Erdene Resource Development Corporation press release
Metalex Ventures Ltd - Exploration Update
TSX - Toronto Stock Exchange · Gold · Silver · Lead · Zinc · Molybdenum · Antimony · Copper · Canada
LOWNA, BC, June 17 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company").
Kyle Project, Northern Ontario, Canada
The Company is pleased to provide detailed information on the weights and sizes of the diamonds found in its 48 kg sample of kimberlite processed from T1. A total of 35 diamonds have been found and the data is given in the table below: << Stone Carats Octa Macro X-dimen Y-dimen Form Colour Inclu- No. (xx) Carats (x) (x) (xxx) (xxxx) sions 1 0.000058 5800 244.08 288.33 C W 0 2 0.0000345 3450 146.73 131.76 C W 4 3 0.000066 6600 225.16 199.33 B W 3 4 0.0003175 31750 375.44 450.75 B W 2 5 0.0014435 144350 Yes 589.16 858.86 B W 3 6 0.0003895 38950 415.85 295.63 A W 1 7 0.0000765 7650 93.94 406.69 C W 1 8 0.000059 5900 172.94 217.75 C E 3 9 0.000027 2700 142.76 105.60 C W 4 10 0.0000955 9550 172.04 219.86 B W 1 11 0.0000865 8650 171.83 243.31 B E 1 12 0.0000935 9350 196.33 289.01 B W 3 13 0.0000945 9450 277.77 172.80 B W 1 14 0.0007505 75050 Yes 518.55 523.31 B W 3 15 0.001349 134900 Yes 548.43 715.67 B W 3 16 0.000059 5900 193.26 174.00 B W 2 17 0.0000905 9050 196.79 251.81 B W 2 18 0.0001615 16150 262.55 243.00 B B 3 19 0.0001735 17350 264.01 257.61 B W 4 20 0.000071 7100 260.74 190.00 C W 1 21 0.000124 12400 331.43 245.93 B W 4 22 0.0014355 143550 Yes 655.63 767.81 B W 3 23 0.0004365 43650 458.80 361.52 B W 3 24 0.000788 78800 Yes 481.00 540.00 B W 1 25 0.0002705 27050 263.00 228.40 A W 4 26 0.001334 133400 Yes 698.86 613.81 B W 4 27 0.000021 2100 119.40 249.62 C W 1 28 0.0000455 4550 304.11 368.11 C W 1 29 0.0000145 1450 172.00 141.99 B W 1 30 0.0000995 9950 268.90 238.74 B W 3 31 0.0000185 1850 170.43 202.00 C B 0 32 0.001999 199900 Yes 899.74 742.03 B W 3 33 0.0000135 1350 140.06 142.72 C W 0 34 0.0000055 550 22.00 41.00 B B 1 35 0.0003665 36650 400.22 398.25 B E 2
(x) The width and breadth ("X" and "Y") of each diamond was measured using an electron microprobe. (xx) The weight of each diamond is determined using a diamond balance that reads to 8 decimal places. Form(xxx)A - A single crystal equally developed along all three axes (e.g. an octahedron, cube or tetrahexahedroid). B - the stone is a macle, an aggregate of several crystals, or a distorted stone (unlike A). C - the stone is very flat (i.e. a chip or a thin macle). Colour(xxxx) W - white, Y - yellow, G - green, E - grey, B - brown.
Seven out of the 35 diamonds exceed 0.5 mm in one dimension and are classified as macrodiamonds. Six stones exceed 0.5 mm in two dimensions. All of the macrodiamonds are white stones.
The distribution of the 35 diamonds, determined by sieving in accordance with CIMM guidelines, is given on the table below:
Number of diamonds within certain sieve sizes in mm Weight less than plus plus plus plus plus plus of 0.105 0.105 0.15 0.212 0.30 0.425 0.6 Total sample minus minus minus minus minus minus (kg) 0.15 0.212 0.30 0.425 0.6 0.85 Number 44 3 3 10 6 6 6 1 35
The company is most encouraged by these results and in particular by the proportion of macrodiamonds to microdiamonds as well as the quality of the larger stones. Consequently drilling of T1 has commenced using a larger diameter drill (56 mm core) to obtain a total 2,000 to 3,000 kg of all kimberlite phases intersected. At least 7 holes will be drilled and should be completed within 4 weeks. Samples of each phase of kimberlite intersected will be anlaysed at the CF Mineral Research laboratory for macrodiamonds and microdiamonds. Should favourable results be obtained from this work the Company would plan on taking a 200 tonne sample from T1 during the coming winter.
At April 30, 2005 the Company's contributing interest in the project was 91.5%. Arctic Star has elected to contribute to the next program and budget, and has an 8.5% contributing interest. Kel-Ex Development Ltd has a 10% free carried interest paid for prorata by each of Metalex and Arctic Star.
CHITAMBA PERMIT, ANGOLA
Testing of the Cucumbi and Cuango River gravels for alluvial diamonds will start in July as the Super Digger Mk2 Twin 8 inch Riverine suction dredge system will arrive in Luanda by ship within the next few days. Following customs clearance, this will be sent directly to the field to commence dredging activities. The first site of work will be an area where Endiama, the Government diamond arm, has told the Company that 12,000 carats of diamonds were recovered over a two-week period, although the Company has not yet been able to confirm this. The dredging operations will be managed by Equatorial and General Mining Supplies, a company with experience in dredging in Angola. They will be directed by Stan Deakin who, until recently, was an alluvial mining engineer for the Company SDM which last year produced US$106 million worth of alluvial diamonds from the Cuango river about 50 km downstream for the Chitamba permit. The Chitamba kimberlite license has now been published in the Government Gazette and is now in full force and effect. An offer has been made, and accepted subject to various approvals, to purchase aeromagnetic and radiometric data flown recently over the Chitamba permit at a 250-metre line spacing. This purchase may produce additional kimberlite targets over and above the 14 known kimberlite pipes that occur within the Chitamba permit. Testing the kimberlite pipes and aeromagnetic targets by pitting and drilling is scheduled to commence shortly during the dry season.
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 has prepared this press release.
Peter Gregory President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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