Metalex Recovers Largest Diamond Yet From U2 Kimberlite
KELOWNA, BC, July 21, 2011 /CNW/ --
KELOWNA, BC, July 21, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ('Metalex', the 'Company') is pleased to report that a
2.61 carat white gem quality diamond has been recovered from the
exceedingly large, 9.3 hectare, U2 kimberlite pipe on the Metalex -
Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay
lowlands, Ontario.
This 2.61 carat gem exceeds the largest diamond previously recovered
which was 1.25 carats. A 0.54 carat and six other diamonds exceeding
0.13 carats were also recovered from this hole (U2-RC-10). Pictures of
diamonds from this hole including the 2.61 carat stone and a 0.18 carat
pinkish diamond are available on the Company's website (www.metalexventures.ca). A total of 214 commercial sized stones (greater than 0.425mm) have
been recovered from U2-RC-10.
The geology and diamond results for U2-RC-10 are presented in the
following table:
_____________________________________________________________________
| Depth | Sampled Material |Diamonds |Sampled|Grade |
|_________________|__________________________|_________|_______|______|
|From|To |Interval| | # | Ct |Weight | |
|____|___|________|__________________________|___|_____|_______|______|
|(m) |(m)| (m) | | | | (kg) |(cpht)|
|____|___|________|__________________________|___|_____|_______|______|
| | | |Overburden, limestone | | | | |
| | | |crater infill and | | | | |
| | | |transition to kimberlite -| | | | |
| 0 |75 | 75 |Low grade |14 |0.077|11,120 | 0.7 |
|____|___|________|__________________________|___|_____|_______|______|
| 75 |330| 255 |Kimberlite - high grade |200|6.439|27,923 | 23.1 |
|____|___|________|__________________________|___|_____|_______|______|
As presented in the above table the drill hole recovered 200 commercial
sized diamonds weighing 6.439 carats from 75 meters to the end of the
hole at 330 meters. The grade of this intersection is 23.1 carats per
hundred tons.
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|6.7mm | |
| |0.425mm|0.6mm |0.85mm|1.18mm|1.7mm |2.36mm|3.35mm|4.75mm| |
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-02| 61| 81| 56| 24| 4| 3| -| -| 229|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-03| 51| 121| 79| 38| 12| 1| 1| -| 303|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-04| 32| 99| 68| 21| 10| 2| 1| -| 233|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-05| 58| 137| 65| 30| 6| 3| 1| -| 300|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-06| 27| 66| 50| 19| 4| 3| -| 1| 170|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-07| 21| 50| 30| 13| 1| -| -| -| 115|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-08| 8| 29| 12| 5| 3| -| -| -| 57|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-09| 26| 53| 35| 15| 5| 1| 1| -| 136|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-10| 33| 85| 62| 21| 6| 5| 1| 1| 214|
|________|_______|______|______|______|______|______|______|______|_____|
| Total | 317| 721| 457| 186| 51| 18| 5| 2|1,757|
|________|_______|______|______|______|______|______|______|______|_____|
Characterization of the colour of all diamonds recovered and described
to date are presented in the following table:
_________________________________________________
| Hole |White|Yellow|Green|Pink|Brown|Grey|Total|
| | # | # | # | # | # | # | # |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-02| 97| 20| 2| 0| 40| 70|229 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-03| 121| 26| 1| 2| 84| 69|303 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-04| 136| 14| 0| 3| 22| 58|233 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-05| 172| 25| 2| 0| 35| 66|300 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-06| 100| 5| 0| 3| 13| 49|170 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-07| 44| 6| 0| 0| 31| 34|115 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-08| 30| 7| 0| 0| 11| 9|57 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-09| 58| 8| 2| 1| 26| 41|136 |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-10| 106| 15| 0| 1| 42| 50|214 |
|________|_____|______|_____|____|_____|____|_____|
| Total | 864| 126| 7| 10| 304| 446|1,757|
|________|_____|______|_____|____|_____|____|_____|
To date, as presented in the above table, 49.2% of the diamonds are
white; 25.4% are grey; 17.3% are brown; 7.2% are yellow; 0.6% are pink
and 0.4% are green. The proportion of white diamonds continues to
improve with increasing diamond size. Of the 76 largest diamonds
(greater than 1.7mm), 56 are white, 1 is yellow, 1 is pink, 12 are grey
and 6 are brown. By weight, white diamonds comprise 65.2% of the
parcel and yellow, pink and green diamonds comprise 5.7%.
Metalex is most encouraged by the results to date. Many of the large
diamonds recovered to date from the very large 9.3 hectare U2
kimberlite are high quality white gems. Hole U2-RC-10 returned a grade
of 23.1 carats per hundred tons from 75 to 330 meters depth. The
initial bulk sample from DeBeers' Victor Diamond Mine, 60 kilometers to
the east, recovered 108 carats of diamonds from approximately 600 tons(1) equating to 18.0 carats per hundred tons. The De Beers bulk sample was
collected by a combination of drilling and trenching.
These results continue to support Metalex's belief that U2 contains a
very high quality coarse diamond population. Metalex looks forward to
the diamond results from the remaining two 22cm diameter reverse
circulation drill holes.
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
(1)Molyneux, R. and Dorrington, L. (2008). Catching a Dream: The story of DeBeers in Canada. Toronto, Ontario: De Beers Canada Inc.
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.
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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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Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca