KELOWNA, BC, May 23 /CNW/ - Metalex Ventures Limited (MTX: TSX - Venture Exchange) in conjunction with its joint venture partner Arctic Star Diamond Corp. (ADD: TSX Venture Exchange) are pleased to announce the continued recovery of diamonds from its newly discovered U2 kimberlite on the T1 project, northern Ontario.
The first north-south trending -55 degree inclined hole collared near the center of the U2 pipe intersected 285.0 meters of kimberlite to 339.9 meters where the hole intersected the northern pipe contact. Seventeen diamonds were recently recovered from the first 142.82 kg of drill core between 71.3 meters and 99.1 meters. Fourteen (81.3%) of the 17 diamonds are clear and white with the following sieve size distribution:
Summary of Diamonds recovered by sieve size
Hole U2-2 from 71.3m to 99.1m
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Sample Weight Bottom Sieve aperture in microns(x) Total
No. Kgs -106 +106 +150 +212 +300 +425 +600 +850 Diamonds
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U2-2-234-
325 142.82 1 3 4 2 3 2 2 0 17
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(x) 1000 microns (equal sign) 1 millimetre
An additional 650kg sample from the same hole is presently being tested for diamond contents at the CF Mineral Research lab. A second 55 degree inclined hole is being drilled from the center of U2 southward towards the southern pipe contact.
U2 is a seven hectare pipe situated about 60 kilometers west of the Victor kimberlite which is currently being placed into production by DeBeers. Victor will be Canada's next diamond mine and produce the best quality diamonds from kimberlite in the world. U2 has similar dominantly eclogitic and lherzolitic geochemistry to Victor and like Victor penetrates the overlying limestone giving both pipes post Paleozoic ages.
The Metalex geologists are most encouraged by the first 2.25 inch core result because of the amounts of diamond recovered per 100 kg of core processed, the coarse size distribution of the diamonds recovered and the quality of diamonds recovered from U2 are all similar to such results from Victor.
Certain Metalex exploration projects are managed by Kel-Ex Development Ltd., a company owned by Dr. Charles Fipke, an internationally recognized diamond geologist. Dr Fipke is the Chairman of Metalex. Kel-Ex provides Metalex with access to the advanced proprietary databases and interpretational techniques. In return Kel-Ex receives a 10% administration fee on certain projects to cover costs and, in the case of Canadian projects, a 10% interest in certain projects carried to production. Dr. Fipke also owns the CF Mineral Research laboratory where samples collected in the exploration programs are analyzed.
Dr. Charles Fipke, P.Geo is the Qualified Person responsible for the technical contents of this press release.
(signed)
Chad Ulansky
President.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release
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