AMENDED NEWS RELEASEMetalex Ventures marks progress on fifth Angolan hole
TickerSymbol: C:MTX
Metalex Ventures marks progress on fifth Angolan hole
Metalex Ventures Ltd (2) (C:MTX)
Shares Issued 9,379,157
Last Close6/12/2009 $0.84
Monday June 15 2009 - News Release
Mr. Chad Ulansky reports
AMENDED NEWS RELEASE: METALEX ANNOUNCES DRILLING PROGRESS ONLARGE ANGOLAN KIMBERLITE
Metalex Ventures Ltd. wishes to retract its news releaseissued in Stockwatch earlier on June 15, 2009, and is providing this releasewith the intent that it supercede and replace the prior release. Metalex ispleased to report the completion of the fourth core hole and progress on thefifth hole drilled into the large (approximately 24-hectare) kimberlitediscovery reported in the news release of April 1, 2009, in Stockwatch.
Hole four was drilled at the same site as the vertical hole 3but inclined (negative 55 degrees) toward the first two core holes located 283metres distant at a bearing of 158 degrees. Hole 4 intersected diatreme facieskimberlite at six metres until 227 metres, where it entered probable craterinfill sandstone. From 245 metres to 284 metres, an alternating sequence offine-grained magmatic kimberlite and probable crater infill siltstones wasintersected. From 284 metres to the end of hole at 359 metres, probable craterinfill sandstone was intersected.
Hole 5 is located 524 metres south-southeast at a bearing of158 degrees from hole 4. From this location the drill was inclined negative 50degrees at a bearing of 338 degrees toward hole 4. Drilling intersected possiblycrater infill-derived sandstone until 179 metres, where kimberlite breccia wasintersected. The kimberlite breccia continued to 254 metres, where fine-grainedmagmatic kimberlite was intersected through to 289 metres. Drilling continues inprobable crater infill sandstone at 382 metres.
Core from the first holes is in Luanda, where it has now beenapproved for export and is scheduled to depart via air cargo for Canada onTuesday, June 16, 2009. Upon arrival, the core will be processed for diamondsand diamond indicator minerals at CF Mineral Research Ltd.
Metalex is pleased that the drilling of holes over 500 metresapart has intersected kimberlite. This drilling confirms the large size of thekimberlite.
Dr. Charles Fipke, a qualified person, is responsible for thetechnical content of this release.