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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a ho-hum 73-70-167 as the TSX Venture Exchange fell two points to 722. Charles Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) was unchanged at two cents on 135,000 shares when it last traded on Monday. The diamond explorer, which traded at $5.60 in the early 2000s -- $56 when a 1:10 consolidation in 2009 is considered -- is continuing a slow segue toward gold. First, however, it is testing one of its Quebec prospects for copper, nickel and cobalt.

The B3 claim block is east of James Bay and an area where Metalex was initially hunting diamonds. Late in 2022, Metalex said it had staked "a tightly constrained nickel-copper-cobalt anomaly that was covered by the 103-hectare claim block B3." It concurrently staked three other blocks in Quebec, including the 24,322-hectare B4 and its broad area with anomalous nickel-copper-cobalt-molybdenum-arsenic values.

A year passed before Metalex began an airborne geophysical survey. Hopefully they flew the right property, as by the time the results rolled out in early 2024, Mr. Ulansky, president and chief executive officer, and Mr. Fipke, executive chairman, were touting promising anomalies for copper-nickel-cobalt on the 24,322-hectare B3 claim block. (It is unclear what happened to the original, tiny B3 -- around the time the propellers were spinning for the airborne geophysical program late in 2023, B4 suddenly morphed into B3.)

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