Metalex Ventures Ltd. Recovers Additional Large Gem Quality Diamonds From U2
11.03.2011 | CNW
KELOWNA, BC, March 11 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) ('Metalex', the 'Company') is pleased to report preliminary macro diamond results from the third of 11 holes from the 9.3 hectare U2 kimberlite pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.A 0.72 carat white gem quality diamond has been recovered from the third bulk sample hole from U2. A picture of this diamond is presented on the Company's website (www.metalexventures.com).
Recovery of diamonds from the fourth hole has commenced and already another 0.72 carat diamond has been recovered. Once recovery and characterization are complete of the fourth hole results will be reported. Therefore this release presents only the results of the first three holes.
The diamonds recovered to date in the third hole U2-RC-04 are as follows:
_____________________________________________________________________
| Depth | Sampled |Diamonds| Sampled |Grade |
|_________________|_______________________|________|___________|______|
|From|To |Interval| Material |# | Ct | Weight | |
|____|___|________|_______________________|__|_____|___________|______|
|(m) |(m)| (m) | | | | (kg) |(cpht)|
|____|___|________|_______________________|__|_____|___________|______|
| 15 |45 | 30 |Crater infill - low |3 |0.017| 4,129| 0.4 |
| | | |grade | | | | |
|____|___|________|_______________________|__|_____|___________|______|
| 45 |90 | 45 |Crater-kimberlite |19|0.185| 7,263| 2.6 |
| | | |transition - low grade | | | | |
|____|___|________|_______________________|__|_____|___________|______|
| 90 |105| 15 |Kimberlite - moderate |13|0.116| 2,059| 5.6 |
| | | |grade | | | | |
|____|___|________|_______________________|__|_____|___________|______|
|105 |120| 15 |Kimberlite - low grade |10|0.047| 1,999| 2.4 |
|____|___|________|_______________________|__|_____|___________|______|
|120 |135| 15 |Kimberlite - moderate |14|0.172| 1,891| 9.1 |
| | | |to high grade | | | | |
|____|___|________|_______________________|__|_____|___________|______|
|135 |240| 105 |Kimberlite - high grade|81|2.141| 11,724 | 18.3 |
|____|___|________|_______________________|__|_____|___________|______|
|240 |270| 30 |Kimberlite - moderate |13|0.174| 5,128| 5.4 |
| | | |grade | | | | |
|____|___|________|_______________________|__|_____|___________|______|
|270 |315| 45 |Kimberlite - high grade|54|0.704| 9,960| 15.2 |
|____|___|________|_______________________|__|_____|___________|______|
|315 |339| 24 |Kimberlite - moderate |20|0.22 | 3,597| 9.1 |
| | | |to high grade | | | | |
|____|___|________|_______________________|__|_____|___________|______|
Audit sample results from the second and third holes have not yet been
received and could further improve the above grades.
The size distribution of the diamonds is very coarse with a high proportion of the diamonds being in the large size categories. This is important for a high average carat value. The following table contains the size distribution of the diamonds recovered and described to date:
_______________________________________________________________________________
| Hole | Sieve Sizes (Through / On) | Total |
|________|_____________________________________________________________|________|
| | 0.6mm |0.85mm |1.18mm | 1.7mm | 2.36mm | 3.35mm | 4.75mm | |
| | 0.425mm | 0.6mm |0.85mm |1.18mm | 1.7mm | 2.36mm | 3.35mm | |
|________|_________|_______|_______|_______|_________|________|________|________|
|U2-RC-02| | | | | | | | |
| |61 |81 |56 |24 |4 |3 | - |229 |
|________|_________|_______|_______|_______|_________|________|________|________|
|U2-RC-03| | | | | | | | |
| |50 |121 |79 |38 |12 |1 |1 |302 |
|________|_________|_______|_______|_______|_________|________|________|________|
|U2-RC-04| | | | | | | | |
| |29 |96 |68 |21 |10 |2 |1 |227 |
|________|_________|_______|_______|_______|_________|________|________|________|
| Total | | | | | | | | |
| |140 |298 |203 |83 |26 |6 |2 |758 |
|________|_________|_______|_______|_______|_________|________|________|________|
Characterization of the colour of all natural diamonds recovered and described to date from the first three holes are presented in the following table:
_________________________________________________
| Hole |White|Yellow|Green|Pink|Brown|Grey|Total|
| | # | # | # | # | # | # | # |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-02| 97| 20| 2| 0| 40| 70| 229|
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-03| 121| 26| 1| 2| 84| 68| 302|
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-04| 134| 14| 0| 3| 20| 56| 227|
|________|_____|______|_____|____|_____|____|_____|
| Total | 352| 60| 3| 5| 144| 194| 758|
|________|_____|______|_____|____|_____|____|_____|
To date, as presented in the above table 46% are white; 26% are grey; 19% are brown; 8% are yellow; 1% are pink and 0.4% are green. The proportion of white diamonds continues to improve with increasing diamond size. Of the 34 largest diamonds (greater than 1.7mm) 23 are white, 1 is yellow, 5 are grey and 5 are brown. By weight, white diamonds comprise 60.7% of the parcel and yellow, pink and green diamonds comprise 7.2%.
Metalex is most encouraged by the recovery of a white 0.72 carat diamond from the third hole and a second 0.72 carat diamond from the first of the samples from the fourth hole. As shown in photographs available on the Company's website, many of the large diamonds recovered to date from the very large 9.3 hectare U2 kimberlite are spectacular. Furthermore, the high proportion of white and coloured diamonds is exceptional.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Metalex undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither 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.
For further information:
Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca
www.metalexventures.com