Large Gem Quality Diamonds Merit 10,000 Ton Sample from Metalex's U2 Kimberlite Pipe
KELOWNA, BC, Sept. 14, 2011 /CNW/ --
KELOWNA, BC, Sept. 14, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ('Metalex', the 'Company') is pleased to report the final
bulk sample results from the large, 9.3 hectare, U2 kimberlite pipe on
the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in
the James Bay lowlands, Ontario.
Processing of the bulk sample from the U2 kimberlite is now complete.
This release presents the results from the final two holes, U2-RC-11
and U2-6-RC together with assessments of the potential of the T1 and U2
kimberlites.
Delineation drilling of the U2 pipe discovered a non-magnetic phase of
kimberlite which forms an extension to the northwest of the main U2
pipe. This extension appears to be under one hectare in size. Previous
processing of the delineation drill core from this new phase returned
very few diamonds. The present large diameter reverse circulation hole
U2-RC-11 confirmed the low diamond content of this phase and yielded
only 26 diamonds greater than 0.425mm.
The geology and diamond results for U2-RC-11 are presented in the
following table:
_____________________________________________________________________
| Depth | Sampled Material |Diamonds|Sampled |Grade |
| | | | Weight | |
|_________________|__________________________|________|________|______|
|From|To |Interval| |# | Ct | | |
|____|___|________|__________________________|__|_____|________|______|
|(m) |(m)| (m) | | | | (kg) |(cpht)|
|____|___|________|__________________________|__|_____|________|______|
| | | |Overburden, limestone | | | | |
| 0 |105| 105 |crater infill and |3 |0.054| 25,641 | 0.2 |
| | | |transition to kimberlite -| | | | |
| | | |Low grade | | | | |
|____|___|________|__________________________|__|_____|________|______|
| | | |Alternating zones of | | | | |
|105 |330| 225 |kimberlite, limestone and |23|0.172| 30,988 | 0.6 |
| | | |mudstone - Low grade | | | | |
|____|___|________|__________________________|__|_____|________|______|
Hole U2-6-RC from the main pipe intersected a significant high grade
intercept as presented in the following table:
_____________________________________________________________________
| Depth | Sampled Material |Diamonds|Sampled |Grade |
| | | | Weight | |
|_________________|__________________________|________|________|______|
|From|To |Interval| |# | Ct | | |
|____|___|________|__________________________|__|_____|________|______|
|(m) |(m)| (m) | | | | (kg) |(cpht)|
|____|___|________|__________________________|__|_____|________|______|
| | | |Overburden, limestone | | | | |
| 0 |59 | 59 |crater infill and |4 |0.030| 17,270 | 0.2 |
| | | |transition to kimberlite -| | | | |
| | | |Low grade | | | | |
|____|___|________|__________________________|__|_____|________|______|
| | | |Kimberlite mixed with up | | | | |
| 59 |179| 120 |to 90% limestone - low |45|0.401| 17,241 | 2.3 |
| | | |grade | | | | |
|____|___|________|__________________________|__|_____|________|______|
|179 |299| 120 |Kimberlite - high grade |86|2.248| 13,408 | 16.8 |
|____|___|________|__________________________|__|_____|________|______|
|299 |344| 45 |Kimberlite - low grade |13|0.154| 4,551 | 3.4 |
|____|___|________|__________________________|__|_____|________|______|
Once the processing of U2-6-RC was complete, the processing plant was
thoroughly cleaned and an additional 15 diamonds totaling 0.206 carats
were recovered. These diamonds have not been included in the above
table as they can not be ascribed to a particular interval with
certainty. The diamonds are included as a part of U2-6-RC in the size
and color results below.
The size distribution of the U2 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|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-10| 33| 85| 62| 21| 6| 5| 1| 1| 214|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-11| 7| 11| 5| 2| 1| - | - | - | 26|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-6-RC | 14| 72| 43| 25| 4| 5| - | - | 163|
|________|_______|______|______|______|______|______|______|______|_____|
| Total | 338| 804| 505| 213| 56| 23| 5| 2|1,946|
|________|_______|______|______|______|______|______|______|______|_____|
Dr. Luc Rombouts, renowned diamond specialist from Antwerp, Belgium,
flew to Kelowna to examine the diamonds from the T1 and U2 kimberlites.
Dr. Rombouts examined the 128 largest ( 1.7mm) diamonds totaling 11.44
carats from T1. Of these he classified 69 diamonds from T1 as white,
45 as brown, 11 as grey and three as colored (green, greenish brown and
bluish white). This equates to 49.6% white, 38% brown, 9% grey and
3.3% colored by weight.
The 86 largest ( 1.7mm) diamonds totaling 15.95 carats from U2 were also
examined by Dr. Rombouts. He classified 73 of the diamonds as white,
six as brown, five as grey and two as colored (yellow and pinkish
brown). This equates to 88.8% white, 7.3% brown, 2.8% grey and 1.1%
colored by weight. Dr. Rombouts confirmed that the two largest
diamonds (2.61 and 1.25 carats) recovered from U2 will cut as high
quality white gems.
Dr. Rombouts concludes that the parcels of diamonds from both T1 and U2
are too small to give a reliable average price per carat estimate. His
size distribution plots indicate that the T1 diamonds are relatively
small and it is likely that additional drill sampling will yield
uneconomic results at current diamond prices. The U2 size distribution
plots; however, are relatively coarse and indicate significantly larger
samples will yield significantly larger diamonds of consequently higher
value than the diamonds recovered from 374 tons of processed U2
kimberlite.
Metalex is most encouraged by the high quality of the 1.7mm diamonds
(88.8% white and 1.1% colored) recovered from the large 9.3 hectare U2
kimberlite. The Victor Diamond Mine, located 60 kilometers east, also
has a high proportion of white gem quality diamonds.
Based on the high proportion of gem quality diamonds, the large size of
the U2 kimberlite and the diamond grades, the U2 kimberlite merits the
collection of a 10,000 ton bulk sample so that at least 1,000 carats of
diamonds can be recovered for assessment. A large diamond parcel is
necessary to accurately define the diamond grade and average value per
carat. Metalex is currently evaluating its options to fund this bulk
sampling program.
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.
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accepts responsibility for the adequacy or accuracy of this release.
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Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca