B2Gold Corp. press release
Metalex Ventures Ltd. - Kyle update
TSX - Toronto Stock Exchange · Gold · Canada
LOWNA, BC, July 6 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company"). The Company is pleased to announce that the first of seven planned minibulk sample holes drilled into diamondiferous kimberlitic, T1, has been completed at the planned depth of 306 metres (1,003 feet). The field log of T1-1 is given below:
From To Rock/Unit (metres) (metres) 0 38 Glacial Till 38 133 Limestone 133 175 Green kimberlite 175 264 Dark green to blue kimberlite, serpentinized in part 264 306 Dark green kimberlite with granite xenoliths
The total weight of kimberlite recovered is 1225 kg and this has been shipped by air freight to the CF Mineral Research laboratory for logging and analysis for macrodiamonds and microdiamonds. The second hole, T1-2 has been collared and is an inclined hole designed to test for lateral variations within the kimberlite as well to determine its eastern margin. The drill hole is currently at an inclined depth of 136 metres. Metalex's exploration projects are managed by Kel-Ex Development Ltd., a company owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter Gregory, the President of Metalex is also an employee of Kel-Ex. The arrangement with Kel-Ex provides Metalex with access to the advanced proprietary databases and interpretational techniques of Dr. Charles Fipke, an internationally recognized diamond geologist. In return, Kel-Ex receives a 10% administration fee and, in the case of the Canadian projects, a 10% interest in the project carried to production. (Kel-Ex will repay its proportionate share of the costs of mine development out of its share of mine profits). Dr. Fipke also owns the CF Mineral Research laboratory where samples collected in the exploration programs are analysed. Dr. Peter Gregory, a qualified person, has verified that the work carried out by Kel-Ex, manager and operator of the Company's projects, is being carried out in a professional and diligent manner and that the appropriate quality controls are in place. Dr. Gregory has also inspected the CF Mineral Research laboratory and is satisfied that the work performed there meets or exceeds international best practices; that the work is performed on an arms' length basis and in accordance with standard commercial arms' length terms; and that the results provided by CF Mineral Research are accurate and reliable. On this basis the Company has not sought any independent analyses. However, should significant diamond grades be discovered the Company may seek independent verification of such results. Dr. Gregory is responsible for the contents of this press release
Peter Gregory President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents herein. %SEDAR: 00008159E