NU E Power Corp. press release
Metalex Ventures Ltd. - Exploration update
CSE - Canadian National Stock Exchange · Canada
LOWNA, BC, June 24 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company").
Kyle Project, Northern Ontario, Canada
The Company is pleased to report that the first of seven planned minibulk sample drill holes into the diamondiferous T1 kimberlite is currently at a depth of 198 metres. Kimberlite T1 was discovered by a small diameter drill hole 39 metres SSE of the current drill hole (see Press Release dated June 17, 2005). The 48 kg of kimberlite collected from this hole returned 35 diamonds. The current vertical drill hole intersected green kimberlite from 139 to 175 metres, when it passed into a dark green serpentinized kimberlite. The drill is still in this dark green serpentinized kimberlite at 198 metres. Approximately 330 kg of kimberlite core has been collected from this hole and will shortly be shipped to CF Mineral Research Ltd. for diamond recovery. Drilling of this current hole will continue until refusal. These seven holes are designed to collect a representative minibulk sample to determine the size distribution of small diamonds within the pipe; the different phases of kimberlite present and their broad near surface geometry. Drilling is scheduled to continue until the seven holes are complete. Additional holes may be drilled if warranted by the diamond results.
Greenland
It was reported in March that the Company has discovered two gravel sample sites, located 430 metres apart, that contain exceptional quantities of G10 pyrope garnets with compositions similar to those found in commercial diamond deposits. (see press release dated March 14). The two samples consist of fluvoglacial sediments and are located on the southern shore of a lake, 5km long by up to 1 km wide. As many of the G10 garnets exhibit soft, friable kelyphite reaction rims, and have angular textures, they are presumed to be derived from a nearby source either within or adjacent to the lake. To investigate the source of these exceptional indicator minerals a field program of basal till drilling, ground geophysics and heavy mineral sampling was carried out during March to May, 2005. Sixteen shallow holes were drilled in a traverse across the lake to collect samples of basal till with the objective of determining whether the source of the indicator minerals lies within the lake. These samples are currently being processed at the CF Mineral Research Ltd laboratory. Each hole was drilled a short distance (typically less than ten meters) into bedrock. Thin sills and dykes of a rock, provisionally identified in the field as kimberlite, was intersected in four holes. No pyrope garnets were seen visually in these rocks by the on site geologist and he concluded that it is most unlikely they are the source of the exceptional indicators found on the lakeshore. These "kimberlite" intersections are currently being analyzed at the CF Mineral Research laboratory to determine their indicator mineral content. Ground gravity, magnetic and electromagnetic geophysical surveys were completed over much of the lake and part of the shoreline. These data are currently being interpreted by geophysicist Scott Hogg with the objective of identifying drill targets. In addition to the above work, seventeen follow up gravel samples have been collected from fluvoglacial sediments on the lake shore and "up ice" from the positive samples. These are currently being analyzed for diamond indicator minerals. An aerial photograph based geomorphological study has commenced to assist in determining the provenance area of the exceptional indicator minerals. The Company has retained access to a core drill in Greenland so that drill testing geophysical and heavy mineral anomalies found on land can be carried out in the near future whilst those beneath the lake can be tested during the coming winter.
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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