LOWNA, BC, Dec. 12 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").
Metalex has discovered highly anomalous metal values within its first
Joint Venture area in Morocco. This area (13,514 km2), along with a second
recently granted area (11,293 km2) (see press release dated May 9, 2005),
cover Achaean and Proterozoic cratonic rocks that have has not been
systematically explored before. The areas are subject to a Joint Venture
between Metalex and the Office National Hydrocarbures et des Mines (ONHYM) -
ex Bureau de Recherches et Participations Minieres (BRPM). Some 942-
reconnaissance samples were collected and analyzed from the first area and 410
sites were found containing kimberlite indicator minerals of which 16 sites
contain diamond indicator minerals (see press release dated May 9, 2005).
The reconnaissance samples from the first area have now been analyzed for
base and precious metals strongly anomalous values have been found. The number
of priority samples for follow up is tabulated below:
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Metal Group Number of High Priority Samples
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Gold 28
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Copper - Lead - Zinc 13
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Nickel - Copper - Cobalt 18
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Uranium 4
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Scott Hogg and Associates have interpreted the aeromagnetic data flown by
ONHYM ex BRPM over 40% of the first area and have identified 31 responses
similar to those seen over kimberlite pipes.
Reconnaissance sampling has been completed over the second area with 696
samples having been collected. Two hundred priority samples have been sent by
airfreight to the CF Mineral Research Laboratory for analysis for diamond
indicator minerals and base and precious metals. The remaining samples have
been sent by sea freight. Scott Hogg and Associates have interpreted the
aeromagnetic data flown by ONHYM ex BRPM over 10% of this second area and have
identified 19 responses similar to those seen over kimberlite pipes.
The Company is most encouraged by the result obtained to date results and
follow up of the geochemical, geophysical anomalies and diamond indicator
anomalies in the first area has commenced. To date 389 heavy mineral samples,
50 BLEG samples and 60 rock samples having been collected for analysis and are
being shipped to Canada for analysis. (BLEG - is a 5 kg sample unscreened
sample of stream sediment or soil that is analyzed for gold based on a sodium
cyanide leach).
Metalex's exploration projects are managed by Kel-Ex Development Ltd., a
company owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter
Gregory, the President of Metalex is a consultant to Kel-Ex. The arrangement
with Kel-Ex provides Metalex with access to the advanced proprietary databases
and interpretational techniques of Dr. Charles Fipke, an internationally
recognized diamond geologist. In return, Kel-Ex receives a 10% administration
fee and, in the case of the Canadian projects, a 10% interest in the project
carried to production. (Kel-Ex will repay its proportionate share of the costs
of mine development out of its share of mine profits). Dr. Fipke also owns the
CF Mineral Research laboratory where samples collected in the exploration
programs are analyzed. Dr. Peter Gregory, a Qualified Person, has verified
that the work carried out by Kel-Ex, manager and operator of the Company's
projects, is being carried out in a professional and diligent manner and that
the appropriate quality controls are in place. Dr. Gregory has also inspected
the CF Mineral Research laboratory and is satisfied that the work performed
there meets or exceeds international best practices; that the work is
performed on an arms length basis and in accordance with standard commercial
arms length terms; and that the results provided by CF Mineral Research are
accurate and reliable. On this basis the Company has not sought any
independent analyses. However, should significant diamond grades be discovered
the Company may seek independent verification of such results. Dr. Gregory has
prepared this press release.
Peter Gregory
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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