Sitka Gold Corp. press release
Metalex Ventures Ltd. - Angola update
TSXV - TSX Venture Exchange · Gold · Silver · Arsenic · Tungsten · Copper · Zinc · Lead · Canada
LOWNA, BC, April 10 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange)("Metalex" or the "Company").
Angola Kimberlite Diamond Project
Interpretation of aeromagnetic data over the 3,000 km2 Angola kimberlite license has been completed by Scott Hogg and Associates, geophysicists, and 127 anomalies have been identified. These anomalies are interpreted to reflect pipe like bodies which range in size from less than one hectare to greater than 39 hectares. As follow up of four of these anomalies by Metalex last year located three new kimberlites, Metalex is confident that many new kimberlite pipes remain to be discovered within the Chitamba license, some of which may be of substantial size. As reported previously a heavy mineral survey has been carried out over the entire Chitamba license. Kimberlite indicator minerals with diamond inclusion composition occur at seven drainage sites and three auger sites. At one drainage site six diamond inclusion composition G10 garnets were found and this result upgrades the priority of nearby aeromagnetic anomalies. All four of the kimberlites discovered by Metalex to date are either diamondiferous or show potential for being diamondiferous. Two microdiamonds were found in 26.7 kg of weathered rock taken from the Caicala kimberlite, one of minus 0.15 mm plus 0.106 mm, the other minus 0.106 mm plus 0.074mm. A 10.5 kg sample of kimberlite 14032A contained one minus 0.15 mm plus 0.106 mm microdiamond and one diamond inclusion composition garnet. The Company proposes to collect a 200 kg sample from each kimberlite phase within these deposits to determine their commercial diamond potential. All of the aeromagnetic anomalies referred to above, and about 70 other kimberlites within and to the east of the Chitamba license (the Chitamba - Lulo kimberlite cluster), are drained by the Cuango River and its tributaries. Alluvial diamonds, with a value probably exceeding US$1 billion, have been mined from the Cuango River during the last 30 years downstream from the Chitamba license. The source of these alluvial diamonds is considered to be the Chitamba - Lulo kimberlite cluster and, as previous test work in 1974 failed to locate any confirmed diamondiferous kimberlite within this cluster, the source of the Cuango diamonds remains to determined. Metalex is well placed to discover such a source by follow up of the aeromagnetic anomalies referred to above. The Company will shortly commence a field program to test the highest priority aeromagnetic anomalies. This program will consist of infill aeromagnetics, pitting and drilling of priority targets, and staged sampling of kimberlites that show potential for commercial development.
Angola Alluvial Diamond Project
The Company has an alluvial license covering the same area as the kimberlite license. As license covers an area of the Cuango River, and its tributaries, that drain at least 70 known kimberlites and the 127 aeromagnetic anomalies referred to above, it is considered particularly prospective for alluvial diamond deposits. This is further supported by significant diamond sizes and grades recovered from historical alluvial operations downstream from the license area The Company has reached agreement with a third party whereby the third party will collect and treat a gravel sample of not less than 50 cubic metres of gravel from the Chitamba license. The sample will be collected using Metalex's dredges and treated in the third party's sortex coupled heavy medium plant. The sample site proposed by Metalex, but yet to be agreed with the third party, is close to an area where, according to representatives of Endiama, the Angola State Diamond Arm, a 216 ct diamond was recovered by garimpeiros. This work should be completed by the end of May, 2006 and should enable the Company to determine the diamondiferous character of the alluvial deposits in this area.
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. 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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