LOWNA, BC, July 12 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").
Metalex has purchased approximately 11,000 line km of aeromagnetic
gradiometer data covering all of the Chitamba licence area (Metalex initially
55% - 60%) from SDM(x). The data was flown using a 250 metre line spacing and
80 metre terrain clearance.
Stan Deakin, Manager of Exploration and Mining for the Chitamba Project,
has identified more than 30 magnetic anomalies within the Chitamba licence
area which may reflect as yet undiscovered kimberlite pipes. The anomalies are
located mainly to the south of the Cucumbi river in an area where no
kimberlite pipes have been discovered in the past. Four of these anomalies are
more than 1 km in diameter. The aeromagnetic data has been sent to Scott Hogg
and Associates, Geophysicists, for further analysis and interpretation.
The large (greater than 1 km diameter) anomalies are located near, or
under, the flood plain of the Cuango river. This river is mined for diamonds
150 km downstream from the Chitamba permit by SDM. Over the last four years,
SDM has produced around 400,000 to 600,000 carats annually valued at about
US$200 / carat from this location. Whilst the aeromagnetic results are
encouraging, not enough work has been done to ascertain whether the large
magnetic anomalies reflect rocks that are the source of some of the alluvial
diamonds found in the Cuango River.
Results from the drainage sampling survey carried out over the Chitamba
permit last year show that kimberlitic indicator minerals are concentrated in
the eastern part of the permit and this is consistent with the distribution of
some of the possible kimberlite-related magnetic anomalies. The known
kimberlites in the northeast part of the permit appear to be shedding both
peridotitic and eclogitic kimberlite indicator minerals. But the kimberlite
indicator minerals in the vicinity of the large magnetic anomalies are
dominated by peridotitic varieties suggesting the possibility of two different
ages of kimberlite. However, this has yet to be proven.
The Company will shortly commence testing of the aeromagnetic anomalies
by pitting and is arranging to send one of its drills by airfreight to Angola
to drill the 30 or more magnetic targets.
(x) SDM : (Sociedade de Desenvolvimento Mineiro de Angola), a joint
venture alluvial diamond mining project operating along a 90km
stretch of the Cuango river valley. Currently processing a total of
1.2 million cubic metres of gravel per annum using five process
plants.
Metalex's exploration projects are managed by Kel-Ex Development Ltd., a
company owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter
Gregory, the President of Metalex is also an employee of Kel-Ex. The
arrangement with Kel-Ex provides Metalex with access to the advanced
proprietary databases and interpretational techniques of Dr. Charles Fipke, an
internationally recognized diamond geologist. In return, Kel-Ex receives a 10%
administration fee and, in the case of the Canadian projects, a 10% interest
in the project carried to production. (Kel-Ex will repay its proportionate
share of the costs of mine development out of its share of mine profits). Dr.
Fipke also owns the CF Mineral Research laboratory where samples collected in
the exploration programs are analysed. Dr. Peter Gregory, a qualified person,
has verified that the work carried out by Kel-Ex, manager and operator of the
Company's projects, is being carried out in a professional and diligent manner
and that the appropriate quality controls are in place. Dr. Gregory has also
inspected the CF Mineral Research laboratory and is satisfied that the work
performed there meets or exceeds international best practices; that the work
is performed on an arms' length basis and in accordance with standard
commercial arms' length terms; and that the results provided by CF Mineral
Research are accurate and reliable. On this basis the Company has not sought
any independent analyses. However, should significant diamond grades be
discovered the Company may seek independent verification of such results. Dr.
Gregory is responsible for the contents of this press release.
Peter Gregory
President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents herein.
%SEDAR: 00008159E
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