LOWNA, BC, Nov. 3 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").
Kyle Lake Project, Ontario, (Metalex 91.5%, Arctic Star 8.5% contributing
interest).
Results have now been received from the CF Mineral Research Laboratory
for the first two minibulk drill holes drilled into the Company's
diamondiferous kimberlite T1. A total of 1,573 kg of kimberlite was processed
and 288 diamonds were recovered (i.e. 18 diamonds per 100 kg). The size
distribution of the diamonds, determined by sieving in accordance with CIM
guidelines, is given on the table below:
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Sample Number of diamonds within certain sieve sizes in mm
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minus 0.105 - 0.15 - 0.212 - 0.30 - 0.425 -
Weight (kg) 0.105 0.15 0.212 0.30 0.425 0.60
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1573.66 30 28 38 65 69 35
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Number of diamonds within
Sample certain sieve sizes in mm
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0.60 - 0.85 - 1.18 -
Weight (kg) .85 1.18 1.70
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1573.66 15 7 1
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Forty-five diamonds exceed 0.5 mm on one dimension, and are classified as
macrodiamonds, whilst 33 diamonds exceed 0.5 mm in two dimensions. The sample
is dominated by white diamonds, (188 stones - 65%), with no inclusions.
The above results are derived from analysis of one vertical hole and one
hole drilled across the eastern radius of the kimberlite pipe. The surface
area of the pipe is modeled at about 4 hectares.
In order to predict macrodiamond content it is normally necessary to have
at least 25 stones in each category. Thus in order to carry out meaningful
diamond size distribution studies it is necessary to drill more holes and
recover additional diamonds.
The T1 kimberlitic is located approximately 80 km. west of the DeBeers
Victor diamond mine. Victor will shortly be developed and has an in situ value
of approx. $2.5 billion. It has a grade of 22.3 carats per hundred tonnes and
a stone value of between US$300 - $400 /ct. Based on the 243 ct sample
exhibited by DeBeers at the Prospectors and Developers Conference in March,
2005 the sample was characterized by pristine white diamonds.
Processing of a 40.14 kg sample of kimberlite from Victor by the CF
Mineral Research Laboratory recovered 6 diamonds all less than 0.5mm in size.
This equates to 15 microdiamonds per 100 kg of kimberlite. Metalex is very
encouraged by these early results, particularly by the high proportion of
inclusion free white diamonds. Drilling and mini bulk sampling, to determine
the overall distribution of diamonds within the pipe, as well as its size,
will recommence during the winter of 2005.
In addition to the ongoing testing of the T1 kimberlite, the Company has
94 other high priority targets to test in the Kyle area and drill testing of
these will be carried out concurrently with the work at T1.
Photographs of a representative selection of the Kyle diamonds will
shortly be shown on the Company's web site at www.metalexventures.com.
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.
Peter Gregory
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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%SEDAR: 00008159E
