B2Gold Corp. press release
Metalex Ventures Ltd. - Gold, copper and uranium anomalies discovered in Quebec
TSX - Toronto Stock Exchange · Gold · Canada
LOWNA, BC, Aug. 29 /CNW/ - Metalex Ventures Ltd (MTX-TSX Venture Exchange)("Metalex" or the "Company"). Metalex, Wemindji Exploration Inc and Dianor Resources Inc, collectively called the Quebec Joint Venture, have collected 1069 reconnaissance drainage and till samples over an area of 360,000 km(2) in Quebec. In addition to analysis for diamond indicator minerals, which has been previously reported, the heavy mineral concentrates were also geochemically analyzed for copper, cobalt, nickel, silver, zinc and molybdenum by atomic absorption and for gold, silver, arsenic, barium, bromine, calcium, cobalt, chromium, cesium, iron, hafnium, mercury, iridium, molybdenum, sodium, nickel, rubidium, antimony, scandium, selenium, strontium, tantalum, thorium, uranium, tungsten, zinc and eight rare earth elements by neutron activation. Whilst anomalous concentrations of 28 metals have been found in the heavy mineral concentrates, this press release will focus on the results for gold and its pathfinder elements; copper - nickel - cobalt; and uranium as these commodities are high demand right now. Anomalous gold concentrations have been found in more than 400 samples. Seventy-four samples contain gold values between from 7,700 to 66,300 parts per billion ("ppb")(7.7 to 66.3 g/t). When compared with the upper limit of the range of background values of 60 ppb (the threshold value) these 74 samples are classified as "exceptionally anomalous." About 1/3 of the exceptionally anomalous samples contain anomalous amounts of silver, antimony plus/minus arsenic. This anomalous metal association suggests that the gold in these samples is derived from hard rock (not placer) sources. Whilst several of the exceptionally anomalous samples occur down ice, or close to, known gold deposits, most of them are unexplained and are thought to be derived from undiscovered mineralization. Anomalous copper values have been found in 109 samples. Seventeen samples contain copper values between 120 to 374 parts per million ("ppm"). When compared with a threshold value of 40 ppm, these samples are classified as "strongly anomalous". One additional sample contains 3.36 percent copper and is exceptionally anomalous. Eleven of these latter 18 samples also contain anomalous cobalt values and two contain anomalous nickel values suggesting that some of the anomalous values may be derived from copper - nickel - cobalt mineralization. Apart from the exceptionally anomalous value, which is located in an area of known copper mineralization, the 17 strongly anomalous are unexplained and may reflect undiscovered mineralization. Anomalous uranium values occur in 173 samples. Twenty-seven samples contain uranium values between 336 to 996 ppm. When compared with the threshold value of 165 ppm, these 27 samples are classified as strongly anomalous. These strongly anomalous samples are accompanied by anomalous lead (121 - 2870 ppm) in twenty samples and thorium (5,000 - 14,900 ppm) in thirteen samples. The association of uranium and lead may point to Proterozoic or Archaean age uranium deposits. None of the strongly anomalous samples appear to be derived from known uranium occurrences and they are thought to reflect undiscovered mineralization. Given that the Archaean shield of eastern Canada contains a number of world-class metal mines, e.g. gold in the Val d'Or region of Quebec, nickel - copper - cobalt at Sudbury and Voisey Bay, and Uranium at Blind River, the geochemical results obtained above are regarded as most encouraging; particularly since they are spread throughout the regional area. An initial follow up program of approximately 500 samples is to be carried out to locate and prioritize the provenance area and sources of the anomalous metal values. This work will be in addition to the follow up program planned to trace discovered diamond indictor minerals to their source. An agreement was recently executed between the Quebec Joint Venture parties and Blustone Minerals Inc. Under this agreement Blustone will fund $2 million of exploration expenditures by July, 2007 to earn a 19% interest in the Quebec Joint Venture. Upon Blustone earning its 19% interest, the interest of Metalex in the Quebec Joint Venture will be 27%. If Blustone fails to spend C$2 million it will be deemed to have withdrawn with no interest. The Company is most encouraged by the results in Quebec to date. Diamond indicator minerals have been found and are being followed up. Exceptionally anomalous geochemical gold values and strongly anomalous copper and uranium values could lead to the discovery of new gold, copper - nickel - cobalt and uranium deposits respectively. The agreement with Blustone spreads the Company's risk and allows an expansion of its exploration program. This press release has been prepared by Dr Peter Gregory, a Qualified Person.
Peter Gregory President
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of the content of this news release.
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