KELOWNA, BC, Nov. 2 /CNW/ - Metalex Ventures Limited (MTX: TSX - Venture Exchange) (the "Company")
The Noront nickel-copper-platinum massive sulfide discovery in James Bay Lowlands, northeastern Ontario is reported to have been made inadvertently by drill testing a magnetic anomaly for kimberlite. The 91.5% Metalex-8.5% Arctic Star joint venture had previously flown an airborne magnetic geophysical survey over a 20,000 sq.km survey in the vicinity of the Noront discovery. Consequently, the Metalex-Arctic Star joint venture has recently staked 41 claims in the vicinity and along the projected strike of the Noront discovery. These claims cover 30 magnetic anomalies. According to our consultant geophysicist, 7 of these anomalies have magnetic susceptibilities analogous to kimberlite and 23 with magnetic susceptibilities analogous to the massive sulfide at the Noront discovery.
The Metalex-Arctic Star geologists are most encouraged by the potential of this new development. The joint venture has already been approached by well capitalized potential joint venture partners. The Metalex-Arctic Star joint venture is eager to drill all potential targets in a timely manner.
Dr. Charles Fipke, P.Geo is the Qualified Person responsible for the technical contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Charles Fipke"
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Charles Fipke, Chairman
METALEX VENTURES LTD.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release
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