LOWNA, BC, Aug. 17 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company")
Processing of 1992.8 kg of kimberlite drill core from minibulk sample
holes T1-5, T1-6 and the lower part of T1-3, drilled in diamondiferous
kimberlite T1, has been completed and the CF Minerals Laboratory report that
896 natural diamonds were recovered. Approximately 70% of these are white
diamonds.
To date 8 holes have been drilled in T1 of which diamond results are
available for 6. A total of 4,201 kg of kimberlite core has been processed and
1,768 diamonds have been recovered. The size distribution of these diamonds is
given on the table below (note this includes previously reported data for
holes T1-B, T1-1, T1-2, T1-4 and the upper part of T1-3).
<<
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Sample less
Drill Weight than 0.106- 0.15- 0.212- 0.3- 0.425- 0.6-
Hole (kg) .106 0.15 0.212 0.3 0.425 0.6 0.85
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T1 &
T1B 62.12 4 3 10 6 6 7 1
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T1-1 1,042.90 15 15 20 35 29 18 3
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T1-2 584.58 15 14 19 32 42 17 12
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T1-3 162.10 2 3 6 4 6 4 0
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T1-4 462.56 113 96 114 85 59 38 19
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T1-5 879.66 51 94 88 92 74 36 13
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T1-6 1,007.56 65 54 95 84 70 35 16
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Totals 4,201.48 265 279 352 338 286 155 64
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Drill 0.85- 1.18- Totals % White
Hole 1.18 1.7 Diamonds
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T1 &
T1B 0 0 37 81.1
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T1-1 4 1 140 78.6
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T1-2 3 0 154 53.3
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T1-3 0 0 25 56.0
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T1-4 8 0 532 58.5
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T1-5 3 0 451 46.3
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T1-6 9 0 428 57.7
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Totals 27 1 1,767 58.4
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>>
Drill holes T1B and T1-1 are vertical holes drilled in the magnetic
centre of the body (not necessarily the geographic centre) and holes T1-2 to
T1 -5 are drilled from the same location but inclined at 74 degrees to the
east, west, south and north respectively. T1 - 6 is located south of drill
hole T1 and is drilled northwards at 60 degrees to locate the southern margin
of the pipe.
The high proportion of white diamonds within T1 and the average diamond
count of 420 diamonds per 1000 kg are most encouraging.
Collection of the 200 tonne bulk sample from T1 has been temporarily
suspended pending extension of the bulk sampling permit granted by the
Ministry of Northern Development and Mines ("MNDM"). Metalex has been advised
by the MNDM that they have a duty to consult with the affected First Nations
and that they have arranged meetings with the Marten Falls First Nation and
the Attawapiskat First Nation on September 6, 2006. Metalex expects that the
requested extension will be granted on a timely basis following these
consultations.
To date 88 tonnes of kimberlite have been collected from T1 and
discussions are in progress to use the heavy media plant that was used to
process the early bulk samples from the Ekati Mine. This plant has an accurate
and proven recovery circuit and is able to recover diamonds from hard
kimberlite such as is found in some parts of T1.
Certain Metalex 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 on certain projects and, in the case of the Canadian projects, a 10%
interest in certain projects 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 Ltd. 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 Ltd. 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.
%SEDAR: 00008159E
