LOWNA, BC, April 17 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").
Metalex is pleased to announce that the first of 16 bulk sample holes has
been completed on budget and on time at its T1 diamond bearing kimberlite
pipe. This vertical drill hole intersected kimberlite at 137 metres (450 feet)
and, after passing through a granite xenolith, bottomed in kimberlite at
295 metres (990 feet). A total of 5,942 kg (13,074 pounds) of plus 0.425 mm
kimberlite was collected. This kimberlite is currently being shipped to the CF
Mineral Research Laboratory for recovery of diamonds and assessment of the
metallurgical characteristics of the kimberlite so that optimum treatment of
the remaining samples can be determined.
The drill has now been moved to the second site and it is intended that
future drill holes will be drilled to refusal and additional drill rods have
been sent to site to achieve this. It is expected that the final sample weight
of kimberlite that will be collected from T1 will be between 200 and 300
tonnes.
Additional electron microprobe results received recently from the CF
Mineral Research Laboratory continue to reinforce the prospectivity of T1,
with more 161 garnet grains with diamond inclusion compositions being
recovered from 105 kg of drill core from hole T1-3. These include 19 grains of
garnets whose composition (G10 - 10) is typical of those G10 garnets found in
pipes containing high diamond grades.
Both Metalex and its partner, Arctic Star Diamond Corp, are pleased with
work so far and eagerly await the results of the bulk sampling.
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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