LOWNA, BC, Nov. 29 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").
In its press release dated March 14, 2005 the Company 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 the Company 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.
It is 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.
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 also 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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