Business
Metalex Ventures Ltd. - New kimberlite discovered on the T1 project
Metalex Ventures Ltd. - New kimberlite discovered on the T1 project.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\nKELOWNA, BC, Dec. 13 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture\nExchange) (\"Metalex\" or the \"Company\").\n\n\nMetalex is pleased to announce the drill intersection of a new kimberlite\non its T1 project. The new kimberlite is located in between the soon to be\nVictor Diamond Mine and the Company's prospective T1 diamond project.\n\n\nDrilling intersected kimberlite at a depth of approximately 10 metres.\nContinued drilling to a depth of 90 metres recovered a sample of about\n100 kilograms which will be air freighted to the CF Mineral Research\nlaboratory for extraction of contained diamonds and analysis of indicator\nminerals. Visual inspection of the core reveals kelyphite rimmed pyrope\ngarnets, olivines and other kimberlite indicator minerals.\n\n\nGround geophysical surveys have been commissioned over the pipe to\nestimate its dimensions.\n\n\nThis kimberlite was discovered by drilling a target which was generated\nfrom a recently flown 28,620 line kilometer airborne geophysical survey. A\nfurther 34 targets were identified by the survey and have been staked.\n\n\nThe T1 project is a joint venture between Metalex (91.5%) and Arctic Star\nDiamond Corp. (8.5%). The joint venture has also discovered the promising T1\nkimberlite from which a 200 ton bulk sample is to be collected.\n\n\nMetalex's exploration projects are managed by Kel-Ex Development Ltd., a\ncompany owned by Dr. Charles Fipke an internationally recognized diamond\ngeologist. Dr Fipke is the Chairman of Metalex. Kel-Ex provides Metalex with\naccess to the advanced proprietary databases and interpretational techniques.\nIn return Kel-Ex receives a 10% administration fee to cover costs and, in the\ncase of some Canadian projects, a 10% interest in the project carried to\nproduction. Dr. Fipke also owns the CF Mineral Research laboratory where\nsamples collected in the exploration programs are analyzed.\n\n\nDr. Charles Fipke, a Qualified Person, is responsible for the technical\ncontent of this release.\n\n\nChad Ulansky\n\n\nPresident.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n%SEDAR: 00008159E\n\n\n","length":2259,"tagName":"div"}]