Sitka Gold Corp. press release
Metalex Ventures Ltd. - Angola kimberlite update
TSXV - TSX Venture Exchange · Gold · Silver · Arsenic · Tungsten · Copper · Zinc · Lead · Canada
LOWNA, BC, July 12 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company"). Metalex has purchased approximately 11,000 line km of aeromagnetic gradiometer data covering all of the Chitamba licence area (Metalex initially 55% - 60%) from SDM(x). The data was flown using a 250 metre line spacing and 80 metre terrain clearance. Stan Deakin, Manager of Exploration and Mining for the Chitamba Project, has identified more than 30 magnetic anomalies within the Chitamba licence area which may reflect as yet undiscovered kimberlite pipes. The anomalies are located mainly to the south of the Cucumbi river in an area where no kimberlite pipes have been discovered in the past. Four of these anomalies are more than 1 km in diameter. The aeromagnetic data has been sent to Scott Hogg and Associates, Geophysicists, for further analysis and interpretation. The large (greater than 1 km diameter) anomalies are located near, or under, the flood plain of the Cuango river. This river is mined for diamonds 150 km downstream from the Chitamba permit by SDM. Over the last four years, SDM has produced around 400,000 to 600,000 carats annually valued at about US$200 / carat from this location. Whilst the aeromagnetic results are encouraging, not enough work has been done to ascertain whether the large magnetic anomalies reflect rocks that are the source of some of the alluvial diamonds found in the Cuango River. Results from the drainage sampling survey carried out over the Chitamba permit last year show that kimberlitic indicator minerals are concentrated in the eastern part of the permit and this is consistent with the distribution of some of the possible kimberlite-related magnetic anomalies. The known kimberlites in the northeast part of the permit appear to be shedding both peridotitic and eclogitic kimberlite indicator minerals. But the kimberlite indicator minerals in the vicinity of the large magnetic anomalies are dominated by peridotitic varieties suggesting the possibility of two different ages of kimberlite. However, this has yet to be proven. The Company will shortly commence testing of the aeromagnetic anomalies by pitting and is arranging to send one of its drills by airfreight to Angola to drill the 30 or more magnetic targets.
(x) SDM : (Sociedade de Desenvolvimento Mineiro de Angola), a joint venture alluvial diamond mining project operating along a 90km stretch of the Cuango river valley. Currently processing a total of 1.2 million cubic metres of gravel per annum using five process plants.
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 analysed. 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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents herein. %SEDAR: 00008159E