Stockwatch Sept 28th Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) closed unchanged at six cents on 20,000 shares. The company, a long-time diamond explorer, has been touting a Quebec property south of Chibougamau for its gold and scandium potential, but it still clings to its Kyle Lake diamond property, about 60 kilometres west-northwest of Victor, the old De Beers mine in northern Ontario that closed a few years back after a 10-year run.
Enthusiasm for the Kyle Lake project peaked in 2011, just after the company completed 450-tonne mini-bulk samples of two kimberlites, T1 and U2 -- and just as it was arranging a big option deal covering the project with Ned Goodman's Dundee Corp. (DC.A: $1.26). Metalex's stock worked its way to a high of $1.34 that year and the Dundee arrangement confirmed that valuation, as it required Dundee to spend $51-million on the project to secure a 51-per-cent interest in the U2 and T1 pipes.