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Metalex - White Pine - Arctic Star intend to resume work in the Ring of Rire area, James Bay lowlands, Ontario
KELOWNA, BC, July 30 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex"), White Pine Resources...
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\nKELOWNA, BC, July 30 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX)\n("Metalex"), White Pine Resources Inc. (TSXV : WPR) ("White Pine") and Arctic\nStar Diamond Corp. (TSXV : ADD) ("Arctic Star") are pleased to announce that\nwork is intended to resume on their Ring of Fire joint venture.\n\n\nIn 2006, the Metalex - Arctic Star joint venture flew a 14,320 square\nkilometer airborne magnetic survey for kimberlite targets in the vicinity of\nthe Ring of Fire. This survey yielded in the most detailed magnetic results\n(100 meter line spacing) available over the area to any company at the time.\nUpon the discovery of the massive sulfide Eagle One nickel deposit by Noront\nResources Ltd., Metalex asked its contract geophysicist Scott Hogg to evaluate\nthe survey to identify magnetic targets analogous to Eagle One. The Metalex -\nArctic Star joint venture utilized the detailed magnetic results to stake 92\ntargets with analogous magnetic geophysical characteristics to Eagle One.\n\n\nWhite Pine (formerly WSR Gold) optioned all of the joint venture claims\nexcept those covering the T1 and U2 kimberlites. White Pine can earn a 50%\ninterest by funding $20 million in exploration on the claims over a four year\nperiod. Currently the project interests are 68.6% Metalex, 25% White Pine and\n6.4% Arctic Star.\n\n\nThis new venture commenced exploration of the 92 magnetic targets by\nflying detailed helicopter supported combined magnetic / electromagnetic (EM)\nsurveys. Of the 92 magnetic anomalies surveyed, 35 had coincident EM\nconductive anomalies which is also the case at Eagle One.\n\n\nTo date, line cutting, as well as ground magnetic and ground EM surveys\nwith the objective of establishing drill targets, has been completed on 18 of\nthe 35 combined magnetic and EM airborne anomalies.\n\n\nCore drilling has been completed on 7 of the resultant 18 ground\ngeophysical targets. Most of the anomalies drilled contained less than 30%\ndisseminated sulfides with weakly elevated copper and zinc assays. However,\nthe 5.01 anomaly has yielded intersections of near-massive to massive sulfides\nthat can be lengthy (102m from 65-167m in hole DDH5.01 - 6) and also high\ngrade with an eight meter intersection averaging 17.4% Zn, 0.24% Cu, 0.04% Pb\nand 5 g/t Ag (from 103.0-111.0m in hole DDH5.01-14). To date 10,786 m...