomalous samples are considered significant when they represent 10x’s the average crustal abundance for an element type in the two-to-three-digit ppm value range (10-100+ ppm).
A sampling at Project Nagvaak returned anomalous metal values in the four to five-digit range (1,000 to 10,000’s ppm). The nickel concentration levels are in the range for many of the samples from 1,000 ppm to greater than 5,000 ppm Ni or 0.5 per cent.
A calculation in nickel equivalence by grouping the elements was deemed appropriate based on the nature of the observed mineralization and for comparative economic evaluation purposes.
The Nagvaak project area was previously explored for zinc by Aquitaine during the early 1970s and by BHP during the 1990s and was never approached as a polymetallic sedimentary-hosted deposit type.
Initial exploration by StrategX was focused on identifying extensive mineralized areas hosted in the Penrhyn Group metasedimentary rift basin on the Melville Peninsula.
Two major surface anomalies have been interpreted based on the previous grid till geochemistry is completed by BHP and correlate with rock samples collected in these areas.
The V-Mo-Ag-Cu anomaly is 4km long by 200m wide defined by 95 till samples returning from 560 ppm (1,000 ppm V2O5) up to 3,530 ppm (6,315 ppm V2O5) vanadium, 55 samples returning from 200 ppm up to 1,580 ppm molybdenum, and 57 samples returning 1.0 to 26.3 ppm silver.
This anomaly occurs internal to a highly anomalous electromagnetic (EM) conductor detected by geophysical surveys completed by prior operators – currently under review by its in-house geophysicist.
The Ni-Co-Cu-Zn anomaly is 1km long by 100m wide defined by 13 samples that returned 546 to 4,200 ppm nickel, 19 to 162 ppm cobalt, 313 to 2,070 ppm copper, and 195 to 7,400 ppm zinc and is located along the north side of the EM conductor mentioned above.
These till sample results are historical and have not been confirmed with modern sampling; however, they will be reviewed and confirmed in more detail as part of the next field exploration program.
StrategX plans to advance the targets in the next field season and is applying for the necessary permits and licenses to also complete a drill program.
The next phase of exploration will include more prospecting, sampling, mapping, and advanced geophysics to prioritize the drill targets.
StrategX (STGX) is a new Canadian-based exploration company poised to be a significant contributor to the natural resources sector and emerging low carbon economy.
It is currently focused on the discovery of cobalt and associated energy transition metals in northern Canada.
StrategX Elements Corp. (STGX) is up a massive 92.98 per cent, trading at C$0.55 at 12:17 pm EST.