LOWNA, BC, Nov. 29 /CNW/ - Cantex Mine Development Corp (CD - TSX
Venture Exchange)("Cantex" or the "Company").
In its press release of March 14, 2005 Metalex Ventures Ltd., operator of
the Greenland project, announced that it had discovered very strong counts of
exceptional diamond indicator minerals in two samples, located 430 metres
apart, on the southern shore of a lake. As these indicator minerals have very
fresh surface textures, and most of the G10 garnets are coated with kelyphite,
the G10 garnets are considered to be derived from a nearby diamondiferous
kimberlite pipe source. Charles Fipke commented that "that no previous
exploration samples seen by him, including more than 9,000 samples from the
Ekati claim block, has produced as many high quality (Cr2O3/CaO ratio) G10
garnets as either of the two Greenland samples".
In a press release dated June 24, 2005 Metalex announced that ground
geophysical work has been completed over part of the lake, a program of heavy
mineral sampling had been carried out and that 16 drill holes had been drilled
across the shallow lake. It also announced that glacial studies were in
progress to determine the ice direction.
The glacial studies indicated that there were two ice directions. The
first, and dominant, direction was that of an ice sheet moving in an
approximate east to west direction. The second direction was that of a small
valley glacier moving from the west to the east. This latter glaciation had
the effect of redistributing minerals dispersed by the earlier ice sheet. This
means that the likely source of the diamond indicator minerals is either in
the lake or to the immediate west or southwest of the anomalous sites.
Additional ground geophysical surveying is planned to explore previously
unsurveyed prospective areas.
Diamond indicator sampling around the shores of the lake returned largely
negative results and this is entirely consistent with a diamond source being
located within the 5 km by 500 - 1000 metre lake.
Interpretation of the ground geophysics, carried out by Scott Hogg and
Associates, has identified 14 magnetic targets ranging in size from 50 metres
to 250 metres in diameter. Two of these, located in the lake, are coincident
with ground gravity anomalies.
Sixteen shallow drill holes were drilled in a broadly north-south section
across the lake to collect basal till samples to assist in determining the ice
direction. Processing of these till samples is still in progress. The drill
holes continued into bedrock and several holes intersected thin kimberlite
like sills. However, as no significant amounts of pyrope garnet have been
found in these rocks the sills are not the source of the exceptional diamond
indicator minerals discovered.
Metalex concluded that the coincident magnetic and gravity anomalies are
very high priority drill targets because they are up ice (first glaciation)
from the two samples containing exceptional diamond indicators considered to
be derived from nearby diamond bearing kimberlite pipes. In this regard it is
noted that some of the kimberlite pipes at Ekati also have coincident magnetic
and gravity responses. Drill testing of the geophysical targets will be
carried out early in the new year as soon as ice on the lake can support
drilling operations.
Cantex has an option, exercisable between January 1, 2008 and January 20,
2008, to acquire a 25% contributing interest in the three Greenland licences
totaling 3420 km2. These licences include the area with the anomalous results
referred to above.
Chad Ulansky
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00010333E
Cantex Mine Development Corp. news
Investor announcements, newest first.