Metalex Recovers Largest Diamond Yet From U2 Kimberlite
July 21 2011 - 8:21AM
PR Newswire (Canada)
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. 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. To view this news release
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Chad Ulansky, President & CEObr/ (250) 860 - 8599br/ a
href="mailto:investorinfo@metalexventures.ca"investorinfo@metalexventures.ca/a
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