EXPLORATION UPDATE
U2 Diamond Project
Preparatory work continues for the upcoming 10,000 ton bulk sample of the U2 kimberlite. Sepro Mineral Systems Corp. ("Sepro"), from Langley, BC, has been chosen as the supplier of the processing plant which is to be utilized on site. Sepro has commenced construction of this 20 ton per hour plant and it is expected to be ready in time for the upcoming winter road season.
Geological and geotechnical logging is underway on 25 pilot holes drilled at U2. This work is being undertaken under the direction of Dr. Barbara Scott-Smith, a world renowned kimberlite petrologist. Geologist Sonya Nielson discovered an embedded Diamond in the core while logging. This logging program will aid in the planning of the bulk sample and interpretation of the bulk sample results.
The final comprehensive agreement with the Dundee Corporation group ("Dundee") which contemplates Dundee funding $51 million dollars to earn a 51% interest in the U2 project is nearing completion.
Quebec Metals Project
Metalex has completed a work program on its Quebec project. As a part of this program, 11 claim blocks have been staked totaling approximately 20,110 hectares. These claims were staked to cover the heads of anomalous geochemical trains as determined by heavy mineral sampling. Four of the claim blocks cover trains anomalous primarily for gold. One claim block covers a train anomalous primarily in base metals (copper - nickel - cobalt). The remaining six claim blocks are anomalous in both gold and base metals.
During the field program a total of 1,673 heavy mineral samples were collected and these have now arrived at the CF Mineral Research Ltd. laboratory where processing has commenced.
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,
Chad Ulansky
President & CEO
(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. 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.