Kodiak Copper Corp. press release
Metalex recovers more diamonds from its Kyle kimberlite
TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Lead · Zinc · Diamond · Canada
LOWNA, BC, May 19 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture exchange) ("Metalex" or the "Company). On May 16, 2005 Metalex reported that it had discovered a diamond bearing kimberlite at its 15,000 km2 Kyle project and that preliminary results had revealed 26 diamonds. CF Mineral Research Laboratory has now completed processing all of the 48 kg core sample and a further 8 diamonds have been found. Thus a total of 34 natural diamonds have been recovered from this core sample. These comprise 7 macrodiamonds and 27 microdiamonds. The size distribution of the diamonds is given below:
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Size 0.85 to 0.600 to 0.425 to 0.3 to Range 1.18 mm 0.85 mm 0.600 mm 0.425 mm No. of diamonds 2 3 4 4
Size 0.212 to 0.150 to 0.105 to Range 0.3 mm 0.212 mm 0.15 mm less than 0.105 mm No. of diamonds 14 3 3 1
Note: the size for each diamond used in the above is equivalent to the largest of the three Orthogonal dimensions measured on each diamond Twenty diamonds (about 60%) are white and white with minor inclusions. Of these 10 stones (about 30%) are of clear white colour (i.e. of gem quality). Kimberlite core from a second drill hole, located about 100 metres northeast of the first drill hole, has been sent to the CF Mineral Research Laboratory for processing for diamonds and diamond indicator minerals. A larger core drill, currently at Attawapiskat, will arrive on site shortly. This drill will be used to both delineate the extent of the kimberlite and obtain a 300 kg sample of kimberlite for recovery of a larger parcel of diamonds so that diamond size distribution studies can be carried out. For reference purposes this kimberlite discovery is called "T1". As previously reported, T1 is thought to measure 200 metres by 180 metres based on modeling of aeromagnetic data by geophysicist Scott Hogg. The actual size of T1 will need to be verified by drilling. T1, which is 80 kilometres from the planned Victor diamond mine, is overlain by about 137 metres of Paleozoic platform cover. It intrudes Archaean cratonic basement rocks, the classic setting for commercial kimberlites. Metalex is most encouraged by this result as the ratio of macrodiamonds to microdiamond counts is much higher that has been obtained from any of the 5 previous kimberlites discovered and tested in the Kyle area. Approximately 118 priority aeromagnetic anomalies, out of 500 potential targets, have identified by Scott Hogg from the recently completed triaxial aeromagnetic gradiometer survey. So far drill testing of 24 targets has been completed and the discovery of T1 is a result of this work. Drill testing of the remaining 94 targets is ongoing and will be carried out concurrently with the delineation drilling of T1. As at April 30, 2005 Metalex has approximately a 91.5% interest and Arctic Star Diamond Corp approximately an 8.5% interest in the project. As previously reported these interests area subject to a 10% net profits interest in favour of Kel-Ex Development Ltd. 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
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