KELOWNA, BC, Dec. 13 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company").
Metalex is pleased to announce the drill intersection of a new kimberlite on its T1 project. The new kimberlite is located in between the soon to be Victor Diamond Mine and the Company's prospective T1 diamond project.
Drilling intersected kimberlite at a depth of approximately 10 metres. Continued drilling to a depth of 90 metres recovered a sample of about 100 kilograms which will be air freighted to the CF Mineral Research laboratory for extraction of contained diamonds and analysis of indicator minerals. Visual inspection of the core reveals kelyphite rimmed pyrope garnets, olivines and other kimberlite indicator minerals.
Ground geophysical surveys have been commissioned over the pipe to estimate its dimensions.
This kimberlite was discovered by drilling a target which was generated from a recently flown 28,620 line kilometer airborne geophysical survey. A further 34 targets were identified by the survey and have been staked.
The T1 project is a joint venture between Metalex (91.5%) and Arctic Star Diamond Corp. (8.5%). The joint venture has also discovered the promising T1 kimberlite from which a 200 ton bulk sample is to be collected.
Metalex's exploration projects are managed by Kel-Ex Development Ltd., a company owned by Dr. Charles Fipke an internationally recognized diamond geologist. Dr Fipke is the Chairman of Metalex. Kel-Ex provides Metalex with access to the advanced proprietary databases and interpretational techniques. In return Kel-Ex receives a 10% administration fee to cover costs and, in the case of some Canadian projects, a 10% interest in the project carried to production. Dr. Fipke also owns the CF Mineral Research laboratory where samples collected in the exploration programs are analyzed.
Dr. Charles Fipke, a Qualified Person, is responsible for the technical content of this release.
Chad Ulansky
President.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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