Business
Metalex commences airborne geophysical survey in Morocco
KELOWNA, BC, Aug. 16, 2011 /CNW/ - Metalex Ventures Ltd . (TSXV : MTX) ("Metalex", the "Comp...
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\n\nKELOWNA, BC, Aug. 16, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) (\"Metalex\", the \"Company\") is pleased to report the\n commencement of an airborne geophysical survey over its exploration\n license in Morocco which shows potential for several commodities.\n\n\nA 85,000 line kilometer magnetic and radiometric survey is being flown\n over the Company's 17,100 km2 exploration license in southern Morocco.  Geochemical surveys completed\n by Metalex show the potential of the license to host gold, base metal,\n uranium and diamond deposits.  The prospectivity of the license is\n further demonstrated by the presence of Kinross' 20 million ounce\n Tasiast gold mine located 100 kilometers to the south and SNIM's world\n class 5.7 billion ton iron mine 200 kilometers to the east.\n\n\nMetalex has entered into a joint venture with Office National des\n Hydrocarbures et des Mines (ONHYM) which is the government department\n overseeing petroleum and mineral exploration, development and\n extraction in Morocco.  ONHYM holds a 40% interest in the project and\n Metalex holds 60% project interest.  Both parties fund their respective\n interests.\n\n\nGoldak Airborne Surveys based in Saskatoon, Saskatchewan has been\n contracted to fly the survey.  A Piper PA-31 Navajo aircraft equipped\n with three magnetometers which forms a three-axis gradiometer, and is\n also equipped with a radiometric sensor, will be flying the survey. \n Consultant geophysicists Scott Hogg and Associates from Toronto,\n Ontario are overseeing the survey providing quality assurance and\n quality control as well as processing and interpreting the data.\n\n\nMetalex was granted exploration licenses totaling over 24,800 km2 in southern Morocco in 2004 and 2005.  The licenses cover an area that\n is one of the only remaining areas of the world that is underlain by an\n Archean craton (ie; rocks older than 2.6 billion years) that has yet to\n be explored.  Archean cratons are very favorable areas for significant\n mines. All kimberlite diamond mines are on cratons.  Many of the\n world's largest gold mines are also located on cratons such as the\n mines at the Witswatersrand in South Africa, the Yilgarn craton in\n Australia and the Abitibi and Timmins areas in Canada.\n\n\nSince being granted the licenses, Metale...