LOWNA, BC, June 27 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").
T1 Bulk Sampling, Ontario (Metalex 91.5% contributing interest, 83.35%
effective interest)
Collection of a 200 tonne bulk samples to determine the diamond grades
and indicative diamond value continues at the T1 diamond bearing pipe in the
Kyle Region. To date six of the 16 planned holes have been completed and
81.918 tonnes of kimberlite has been collected. Drilling is slightly behind
schedule due to a compressor malfunction. This has been fixed and Hole 7 is in
progress.
Metallurgical testing of the 6 tonne sample from the first hole is in
progress at the CF Mineral Research Ltd Laboratory to develop an optimum
diamond recovery circuit for treatment of the 200 tonne sample. During this
testing CF Minerals report that several plus 1 mm gem quality diamonds were
recovered. Two additional ball mills are scheduled to be installed this week
so that processing of the entire 6 tonne sample can be accelerated and results
reported in a timely manner.
Morocco (earning 60% interest)
Metalex has a joint venture covering two areas totalling 24,807 km2 in
South Morocco. Reconnaissance sampling has been completed over these areas and
positive results have been found in both of them.
Results for reconnaissance sampling of the First Area have been reported
previously (see press releases dated May 9, 2005 and December 12, 2005). These
results have identified 16 sites containing diamond indicator minerals; 28
sites containing anomalous gold values; 18 sites containing anomalous nickel -
copper - cobalt values; thirteen sites containing anomalous zinc and copper
values and three sites containing anomalous uranium values. Thirty one
aeromagnetic anomalies were also identified (Press Release dated December 12,
2005). Follow up of these anomalies by drainage/loam sampling is currently in
progress and should be completed within the next two months. It is anticipated
that approximately 1,000 drainage/loam samples will be collected.
In the Second Area, there are two regions with positive diamond indicator
results. In one region G10 peridotitic garnets occur in 6 drainage/loam
samples collected over an area of approximately 1,000 km2. One of these
samples contains an outstanding result of three G10 garnet grains comprising
one G10 - 9, one G10 - 5 and one G10 - 3. As many of the G10 grains are fresh,
and they are interpreted to be derived from nearby diamond bearing
kimberlite(s). Twenty-one aeromagnetic anomalies have been identified in this
area and represent immediate drill targets.
In another region (in the Second Area) 17 sample sites contain
picroilmenite grains clustered over an area of 1,000 km2. Several samples
sites also contain pyrope garnet and a diamond stability field olivine has
been found at one location. These results are interpreted to reflect an
undiscovered kimberlite field.
First pass field follow up of the encouraging diamond indicator results
in the Second Area has been completed and the samples collected have seen sent
to the CF Mineral Research Laboratory for analysis.
Mali (100% contributing interest, 90% effective interest)
The Company has found exceptionally anomalous gold values (6 to 77 ppm)
in reconnaissance heavy mineral concentrates. Approximately 1,000 follow up
samples have been collected from anomalous areas and have been sent to
Australia for gold analysis by bulk cyanide leach.
Angola (Alluvials 51% interest after payback, 33% after payback;
kimberlite 55 - 60% interest prior to payback, 25% after payback)
Road construction to the Cucumbi alluvial diamond project has now been
completed and the dredge, processing plant and camp is being mobilized to site
and should be operational within the next two weeks. The dredge will be used
to implement a systematic exploration program whose objective is to discover
and evaluate a commercial alluvial diamond resource along a 12 km long stretch
of the Cucumbi River. The dredging program is being managed by Johan Milho and
South African dredging expert and a South African security expert has been
recruited to assist with security of diamond recovery.
The Cucumbi River drains a catchment that contains more than 100
kimberlite deposits and it is expected diamonds eroded from these kimberlites
will travel down the present and ancient courses of the Cucumbi River. It has
been previously stated that Endiama have told the Company that 12,000 cts were
mined from the Cucumbi River over a three-week period by a certain General and
that a 216 ct diamond was recovered by Garimperos from the Cucumbi River near
its confluence with the Cuango River. The Company has hired the two divers who
worked with the aforementioned General so that discovery of diamond bearing
gravel can be short-circuited.
Metalex has previously reported that it has 126 aeromagnetic anomalies
within its Chitamba license (see press release dated April 10, 2006). These
range in size from dyke like targets to targets of more than 39 hectares. The
Company will shortly fly infill areoagnetics to locate the anomalies on the
ground prior to carrying out a helicopter supported drilling program.
The Directors of Metalex are most encouraged by the results of the above
mentioned exploration programs and are optimistic that the Company will
shortly be recovering exploration diamonds from both its Kyle and Angola
alluvial projects.
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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