METALEX RECOVERS LARGE WHITE DIAMOND FROM U2
KELOWNA, BC, Feb. 11 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report
preliminary macro diamond results from the second of 11 holes from the
nine hectare U2 kimberlite pipe on the Metalex - Arctic Star Diamond
Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.
A 0.52 carat white diamond has been recovered from the second bulk
sample hole from U2. The diamond passes through a 4.75mm sieve and
rests on a 3.35mm sieve. The stone has been broken and it is not
possible to estimate how large it was originally. Photos of the diamond
are presented on the Company's website (www.metalexventures.com).
To date, 302 commercial sized (+0.425mm) diamonds have been recovered
from the second hole at U2. This hole intersected crater infill at a
depth of nine meters until a depth of 85 meters. From 85 meters
kimberlite with 5 to 10 percent limestone xenoliths was intersected
until the end of the hole at 349.5 meters. A total of 10.3 tons of
crater infill were sampled and 41.6 tons of kimberlite was sampled.
Audit samples from the first hole are now finished and eight additional
diamonds have been recovered. These diamonds have been included in the
results. Audit samples have yet to be processed for the second hole.
To date the following diamonds have been recovered in hole U2-RC-03:
Depth Sampled Diamonds Sampled Grade
From To Interval Material # Ct Weight
(m) (m) (m) (kg) (cpht)
0 61 61 Overburden and crater infill - low grade 12 0.218 8,398 2.6
61 106 45 Crater-kimberlite transition - mod. grade 29 0.705 6,201 11.4
106 166.5 60.5 Kimberlite - low grade 46 0.324 11,503 2.8
166.5 181.5 15 Kimberlite - moderate grade 16 0.254 2,380 10.7
181.5 211.5 30 Kimberlite - low grade 27 0.289 5,128 5.6
211.5 271.5 60 Kimberlite - high grade 92 1.648 9,960 16.5
271.5 301.5 30 Kimberlite - moderate grade 33 0.279 3,597 7.8
301.5 331.5 30 Kimberlite - high grade 33 0.497 3,271 15.2
331.5 349.5 18 Kimberlite - low grade 14 0.075 1,416 5.3
The size distribution of the diamonds is very coarse with a high
proportion of the diamonds being in the large size categories. This is
important for a high average carat value. The following table contains
the size distribution of the diamonds recovered and described to date:
Hole Sieve Sizes (Through / on) Total
0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm 4.75mm
0.425mm 0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm
U2-RC-02 61 81 56 24 4 3 - 229
U2-RC-03 50 121 79 38 12 1 1 302
Total 111 202 135 62 16 4 1 531
Characterization of all the natural diamonds recovered and described to
date from the first two holes are as follows: 218 diamonds (41%) are
white; 138 (26%) are grey; 124 (23%) are brown; 46 (9%) are yellow;
three (1%) are green and two are pink. Significantly, the proportion of
white diamonds increases as diamond size increases; of the 21 largest
diamonds (greater than 1.7mm) 13 are white, 1 is yellow, 3 are grey and
4 are brown. By weight, white diamonds comprise 54% of the parcel and
yellow diamonds comprise 8%.
Metalex is most encouraged by the recovery of a white 0.52 carat
diamond. The fact that it is broken provides further evidence for the
coarse diamond size distribution at U2. In addition the proportion of
white and yellow diamonds continues to be promising.
The technical information and results reported here have been reviewed
by Mr. Chad Ulansky P.Geol., a Qualified Person under National
Instrument 43-101, who is responsible for the technical content of this
release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the
Company are forward looking statements that involve various risks. The
following are important factors that could cause the Company's actual
results to differ materially from those expressed or implied by such
forward looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty
of access to additional capital. There can be no assurance that
forward-looking statements will prove to be accurate as actual results
and future events may differ materially from those anticipated in such
statements. Metalex undertakes no obligation to update such
forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue
reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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