Kodiak Copper Corp. press release
Metalex Ventures Ltd. - T1 Diamondiferous Kimberlite, Ontario - Exploration Update
TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Lead · Zinc · Diamond · Canada
LOWNA, BC, Aug. 17 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company")
Processing of 1992.8 kg of kimberlite drill core from minibulk sample holes T1-5, T1-6 and the lower part of T1-3, drilled in diamondiferous kimberlite T1, has been completed and the CF Minerals Laboratory report that 896 natural diamonds were recovered. Approximately 70% of these are white diamonds. To date 8 holes have been drilled in T1 of which diamond results are available for 6. A total of 4,201 kg of kimberlite core has been processed and 1,768 diamonds have been recovered. The size distribution of these diamonds is given on the table below (note this includes previously reported data for holes T1-B, T1-1, T1-2, T1-4 and the upper part of T1-3).
<< Sample less Drill Weight than 0.106- 0.15- 0.212- 0.3- 0.425- 0.6- Hole (kg) .106 0.15 0.212 0.3 0.425 0.6 0.85 T1 & T1B 62.12 4 3 10 6 6 7 1 T1-1 1,042.90 15 15 20 35 29 18 3 T1-2 584.58 15 14 19 32 42 17 12 T1-3 162.10 2 3 6 4 6 4 0 T1-4 462.56 113 96 114 85 59 38 19 T1-5 879.66 51 94 88 92 74 36 13 T1-6 1,007.56 65 54 95 84 70 35 16 Totals 4,201.48 265 279 352 338 286 155 64
Drill 0.85- 1.18- Totals % White Hole 1.18 1.7 Diamonds T1 & T1B 0 0 37 81.1 T1-1 4 1 140 78.6 T1-2 3 0 154 53.3 T1-3 0 0 25 56.0 T1-4 8 0 532 58.5 T1-5 3 0 451 46.3 T1-6 9 0 428 57.7 Totals 27 1 1,767 58.4 >>
Drill holes T1B and T1-1 are vertical holes drilled in the magnetic centre of the body (not necessarily the geographic centre) and holes T1-2 to T1 -5 are drilled from the same location but inclined at 74 degrees to the east, west, south and north respectively. T1 - 6 is located south of drill hole T1 and is drilled northwards at 60 degrees to locate the southern margin of the pipe. The high proportion of white diamonds within T1 and the average diamond count of 420 diamonds per 1000 kg are most encouraging. Collection of the 200 tonne bulk sample from T1 has been temporarily suspended pending extension of the bulk sampling permit granted by the Ministry of Northern Development and Mines ("MNDM"). Metalex has been advised by the MNDM that they have a duty to consult with the affected First Nations and that they have arranged meetings with the Marten Falls First Nation and the Attawapiskat First Nation on September 6, 2006. Metalex expects that the requested extension will be granted on a timely basis following these consultations. To date 88 tonnes of kimberlite have been collected from T1 and discussions are in progress to use the heavy media plant that was used to process the early bulk samples from the Ekati Mine. This plant has an accurate and proven recovery circuit and is able to recover diamonds from hard kimberlite such as is found in some parts of T1. Certain Metalex 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 a consultant to 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 on certain projects and, in the case of the Canadian projects, a 10% interest in certain projects 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 Ltd. 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 Ltd. 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
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