Business
Metalex Ventures Ltd - Exploration Update
Metalex Ventures Ltd - Exploration Update.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\nLOWNA, BC, June 27 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture\nExchange)(\"Metalex\" or the \"Company\").\n\nT1 Bulk Sampling, Ontario (Metalex 91.5% contributing interest, 83.35%\neffective interest)\n\nCollection of a 200 tonne bulk samples to determine the diamond grades\nand indicative diamond value continues at the T1 diamond bearing pipe in the\nKyle Region. To date six of the 16 planned holes have been completed and\n81.918 tonnes of kimberlite has been collected. Drilling is slightly behind\nschedule due to a compressor malfunction. This has been fixed and Hole 7 is in\nprogress.\nMetallurgical testing of the 6 tonne sample from the first hole is in\nprogress at the CF Mineral Research Ltd Laboratory to develop an optimum\ndiamond recovery circuit for treatment of the 200 tonne sample. During this\ntesting CF Minerals report that several plus 1 mm gem quality diamonds were\nrecovered. Two additional ball mills are scheduled to be installed this week\nso that processing of the entire 6 tonne sample can be accelerated and results\nreported in a timely manner.\n\nMorocco (earning 60% interest)\n\nMetalex has a joint venture covering two areas totalling 24,807 km2 in\nSouth Morocco. Reconnaissance sampling has been completed over these areas and\npositive results have been found in both of them.\nResults for reconnaissance sampling of the First Area have been reported\npreviously (see press releases dated May 9, 2005 and December 12, 2005). These\nresults have identified 16 sites containing diamond indicator minerals; 28\nsites containing anomalous gold values; 18 sites containing anomalous nickel -\ncopper - cobalt values; thirteen sites containing anomalous zinc and copper\nvalues and three sites containing anomalous uranium values. Thirty one\naeromagnetic anomalies were also identified (Press Release dated December 12,\n2005). Follow up of these anomalies by drainage/loam sampling is currently in\nprogress and should be completed within the next two months. It is anticipated\nthat approximately 1,000 drainage/loam samples will be collected.\nIn the Second Area, there are two regions with positive diamond indicator\nresults. In one region G10 peridotitic garnets occur in 6 drainage/loam\nsamples collected over an area of approximately 1,000 km2. One of these\nsamples contains an outstanding result of three ...