Metalex Ventures Ltd. Reports U2 Diamond Results
27.06.2011 | CNW
KELOWNA, BC, June 27, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ('Metalex', the 'Company') is pleased to report the diamond results from the next two bulk samples 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.Primary recovery of diamonds from the seventh and eighth holes is now complete. U2-RC-08 and U2-RC-09 contain 57 and 136 commercial sized stones (greater than 0.425mm) respectively. Hole U2-RC-08 intersected kimberlite which contained abundant country rock xenoliths which substantially diluted the diamond grade. These limestone blocks are interpreted to be large pieces of wall rock that fell into the kimberlite pipe at the time of eruption. If U2 were to be mined, these country rock sections would be consigned to the waste dump.
The geology and diamond results for U2-RC-08 are presented in the following table:
Depth Sampled Diamonds Sampled Grade
From To Interval Material # Ct Weight
(m) (m) (m) (kg) (cpht)
Overburden and limestone
0 30 30 crater infill - Low grade 2 0.026 4,234 0.6
30 45 15 Kimberlite - Moderate grade 7 0.102 1,953 5.2
Kimberlite with abundant
country rock xenoliths (80%
xenoliths from 45-55m; 97%
from 55-73m; 100% from
73-76m; 40% from 76-85m; 98%
from 85-97m; 40% from
97-106m; 100% from 106-120m)
45 120 75 - Low grade 7 0.077 13,561 0.6
Kimberlite with abundant
country rock xenoliths (100%
xenoliths from 120-127m; 75%
from 127-135m) - Moderate
120 135 15 grade 18 0.231 2,724 8.5
Kimberlite with abundant
country rock xenoliths (75%
xenoliths from 135-145m; 30%
from 145-172m; 99% from
172-178m; 10% from 178-184m;
100% from 184-187m; 40% from
187-193m, 100% from 193-196m;
20% from 196-205m; 85% from
205-214m; 90% from 214-229m;
15% from 229-250m; 100% from
250-256m; 10% from 256-264m;
20% from 264-280m; 10% from
280-286m; 20% from 286-301m;
35% from 301-324m) - Low
135 324 189 grade 23 0.124 24,943 0.5
The geology and diamond results for U2-RC-09 are presented in the following table:
Depth Sampled Diamonds Sampled Grade
From To Interval Material # Ct Weight
(m) (m) (m) (kg) (cpht)
Overburden and limestone
0 42 42 crater infill - low grade 0 0.000 7,098 0.0
Kimberlite with typically
20-25% country rock
42 57 15 xenoliths - High grade 2 0.398 2,022 19.7
Kimberlite averaging mostly
5% country rock xenoliths
except 3 meters of
limestone intersected at 65
57 102 45 meters - Moderate grade 30 0.358 4,946 7.2
Kimberlite with 5% country
102 132 30 rock xenoliths - Low grade 14 0.075 3,271 2.3
Kimberlite with 5% country
rock xenoliths - Moderate
132 162 30 grade 17 0.200 3,190 6.3
Kimberlite with 6% country
162 177 15 rock xenoliths - Low grade 5 0.044 1,621 2.7
Kimberlite with 7% country
177 192 15 rock xenoliths - High grade 10 0.405 1,601 25.3
Kimberlite with 7% country
192 207 15 rock xenoliths - Low grade 4 0.018 1,687 1.1
Kimberlite with 7% country
rock xenoliths - Moderate
207 222 15 grade 9 0.080 1,541 5.2
Kimberlite with abundant
country rock xenoliths (7%
xenoliths from 222-227m;
100% from 227-239m; 10%
from 239-254m; 100% from
254-257m; 90% from
257-272m; 7% from 272-282m)
222 282 60 - Low grade 16 0.086 6,513 1.3
Kimberlite with 7% country
rock xenoliths - Moderate
282 312 30 to high grade 26 0.390 3,203 12.2
Kimberlite with 60% country
312 323.5 11.5 rock xenoliths - Low grade 3 0.045 1,150 3.9
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 6.7mm
0.425mm 0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm 4.75mm
U2-RC-02 61 81 56 24 4 3 - - 229
U2-RC-03 51 121 79 38 12 1 1 - 303
U2-RC-04 32 99 68 21 10 2 1 - 233
U2-RC-05 58 137 65 30 6 3 1 - 300
U2-RC-06 27 66 50 19 4 3 - 1 170
U2-RC-07 21 50 30 13 1 - - - 115
U2-RC-08 8 29 12 5 3 - - - 57
U2-RC-09 26 53 35 15 5 1 1 - 136
Total 284 636 395 165 45 13 4 1 1,543
Characterization of the colour of all natural diamonds recovered and described to date 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 69 303
U2-RC-04 136 14 0 3 22 58 233
U2-RC-05 172 25 2 0 35 66 300
U2-RC-06 100 5 0 3 13 49 170
U2-RC-07 44 6 0 0 31 34 115
U2-RC-08 30 7 0 0 11 9 57
U2-RC-09 58 8 2 1 26 41 136
Total 758 111 7 9 262 396 1,543
To date, as presented in the above table, 49.1% of the diamonds are white; 25.7% are grey; 17% are brown; 7.2% are yellow; 0.6% are pink and 0.5% are green. The proportion of white diamonds continues to improve with increasing diamond size. Of the 63 largest diamonds (greater than 1.7mm), 45 are white, 1 is yellow, 12 are grey and 5 are brown. By weight, white diamonds comprise 62.7% of the parcel and yellow, pink and green diamonds comprise 6.0%.
Metalex is most encouraged as many of the large diamonds recovered to date from the very large 9.3 hectare U2 kimberlite are spectacular. The results continue to support Metalex's belief that U2 contains a very high quality coarse diamond population. Metalex looks forward to the diamond results from the remaining three 22cm diameter reverse circulation drill holes.
Greenland
Metalex collected two large (1,000 kg+) samples from gravels where high concentrations of diamond indicator minerals had been discovered. These samples were processed to assess whether commercial diamonds were likely to be contained in the source kimberlites. No diamonds were found and the Company has decided to relinquish the exploration license.
Investor Relations
Metalex is pleased to announce that it has, subject to regulatory acceptance, engaged Uptick Communications Inc. ("Uptick") to assist with its investor relations program. Uptick will assist the Company by introducing it to potential investors, and will assist with communications campaigns with Uptick's contact base, designing corporate communications materials, and enhancing the Company's image generally.
The agreement has an initial term of 12 months commencing July 1, 2011. In consideration for the services to be provided, Uptick will receive $4,000 per month and 40,000 Metalex stock options exercisable at $0.55 per share.
Uptick is an investor relations firm out of Toronto, Ontario who specialize in tactical communications, helping clients focus their message and broaden their audience
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:
Please Contact Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca
www.metalexventures.ca