Sitka Gold Corp. press release
Metalex Ventures Ltd. - Kyle Diamond results
TSXV - TSX Venture Exchange · Gold · Silver · Arsenic · Tungsten · Copper · Zinc · Lead · Canada
LOWNA, BC, Nov. 3 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange)("Metalex" or the "Company"). Kyle Lake Project, Ontario, (Metalex 91.5%, Arctic Star 8.5% contributing interest). Results have now been received from the CF Mineral Research Laboratory for the first two minibulk drill holes drilled into the Company's diamondiferous kimberlite T1. A total of 1,573 kg of kimberlite was processed and 288 diamonds were recovered (i.e. 18 diamonds per 100 kg). The size distribution of the diamonds, determined by sieving in accordance with CIM guidelines, is given on the table below:
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Sample Number of diamonds within certain sieve sizes in mm minus 0.105 - 0.15 - 0.212 - 0.30 - 0.425 - Weight (kg) 0.105 0.15 0.212 0.30 0.425 0.60 1573.66 30 28 38 65 69 35
Number of diamonds within Sample certain sieve sizes in mm 0.60 - 0.85 - 1.18 - Weight (kg) .85 1.18 1.70 1573.66 15 7 1
Forty-five diamonds exceed 0.5 mm on one dimension, and are classified as macrodiamonds, whilst 33 diamonds exceed 0.5 mm in two dimensions. The sample is dominated by white diamonds, (188 stones - 65%), with no inclusions. The above results are derived from analysis of one vertical hole and one hole drilled across the eastern radius of the kimberlite pipe. The surface area of the pipe is modeled at about 4 hectares. In order to predict macrodiamond content it is normally necessary to have at least 25 stones in each category. Thus in order to carry out meaningful diamond size distribution studies it is necessary to drill more holes and recover additional diamonds. The T1 kimberlitic is located approximately 80 km. west of the DeBeers Victor diamond mine. Victor will shortly be developed and has an in situ value of approx. $2.5 billion. It has a grade of 22.3 carats per hundred tonnes and a stone value of between US$300 - $400 /ct. Based on the 243 ct sample exhibited by DeBeers at the Prospectors and Developers Conference in March, 2005 the sample was characterized by pristine white diamonds. Processing of a 40.14 kg sample of kimberlite from Victor by the CF Mineral Research Laboratory recovered 6 diamonds all less than 0.5mm in size. This equates to 15 microdiamonds per 100 kg of kimberlite. Metalex is very encouraged by these early results, particularly by the high proportion of inclusion free white diamonds. Drilling and mini bulk sampling, to determine the overall distribution of diamonds within the pipe, as well as its size, will recommence during the winter of 2005. In addition to the ongoing testing of the T1 kimberlite, the Company has 94 other high priority targets to test in the Kyle area and drill testing of these will be carried out concurrently with the work at T1. Photographs of a representative selection of the Kyle diamonds will shortly be shown on the Company's web site at www.metalexventures.com. 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 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.
Peter Gregory President
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