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Metalex Ventures Ltd V.MTX

Alternate Symbol(s):  MXTLF

Metalex Ventures Ltd. is a Canada-based company engaged in the acquisition, exploration and development of mineral properties. The Company’s principal projects are located in Quebec and northern Ontario (U2), Canada. Its overseas projects are located in South Africa, Morocco and Mali. Its projects include Wemindji James Bay Property, Kyle Lake Property, Viljoenshof Diamond Project and James Bay Lowlands Property. It has a 100% earned interest in mineral claims located in the Kyle Lake area of Ontario, located approximately 200 kilometers (km) west of James Bay in Northern Ontario and about 80 km west of De Beers’ Victor Mine. It also has an interest in various mineral claims located in the Wemindji James Bay region of Quebec for the exploration of diamonds and owns 100% of the non-diamond project. It also has a 100% interest in certain mineral claims in the James Bay Lowlands area of Northern Ontario. It has a 70% interest in the Viljoenshof Diamond Project in South Africa.


TSXV:MTX - Post by User

Bullboard Posts
Post by Oregonduckon Dec 06, 2015 6:09pm
107 Views
Post# 24359641

Victor v. Snap Lake

Victor v. Snap LakeVictor is in Ontario and Snap Lake is in N.W.T. (a) Victor is an open pit diamond mine and Snap Lake is the only underground diamond mine in Canada. (b) Victor generated $2.5 billion in diamond sales form 2008 to 2014, and Snap Lake has never been profitable since starting up in 2008. (c) Victor will run out of ore est. in middle of 2018 and will have to close down unless the De Beers' Tango Extension project - smaller ore body and lower grade - is proven feasible. Snap Lake has 20 years until the end-of-mine and has been shut down because of poor profitability, operational problems and slow down in world diamond market. (d) Victor has about 500 employees and Snap Lake about 400 employees. Unless Victor mine's life is extended, ATTA community could lose a lot of FN well-paying mining jobs if Victor is vacated. (e) Victor cost De Beers $1 billion and Snap Lake $1.5 billion to construct. (f) Victor will shut down because the ore body will be exhausted, period. Snap Lake will shut down but put on minimal "care-and-maintenance" because it could be revived if things work out in the future since it has a long mine life. De Beers has said it will re-examine Victor's efficiency and it could be the next to shut down in the future. Given the above scenario, it would be disappointing if the ATTA FN does not approve MTX's bulk sample since the Company could extend Victor Mine's operation for another 10-12 years if the MTX's pipe feasibility is proven to be similar to the Victor's pipe based on the opinions of two world-renowned experts and Chuck Fipke who is also a world-famous explorer. He has said MTX will be a mine.
Bullboard Posts