U1 & U2 NEWS!!Metalex Ventures Ltd - U1 and U2 Results
KELOWNA, BC, March 15 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company").
T1 Project
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The Company is pleased to announce results from two recently discovered kimberlites at its T1 project in northern Ontario. While these kimberlites appear to be part of a new kimberlite cluster they do have several similarities to the kimberlites in the vicinity of the Victor Mine 40 kilometers away. These similarities include the pipes being relatively young as they penetrate the limestone cover, containing dominantly eclogitic and lherzolitic diamond indicator minerals and having low micro-diamond contents.
Metalex has additional geophysical targets in the vicinity of U1 and U2 which are presently being drill tested.
U1 Kimberlite
As predicted by the mineral chemistry of the previously recovered indicator minerals the U1 kimberlite pipe is diamondiferous. The processing of 108.42 kilograms of kimberlite returned 3 micro-diamonds.
U2 Kimberlite
87.88 kilograms of kimberlite from a single drill hole in the seven hectare U2 pipe was processed for indicator minerals and diamond by attrition milling. Two micro-diamonds were recovered.
Within this sample 67 Group I eclogitic garnets, 20 clinopyroxenes, 16 olivines, 9 orthopyroxenes, 5 chromites and 3 peridotitic G10 garnets were recovered with compositions analogous to those that have grown with diamond in the earth's mantle. According to the proprietary classification system of C.F. Mineral Research Ltd. these indicators all classified as "diamond indicator" minerals.
Data from public sources show that De Beers' Victor pipe contains multiple kimberlite phases with low micro-diamond contents. The diamond content varies from phases containing almost no diamonds to phases containing low micro-diamond contents but large high quality stones. A total of 40.14 kilograms of kimberlite from Victor processed by CF Minerals (see press release dated November 3, 2005) only contained six micro-diamonds (0 micro-diamonds in 21.82 kg of one phase, 6 micro-diamonds in 18.32 kg of another phase).
The similar indicator mineral results and micro-diamond contents of the U2 pipe and the Victor Mine indicates that U2 warrants additional testing to determine whether U2 contains commercial sized stones. To this end Metalex has commenced NQ (4.76 cm diameter) delineation drilling of the pipe. Four holes are initially planned to test the northern, southern, western and eastern parts of the pipe and to intersect additional kimberlite phases that occur as breccia clasts in the discovery core hole.
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 the collection of a 200 ton bulk sample is partially complete.
Certain Metalex 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 on certain projects to cover costs and, in the case of Canadian projects, a 10% interest in certain projects 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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