B2Gold Corp. press release
Metalex to expand its exploration in Morocco
TSX - Toronto Stock Exchange · Gold · Canada
LOWNA, BC, May 9 /CNW/ - Metalex Ventures Ltd. (MTX TSX-V), ("Metalex" or the "Company"). Following the discovery of diamond indicator minerals in southeastern Morocco by the Joint Venture between Metalex and the Moroccan Office National de Hydrocarburers et des Mines ("ONHYM") (see press release dated May 14, 2004) the joint venture has acquired an additional 11,294 km(2). This additional area comprises previously unexplored Precambrian cratonic rocks favorable for diamond, base and precious metal mineralization. The agreement with ONHYM provides that Metalex shall carry out a low-density heavy mineral sampling program over the prospective area within the next 18 months and will expend not less than US$500,000. Upon completion of this work Metalex will have earned a 60% contributing interest and ONHYM a 40% contributing interest. The total area now controlled by the Joint Venture is 24,804 km(2). ONHYM have completed an aeromagnetic survey over parts of the additional area. Geologist Charles Fipke has identified several responses typical of those seen over pipe shaped intrusives, such as kimberlites, from this data. Interpretation of the data will be carried out by a qualified geophysist to confirm this interpretation. To date, 942 samples have been collected over the initial Joint Venture area of 13,510 km(2) and kimberlite indicator minerals have been found in 410 samples. Screening of these samples for diamond potential by the CF Mineral Research Ltd. laboratory in Kelowna shows 18 sites to contain diamond stability field minerals, thus substantially narrowing down the area to be followed up. As the area is prospective for base and precious metals as well, each of the 942 samples will be analyzed for these commodities. Metalex is most encouraged by the results so far in Morocco and regards the acquisition of the additional ground as an important addition to its exploration portfolio. 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 analyzed. 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 Metalex Ventures Ltd.
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