StrategX Elements Corp. reported 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 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. 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. Vanadium is considered an important component having returned consistent high values over the mineralized interval.

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. 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. In Target Area 1, BHP's drill hole 14 intercepted a 58-metre-wide mineralized zone starting at a depth of 27 metres down to 85 metres.

This hole intersected massive and brecciated black graphitic shale with strong sulphide mineralization as fracture-filling pyrrhotite, chalcopyrite, sphalerite, and abundant goldmanite representing high vanadium content throughout the intervening calc-silicate intervals. The calc-silicate unit is less fractured or brecciated and consistently hosts scattered sulfide blebs ranging from 1 to 25 mm in diameter. Elevated molybdenum mineralization averaging 0.13% from 72 to 80 metres occurs in the calc-silicate section.

The Company is targeting the coincident magnetic and EM conductor anomalies at depth below the mineralization identified on surface in Target Area 1. The polymetallic mineralization appears to be stratiform following stratigraphy, bedding, and foliation, and is open at depth to the south and along the E-W trending corridor. Four diamond drill holes have been proposed, spaced several hundred metres apart, to potentially expand the size of the mineralized interval in hole 14 . Can click on Photo F, G and H links in the drill hole 14 metals profile chart to view the core on the Company's website.