NU E Power Corp. press release
Metalex Ventures Ltd. - Greenland update
CSE - Canadian National Stock Exchange · Canada
LOWNA, BC, Nov. 29 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange)("Metalex" or the "Company"). In its press release dated March 14, 2005 the Company announced that it had discovered very strong counts of exceptional diamond indicator minerals in two samples, located 430 metres apart, on the southern shore of a lake. As these indicator minerals have very fresh surface textures, and most of the G10 garnets are coated with kelyphite, the G10 garnets are considered to be derived from a nearby diamondiferous kimberlite pipe source. Charles Fipke commented that "that no previous exploration samples seen by him, including more than 9,000 samples from the Ekati claim block, has produced as many high quality (Cr2O3/CaO ratio) G10 garnets as either of the two Greenland samples". In a press release dated June 24, 2005 the Company announced that ground geophysical work has been completed over part of the lake, a program of heavy mineral sampling had been carried out and that 16 drill holes had been drilled across the shallow lake. It also announced that glacial studies were in progress to determine the ice direction. The glacial studies indicated that there were two ice directions. The first, and dominant, direction was that of an ice sheet moving in an approximate east to west direction. The second direction was that of a small valley glacier moving from the west to the east. This latter glaciation had the effect of redistributing minerals dispersed by the earlier ice sheet. This means that the likely source of the diamond indicator minerals is either in the lake or to the immediate west or southwest of the anomalous sites. Additional ground geophysical surveying is planned to explore previously unsurveyed prospective areas. Diamond indicator sampling around the shores of the lake returned largely negative results and this is entirely consistent with a diamond source being located within the 5 km by 500 - 1000 metre lake. Interpretation of the ground geophysics, carried out by Scott Hogg and Associates, has identified 14 magnetic targets ranging in size from 50 metres to 250 metres in diameter. Two of these, located in the lake, are coincident with ground gravity anomalies. Sixteen shallow drill holes were drilled in a broadly north-south section across the lake to collect basal till samples to assist in determining the ice direction. Processing of these till samples is still in progress. The drill holes continued into bedrock and several holes intersected thin kimberlite like sills. However, as no significant amounts of pyrope garnet have been found in these rocks the sills are not the source of the exceptional diamond indicator minerals discovered. It is concluded that the coincident magnetic and gravity anomalies are very high priority drill targets because they are up ice (first glaciation) from the two samples containing exceptional diamond indicators considered to be derived from nearby diamond bearing kimberlite pipes. In this regard it is noted that some of the kimberlite pipes at Ekati also have coincident magnetic and gravity responses. Drill testing of the geophysical targets will be carried out early in the new year as soon as ice on the lake can support drilling operations. 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 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 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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