LOWNA, BC, July 6 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").
The Company is pleased to announce that the first of seven planned
minibulk sample holes drilled into diamondiferous kimberlitic, T1, has been
completed at the planned depth of 306 metres (1,003 feet). The field log of
T1-1 is given below:
From To Rock/Unit
(metres) (metres)
0 38 Glacial Till
38 133 Limestone
133 175 Green kimberlite
175 264 Dark green to blue kimberlite, serpentinized
in part
264 306 Dark green kimberlite with granite xenoliths
The total weight of kimberlite recovered is 1225 kg and this has been
shipped by air freight to the CF Mineral Research laboratory for logging and
analysis for macrodiamonds and microdiamonds.
The second hole, T1-2 has been collared and is an inclined hole designed
to test for lateral variations within the kimberlite as well to determine its
eastern margin. The drill hole is currently at an inclined depth of 136
metres.
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
Published Jul 6 2005
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