Business
Metalex Ventures Ltd. - T1 Bulk Sampling First Hole completed
Metalex Ventures Ltd. - T1 Bulk Sampling First Hole completed.
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\nLOWNA, BC, April 17 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture\nExchange)(\"Metalex\" or the \"Company\").\nMetalex is pleased to announce that the first of 16 bulk sample holes has\nbeen completed on budget and on time at its T1 diamond bearing kimberlite\npipe. This vertical drill hole intersected kimberlite at 137 metres (450 feet)\nand, after passing through a granite xenolith, bottomed in kimberlite at\n295 metres (990 feet). A total of 5,942 kg (13,074 pounds) of plus 0.425 mm\nkimberlite was collected. This kimberlite is currently being shipped to the CF\nMineral Research Laboratory for recovery of diamonds and assessment of the\nmetallurgical characteristics of the kimberlite so that optimum treatment of\nthe remaining samples can be determined.\nThe drill has now been moved to the second site and it is intended that\nfuture drill holes will be drilled to refusal and additional drill rods have\nbeen sent to site to achieve this. It is expected that the final sample weight\nof kimberlite that will be collected from T1 will be between 200 and 300\ntonnes.\nAdditional electron microprobe results received recently from the CF\nMineral Research Laboratory continue to reinforce the prospectivity of T1,\nwith more 161 garnet grains with diamond inclusion compositions being\nrecovered from 105 kg of drill core from hole T1-3. These include 19 grains of\ngarnets whose composition (G10 - 10) is typical of those G10 garnets found in\npipes containing high diamond grades.\nBoth Metalex and its partner, Arctic Star Diamond Corp, are pleased with\nwork so far and eagerly await the results of the bulk sampling.\n\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 labor...