Business
Metalex Ventures Ltd. - Greenland update
Metalex Ventures Ltd. - Greenland update.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\nLOWNA, BC, Nov. 29 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture\nExchange)(\"Metalex\" or the \"Company\").\nIn its press release dated March 14, 2005 the Company announced that it\nhad discovered very strong counts of exceptional diamond indicator minerals in\ntwo samples, located 430 metres apart, on the southern shore of a lake. As\nthese indicator minerals have very fresh surface textures, and most of the G10\ngarnets are coated with kelyphite, the G10 garnets are considered to be\nderived from a nearby diamondiferous kimberlite pipe source. Charles Fipke\ncommented that \"that no previous exploration samples seen by him, including\nmore than 9,000 samples from the Ekati claim block, has produced as many high\nquality (Cr2O3/CaO ratio) G10 garnets as either of the two Greenland samples\".\nIn a press release dated June 24, 2005 the Company announced that ground\ngeophysical work has been completed over part of the lake, a program of heavy\nmineral sampling had been carried out and that 16 drill holes had been drilled\nacross the shallow lake. It also announced that glacial studies were in\nprogress to determine the ice direction.\nThe glacial studies indicated that there were two ice directions. The\nfirst, and dominant, direction was that of an ice sheet moving in an\napproximate east to west direction. The second direction was that of a small\nvalley glacier moving from the west to the east. This latter glaciation had\nthe effect of redistributing minerals dispersed by the earlier ice sheet. This\nmeans that the likely source of the diamond indicator minerals is either in\nthe lake or to the immediate west or southwest of the anomalous sites.\nAdditional ground geophysical surveying is planned to explore previously\nunsurveyed prospective areas.\nDiamond indicator sampling around the shores of the lake returned largely\nnegative results and this is entirely consistent with a diamond source being\nlocated within the 5 km by 500 - 1000 metre lake.\nInterpretation of the ground geophysics, carried out by Scott Hogg and\nAssociates, has identified 14 magnetic targets ranging in size from 50 metres\nto 250 metres in diameter. Two of these, located in the lake, are coincident\nwith ground gravity anomalies.\nSixteen shallow drill holes were drilled in a broadly north-south section\nacross the lake to collect basal t...