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Essex Minerals Inc (2)
Symbol	ESX
Shares Issued	88,178,783
Close 2023-06-06	C$ 0.015
Market Cap	C$ 1,322,682
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Essex samples up to 1.83% V2O5 at Lagersdrift

2023-06-15 16:58 ET - News Release

Subject: Re: Essex Minerals News Release PDF Document File: Attachment 2023-06-15_ESX Vanadium DD NR Final.pdf ESSEX MINERALS INC. Vancouver, British Columbia ASSAY RESULTS FROM LAGERSDRIFT VANADIUM PROPERTY June 15, 2023 Vancouver, British Columbia, Canada. Essex Minerals Inc. (the "Company" or "Essex", TSX-V: ESX) is pleased to announce assay results from its ongoing due diligence program on the Lagersdrift Vanadium Project in Limpopo Province, South Africa. Highlights dot A total of 62 rock and cut-channel samples were collected with 55 from massive magnetite outcrop or float from several of the magnetite seams present on the property. dot The 55 samples of massive magnetite returned assays which ranged Vanadium pentoxide - 0.41% to 1.83% with a median value of 1.08% V2O5 o Titanium dioxide - 12.15% to 20.00% with a median value of 16.05% TiO2 dot 41 of the 55 massive magnetite samples were collected from the Main Magnetite Layer (MML) along 6 kilometres in total strike length. dot These 41 samples ranged 0.71% to 1.83% with a median value of 1.32% V2O5 o 12.15% to 20.00% with a median value of 15.35% TiO2 dot Complete sample list and assay data is available in Table 1 and areas sampled is available in Figure 1 Essex President Rod Husband commented "we are very pleased with the results of the due diligence program, the results for vanadium pentoxide met our expectation while those for titanium dioxide exceeded them. The main magnetite layer outcrops or is very near surface over a combined strike length of over 5,000 metres, with very shallow (approximately 10-15degree) dips, building tonnes with little or no strip ratio should be fast and relatively inexpensive. We look forward to further evaluation of these results with a specific focus on potential economics and preparing next steps for the project which may include a sizeable bulk sample." About the Vanadium Property The Lagersdrift Vanadium Project is located in the prolific Bushveld Geological Complex within a known mineral and vanadium producing area within reach of proven processing plants, railway and road options and ports in Limpopo Province, South Africa. The Bushveld Complex Geology is well known and richly endowed hosting several significant deposits, mining and smelting operations (See Figure 2) Vanadium mineralisation occurs in vanadium-bearing titaniferous magnetite-rich layers that occur within the Upper Zone of the Rustenburg Layered Suite ("RLS") of the Bushveld Complex. A total of 25 layers of cumulus magnetite are known to exist within the Upper Zone. The highest vanadium contents occur in the lowermost layers, which are characterised by grades of up to 2.0% V2O5. The MML is reportedly 2.55 metres thick with adjacent seams another 1.10 metres in thickness within approximately 5 metres of total thickness. Most of the vanadium is present in the magnetite grains, where it substitutes for trivalent iron. Four separate near-term potential exploration and mining targets with a total strike length of prospective targets ~ 8.5km were identified from historical exploration work completed by Anglovaal in the 1970s and 1980s on the current Lagersdrift Licence and adjacent Blinkwater Licence Application. Under the existing term sheet with the property vendor, Essex can earn up to 60% in the projects as follows: dot an initial 50% by spending $500,000 on exploration and other project related expenditures dot acquire an additional 10% project interest from the vendor based on an independent valuation following the initial earn-in Essex will continue to evaluate the results of the due diligence program and the terms of the proposed agreement. QA/QC Samples were collected in the field Rod Husband, the Company's Qualified Person, who was responsible for all aspects of the work, including the quality control/quality assurance program. Float, Float composite and Outcrop samples were selective, whereas Channel samples were non-selective. Channel samples were collected in situ by cutting across potentially mineralized rock unit using a Husqvarna K760 dual bladed rock saw. Float and Float composite samples were selective, and may have been, but were not necessarily, collected near their source, and may have been collected from rock dumps, for example. Outcrop samples were collected in situ and were non-selective. Samples were submitted to ALS Johannesburg for Iron Ore by XRF Fusion analysis. and ICP analysis. Blanks and standards were submitted into the sample stream as part of the Company's quality assurance/quality control protocol. Qualified Person The technical information contained in this news release has been reviewed and approved by Mr Rod Husband, PGeo., a "Qualified Person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Minerals Projects. ISSUED ON BEHALF OF ESSEX MINERALS INC. Paul Loudon Chairman Tel: +1 604 681 4653 www.essexminerals.com Neither the 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. Cautionary Notes Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements, which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to the forward- looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed. In some cases you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "Predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our industry's actual results, level of activity, performance, or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Essex does not intend to update any forward-looking statements to confirm these statements to actual results. Figure 1 Sample Locations Figure 2 Bushveld Complex Table 1- Sample List Sample ID lat long Sample type V2O5 (%) TiO2 (%) G0001 -25.31235868 29.85552890 Float 0.721 15.65 G0002 -25.31231325 29.85624271 Intrusive Outcrop 0.076 2.51 G0003 -25.31357506 29.85926933 Float 0.499 16.55 G0004 -25.31379366 29.85978314 Intrusive Outcrop 0.091 2.02 G0005 -25.31441191 29.85919900 Float 0.793 17.65 G0006 -25.33555225 29.80486499 Float 0.757 16.90 G0007 -25.33555652 29.80486625 Float 0.407 17.95 G0008 -25.34561589 29.87204427 Float 0.520 14.00 G0009 -25.33044071 29.88384775 Float 0.724 18.30 G0010 -25.32953731 29.79941089 Float 0.638 18.50 G0011 -25.32947428 29.79949521 Float 0.664 17.95 G0012 -25.33362717 29.79822996 Outcrop 0.578 16.20 G0013 -25.33383127 29.79828310 Outcrop 0.557 17.65 G0014 -25.33319282 29.79875400 Intrusive Outcrop 0.104 2.20 G0015 -25.33326080 29.79837757 Float 0.662 17.80 G0016 -25.33325426 29.79837899 Float 0.516 17.10 G0017 -25.32560343 29.79324072 Black Sand 0.218 16.40 G0018 -25.32095072 29.79524869 Outcrop 0.618 18.05 G0019 -25.34328933 29.82718483 Black Sand 0.319 18.10 G0020 -25.34328866 29.82718860 Float 0.364 18.75 G0021 -25.32692106 29.88243976 Intrusive Outcrop 0.041 3.60 G0022 -25.32681051 29.88243775 Outcrop 1.045 18.20 G0023 -25.33921396 29.88193299 Float 0.722 17.70 G0024 -25.33584754 29.88321844 Float 1.690 13.80 G0025 -25.32880926 29.88236600 Outcrop 1.735 13.65 G0026 -25.33042948 29.88400365 Float 1.035 17.00 G0027 -25.32688259 29.88253254 Channel 1.190 18.30 G0028 -25.32691386 29.88243749 Channel 1.320 14.70 G0029 -25.34324750 29.82718147 Float 1.035 15.35 G0030 -25.34330391 29.82710260 Float 1.585 14.90 G0031 -25.34326544 29.82716127 Float 1.210 20.00 G0032 -25.34324306 29.82720989 Channel 1.080 17.75 G0033 -25.34324314 29.82722925 Channel 1.025 18.80 G0034 -25.35729457 29.81778871 Channel 0.838 17.65 G0035 -25.35709843 29.81783381 Channel 1.045 17.90 G0036 -25.35937445 29.81806984 Channel 1.715 13.65 G0037 -25.35917035 29.81821694 Channel 1.740 13.10 G0038 -25.35913548 29.81819859 Black Sand 1.415 13.20 G0039 -25.35911009 29.81812223 Channel 1.725 13.75 G0040 -25.35522583 29.81825106 Channel 1.735 13.15 G0041 -25.32703087 29.88254210 Outcrop 0.910 15.25 G0042 -25.32685057 29.88255090 Outcrop 0.909 15.50 G0043 -25.35679593 29.87491742 Float 1.330 13.40 G0044 -25.33786171 29.88299766 Float 1.645 13.85 G0045 -25.33548812 29.88340787 Outcrop 1.740 13.25 G0046 -25.33554822 29.88339018 Outcrop 1.280 19.95 G0047 -25.33552743 29.88347073 Outcrop 1.655 13.75 G0048 -25.33560681 29.88359185 Outcrop 1.375 15.65 G0049 -25.33558234 29.88359495 Outcrop 0.969 15.00 G0050 -25.33559348 29.88354986 Outcrop 0.892 15.00 Table 1- Sample List Con't G0051 -25.34551933 29.87193556 Outcrop 1.105 15.55 G0052 -25.34551933 29.87193556 Outcrop 0.817 15.15 G0053 -25.34551933 29.87193556 Outcrop 1.465 17.25 G0054 -25.20340600 29.52648500 Outcrop 0.707 16.75 G0055 -25.20738600 29.52319000 Outcrop 1.320 16.05 G0056 -25.20738600 29.52319000 Outcrop 1.435 15.80 G0057 -25.21461100 29.51800800 Outcrop 1.825 12.15 G0058 -25.20738600 29.52319000 Outcrop 1.320 16.35 G0059 -25.20706500 29.52343900 Outcrop 1.255 17.05 G0060 -25.20702500 29.52425200 Outcrop 1.655 13.90 G0061 -25.20579700 29.52423500 Outcrop 1.275 16.15 G0062 -25.20636500 29.52391300 Outcrop 1.720 13.85