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Metalex Ventures Ltd. - Second new kimberlite discovered on the T1 project
Metalex Ventures Ltd. - Second new kimberlite discovered on the T1 project.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\nKELOWNA, BC, Jan. 30 /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, named U2, is located near the recently\ndiscovered U1 kimberlite in between the soon to be Victor Diamond Mine and the\nCompany's prospective T1 diamond project.\n\n\nDrilling intersected kimberlite at a depth of approximately 17 metres. A\n100 kilogram sample 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 red and\npurple pyrope garnets, eclogitic garnets, jadeitic diopsides, chrome\ndiopsides, olivines and other kimberlite indicator minerals as well as\neclogitic nodules.\n\n\nGeophysical surveys over the pipe suggest that it has a surface area of\n7 hectares.\n\n\nThe U2 kimberlite was discovered by drilling a target generated from a\nrecently flown 28,620 line kilometer airborne geophysical survey. Two of 34\ntargets generated by this survey have now been tested resulting in the\ndiscovery of the U1 and U2 kimberlites. The U1 core is being processed by CF\nMineral Research Ltd. and the indicator mineral results are expected in 3\nweeks.\n\n\nDrill testing of the remaining priority one targets is continuing.\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 the collection of a 200 ton bulk sample is partially\ncomplete.\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 Ulansk...