LOWNA, BC, Nov. 22 /CNW/ - (MTX - TSX Venture Exchange) ("Metalex" or
the "Company").
The Company is pleased to announce that three new bodies of kimberlite
have been found in Angola. The kimberlites were found by follow up of
aeromagnetic anomalies (see press release dated September 7, 2005) by ground
magnetic surveys and shallow auger drilling. The modeled sizes of the
kimberlites, based on aeromagnetics, are 400 x 80 metres (4.5 ha); 250 by 150
metres (3.1 ha) and 250 x 165 metres (3.4 ha). Auger samples have been
collected and will be sent to the CF Mineral Research laboratory for analysis
for diamonds.
A further 5 targets were also investigated but the overburden was too
deep or too hard in three of them and these will have to be drill tested
later. Red sediments were intersected in the fourth and as these sediments
might be crater infill over kimberlite this target also warrants further
drilling. The fifth anomaly is interpreted as due to magnetic country rocks
and is of no interest.
Processing of an 11.3 kg grab sample of kimberlite breccia taken from a
garimpeiro pit in the Caicala kimberlite, discovered by the Company last year,
returned one gem quality octahedral microdiamond diamond measuring
205 mm x 209 mm x 143 mm. Abundant elcogitic garnets, purple pyrope,
picroilmenite and chrome diopside, as well as minor chromite, were also
recovered and these minerals are currently being analyzed at the CF Mineral
Research laboratory. The modelled size of Caicala, based on aeromagnetics, is
400 x 230 metres (7.8 ha) and further work is proposed to identify and sample
each of the phases of kimberlite present.
The Company is most encouraged by these early results. As previously
announced more that 100 aeromagnetic targets have been discovered of which 56
have been modeled and show targets ranging in size from 10 metre dykes to
20 hectare pipe like responses. That three, of the four targets tested,
resulted discovery of kimberlite is particularly encouraging.
Future kimberlite work will consist of drill testing the remaining
priority aeromagnetic anomalies using a helicopter supported power
auger/drill, a system that has proved particularly cost effective in northern
Ontario. Staged sampling will be carried out of discovered kimberlites.
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 an employee of 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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