Mr. Chad Ulansky reports

METALEX ANNOUNCES COPPER-NICKEL-COBALT DRILL TARGETS AT B3 CLAIM BLOCK IN QUEBEC

Metalex Ventures Ltd.'s 100-per-cent-owned B3 claim block contains promising geophysical anomalies for copper-nickel-cobalt mineralization.

Claim block B3

The 24,322-hectare B3 claim block was staked in 2022 as it contains copper-nickel-cobalt sulphides as shown by the company's heavy mineral and soil-till-talus sampling. In late 2023, Metalex had a VTEM (versatile time-domain electromagnetic) airborne geophysical survey completed over its B3 claim block by Geotech Ltd.

The VTEM survey, which included both electromagnetic and magnetic data, was reviewed by SHA Geophysics Inc. Its work indicates that there are a total of 18 significant conductors on the property. Of these, eight are thought to likely represent sulphide mineralization.

In the southwest of the claim block, there are two anomalies that will be the initial focus of a coming drill program. Both anomalies are potential sources of the nearby strongly anomalous nickel-copper-cobalt heavy mineral sample results as they lie either up ice or upstream.

Target B3-q is described as a wide, steeply dipping conductive zone coincident with a singular magnetic anomaly.

Target B3-p is a moderate to strong conductor associated with the southern contact of a weak linear magnetic anomaly. The modelling of this anomaly suggests that it is a thick, steeply dipping conductor.

Claim block A5

Results from the 2023 drilling on the A5 claim block have now been received. Significant mineralization for either gold or ilmenite/scandium was not intersected. However, due to the provincewide work ban implemented due to forest fires last year, only four of the planned five holes were completed. Metalex is reviewing these results, along with its existing data, to determine if the additional planned but not drilled hole will be completed after drilling the nickel-copper-cobalt targets.

Summary

Metalex is pleased to have detected numerous geophysical conductor anomalies within the B3 claim block. These are thought to be the source of the strongly anomalous nickel-copper-cobalt results found by the company's comprehensive heavy mineral and soil-till-talus geochemical sampling program. Drilling of two of these high-priority targets is scheduled for this summer.

The technical information and results reported here have been reviewed by Chad Ulansky PGeo, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.

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