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Metalex Ventures Ltd. - Progress Report T1 Bulk Sample, Ontario
Metalex Ventures Ltd. - Progress Report T1 Bulk Sample, Ontario.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\nLOWNA, BC, May 15 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture\nExchange)(\"the Company\").\nThe Company is pleased to report that the second and third bulk samples\nholes in T1 have now been completed. A total of 30.19 tonnes of kimberlite has\nbeen collected from these two holes at vertical depths between 137 to 326\nmetres. As previously reported these bulk sample holes are part of a 16-hole\nprogram designed to collect in excess of 200 tonnes of kimberlite so that the\noverall diamond grade and indicate diamond value of T1 can be determined.\nThe 5.94 tonne sample of kimberlite from the first bulk sample hole in T1\n(see press release dated April 17, 2006) has now arrived at the CF Mineral\nResearch laboratory and processing of this sample will commence once various\nequipment upgrades have been completed\nMetalex's exploration projects are managed by Kel-Ex Development Ltd., a\ncompany owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter\nGregory, the President of Metalex is a consultant to Kel-Ex. The arrangement\nwith Kel-Ex provides Metalex with access to the advanced proprietary databases\nand interpretational techniques of Dr. Charles Fipke, an internationally\nrecognized diamond geologist. In return, Kel-Ex receives a 10% administration\nfee and, in the case of the Canadian projects, a 10% interest in the project\ncarried to production. (Kel-Ex will repay its proportionate share of the costs\nof mine development out of its share of mine profits). Dr. Fipke also owns the\nCF Mineral Research laboratory where samples collected in the exploration\nprograms are analyzed. Dr. Peter Gregory, a Qualified Person, has verified\nthat the work carried out by Kel-Ex, manager and operator of the Company's\nprojects, is being carried out in a professional and diligent manner and that\nthe appropriate quality controls are in place. Dr. Gregory has also inspected\nthe CF Mineral Research laboratory and is satisfied that the work performed\nthere meets or exceeds international best practices; that the work is\nperformed on an arms length basis and in accordance with standard commercial\narms length terms; and that the results provided by CF Mineral Research are\naccurate and reliable. On this basis the Company has not sought any\nindependent analyses. However, should significant diamond grades be discovered\nthe...