METALEX DISCOVERS ANOTHER LARGE KIMBERLITE IN ANGOLA
Morocco Multi-Commodity Project
In Morocco the Company is pleased to report that the airborne magnetic and radiometric survey is now complete. This survey covered virtually the entire 17,100 square kilometer license over which an extensive geochemical survey indicated the potential for a variety of commodities. A total of 88,146 line kilometers were flown and the final survey reports should be complete at the end of March.
Angola Diamond Project
A third target is now being tested at the Company's Angolan project. The current drill program is focused on testing large geophysical anomalies in the immediate proximity of the Cuango River, which downstream has large alluvial Diamond deposits which are being mined.
A third anomaly (MB04), estimated at 18 hectares based on its geophysical signature has now been field confirmed as a kimberlite as a part of this program. Initially a vertical core hole (LDH009-1) encountered sandstone at 4.3 meters before intersecting potential kimberlite from 8.2 to 9.8 meters, 15.8 to 48.5 meters and from 431.9 to 434.3 meters. Intervening sections comprised sandstone and mudstone which is interpreted to represent crater infill. Sandstone was also intercepted below the last kimberlitic intersection to the end of hole at 594.7 meters. Core from this hole is en route to Canada by DHL air cargo..
A second inclined hole (LDH009-2) is now underway and is being drilled from the same location as LDH009-1 but is inclined at -50 degrees towards an azimuth of 318 degrees. Sandstone was intersected at a depth of 4.3 to 18.0 meters where interpreted kimberlite was intersected until 65.8 meters. The hole then re-entered sandstone which is interpreted to represent crater infill to the present depth of drilling at 206.3 meters.
Core from hole LDH006 which tested the 7 hectare MB02 anomaly is currently being processed by the C.F. Minerals laboratory for diamonds and Diamond indicator minerals.
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.
U2 Diamond Project
Through the remainder of 2012 the Company will be completing the preparatory work for the upcoming 10,000 ton bulk sample of the U2 kimberlite.
The proposed bulk sample is to be collected by 48 large diameter (60cm) reverse circulation holes and the kimberlite from the holes will be processed at a plant on site. This plant is being custom designed to meet the specifications of the U2 kimberlite. The processing plant, drill and all other supplies needed for the program will be mobilized to site in early 2013 by winter road.
Drilling and processing of the bulk sample are expected to take approximately one year. This will allow the drill and unneeded equipment to be demobilized by winter road the following winter.
AMEC Environment and Infrastructure ("AMEC") was contracted in September, 2011 to complete the permitting required for the program and this is well underway. AMEC has also commenced environmental baseline studies for the project area.
Metalex and Dundee Corporation are now completing the Earn In Agreement.
The Company also announces that Dundee Corporation has advanced the $5,000,000 convertible loan forming part of the larger transaction involving the development of the U2 kimberlite pipe, as more particularly detailed in the Company's January 20, 2012 news release. Any shares issued on conversion of the loan would be subject to a hold period expiring June 1, 2012
The U2 kimberlite pipe is a highly prospective Diamond development project located in the James Bay Lowlands of Ontario, near De Beers' Victor Mine. Diamonds recovered from the U2 pipe are of exceptional quality - with 88.8% by weight of the +1.7mm diamonds being white and 1.1% being colored. The large 9.3 hectare U2 pipe shows the potential to host a substantial tonnage.
Signed,
Charles Fipke
Chairman
(250) 860 - 8599investorinfo@metalexventures.ca
Metalex is a Canadian based exploration company with strategic Canadian and international projects.
The Company has recently completed two 400 tonne bulk samples on two large kimberlite pipes located within 70 kilometers west of DeBeers' Victor Diamond Mine in the James Bay lowlands of Ontario. The Company is now undertaking a 10,000+ ton bulk sample on the U2 kimberlite pipe. In Metalex's Attawapiskat Joint Venture, white microdiamonds have been recovered from a newly discovered kimberlite pipe located 7 kilometers south of the Victor Diamond Mine. Near Wawa, Ontario the Company has a joint venture focused on discovering economic quantities of diamonds in conglomerates and also to locate their primary kimberlite sources. Drill results to-date have discovered the presence of coloured stones within the conglomerate. In northern Quebec the Company has two joint ventures. The first is for base and precious metals while the second is focused on diamonds. The Diamond joint venture has claims over 395 square kilometers where significant Diamond quantities have been found in preliminary outcrop samples from conglomeratic rocks. Of significance is the presence of coloured stones including a purple macrodiamond in these samples.
Internationally, the Company is exploring the headwaters of the highly diamondiferous Cuango River and has discovered 50 kimberlites. In Morocco, Metalex has an exploration license covering 17,100 km2 over one of the few unexplored cratons in the world. High quality G10 garnets recovered from sediment samples suggest that the source kimberlites could be high grade. In southwestern Greenland, abundant G10 garnets have been found in glacio-fluvial sediments around Smile Lake and work has focused on finding the kimberlite source of these high quality Diamond indicators..The Company also has exploration licenses in northern Mali where anomalous gold and base metals have been found in stream and soil samples.
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 the 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.
Metalex Ventures is a exploration company based in Canada.
Metalex Ventures holds various exploration projects in Angola, in Canada and in Greenland.
Its main exploration properties are ATTAWAPISKAT, T1 (KYLE LAKE) and RING OF FIRE in Canada, UMIIVIIT/ SW GREENLAND in Greenland and ANGOLAN in Angola.