Metalex commences airborne geophysical survey in Morocco
KELOWNA, BC, Aug. 16, 2011 /CNW/ --
KELOWNA, BC, Aug. 16, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ('Metalex', the 'Company') is pleased to report the
commencement of an airborne geophysical survey over its exploration
license in Morocco which shows potential for several commodities.
A 85,000 line kilometer magnetic and radiometric survey is being flown
over the Company's 17,100 km(2) exploration license in southern Morocco. Geochemical surveys completed
by Metalex show the potential of the license to host gold, base metal,
uranium and diamond deposits. The prospectivity of the license is
further demonstrated by the presence of Kinross' 20 million ounce
Tasiast gold mine located 100 kilometers to the south and SNIM's world
class 5.7 billion ton iron mine 200 kilometers to the east.
Metalex has entered into a joint venture with Office National des
Hydrocarbures et des Mines (ONHYM) which is the government department
overseeing petroleum and mineral exploration, development and
extraction in Morocco. ONHYM holds a 40% interest in the project and
Metalex holds 60% project interest. Both parties fund their respective
interests.
Goldak Airborne Surveys based in Saskatoon, Saskatchewan has been
contracted to fly the survey. A Piper PA-31 Navajo aircraft equipped
with three magnetometers which forms a three-axis gradiometer, and is
also equipped with a radiometric sensor, will be flying the survey.
Consultant geophysicists Scott Hogg and Associates from Toronto,
Ontario are overseeing the survey providing quality assurance and
quality control as well as processing and interpreting the data.
Metalex was granted exploration licenses totaling over 24,800 km(2) in southern Morocco in 2004 and 2005. The licenses cover an area that
is one of the only remaining areas of the world that is underlain by an
Archean craton (ie; rocks older than 2.6 billion years) that has yet to
be explored. Archean cratons are very favorable areas for significant
mines. All kimberlite diamond mines are on cratons. Many of the
world's largest gold mines are also located on cratons such as the
mines at the Witswatersrand in South Africa, the Yilgarn craton in
Australia and the Abitibi and Timmins areas in Canada.
Since being granted the licenses, Metalex has collected over 3,000 heavy
mineral samples and these have shown that the claims are prospective
for gold, base metals, uranium and diamonds. Specifically, strong gold
anomalies were found in 38 areas, base metal anomalies (nickel /-
copper /- cobalt /- zinc /- lead) in 59 areas, uranium anomalies in
6 areas and diamond bearing kimberlites in 18 areas.
Following the comprehensive heavy mineral geochemical survey, areas of
the licences that did not show potential were relinquished. All of the
aforementioned anomalies are contained within the current 17,100 km(2) exploration license.
The airborne survey is expected to require over 4 months of continuous
flying. Geophysical data will be processed and interpreted as the
survey progresses and ground truthing of resultant anomalies will be
undertaken. An extensive airborne electromagnetic survey has also been
budgeted for. Its extent will be determined in part by the results of
the current airborne magnetic and radiometric surveys.
Metalex looks forward to the results of the airborne survey over this
highly prospective area.
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.
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Please Contact Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca