LOWNA, BC, Nov. 15 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").
Angola
Dredging for gravel and alluvial diamonds was carried out at 7 sites
along the Cucumbi River and 12 sites along the Cuango River in a search of
sheet gravels, potholes and bedrock depressions. Whilst no sheet gravels were
found, with sand directly overlying bedrock in most instances, a possible
pothole, more than 20 metres deep, was found in the Cucumbi River where it
flows over a 0.52 hectare aeromagnetic anomaly. As the bulk of the
US$100 million a year SDM production, some 80 km downstream from the Chitamba
license, is derived from mining diamonds from potholes and rock bars, this
possible pothole is regarded as a good alluvial diamond target. This could not
be tested this year owing to the onset of the wet season but is a high
priority target to test at the end of the wet season in April 2007. Other
alluvial targets identified include rock bars, rapids and sediments over a
20 hectare aeromagnetic anomaly bisected by the Cuango River.
Plans are well advanced to carry out a helicopter supported aeromagnetic
survey of the eastern part of the Chitamba License. The purpose of this high
resolution survey will be to locate drill targets on the ground as well as
identify weakly magnetic kimberlite which could have been missed by the
previous fixed wing aeromagnetic survey. Priority aeromagnetic anomalies will
then be tested using helicopter supported drilling of the type used in Canada.
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 former President of Metalex is a consultant to Kel-Ex. Chad
Ulansky, the current President, is a consultant to Kel-Ex and Metalex. 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 analyzed. 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 has prepared this press release.
Peter Gregory
Consultant
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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Published Nov 15 2006
3 min read