Metalex Ventures (TSX-V:MTX, StockForum), a Kelowna British Columbia-based firm engaged in the acquisition, exploration and development of mineral properties, provided an update on the permitting status of the bulk sample to be collected from the U2 kimberlite pipe.
According to the news release, the company was told by the Ontario Ministry of Natural Resources that an environmental group had launched a request that the governmental body carry out a regional environmental assessment which would include Metalex's project area.
The request is still be evaluated for merit by the Ontario Ministry of the Environment and the company has been advised by the government that the said environmental study would not be finished in time for Metalex to commence the project before this coming winter road season, therefore the bulk sample collection will now be delayed.
Metalex noted later in the release that the company continues to work with the Attawapiskat and Marten Falls First Nations to finish up an exploration agreement for the proposed bulk sample.
Metalex was in the news recently when the company announced progress on the U2 and Quebec diamond projects.
Shares plummeted 21.88% on the news to $0.125 per share, before correcting to $0.16 per share just prior to mid-day.
Currently there are 92.3m outstanding shares with a market cap of $14.8 million.