Wallbridge Mining Company Limited press release
Metalex discovers diamond bearing kimberlite at its Kyle property
TSX - Toronto Stock Exchange · Gold · Canada
LOWNA, BC, May 16 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company"). Metalex is pleased to report that it has received preliminary results from the CF Mineral Research Laboratory for processing of 48 kg of core from the diatreme breccia announced on April, 27, 2005. CF Minerals reports that a total of 26 natural diamonds, comprising 6 macrodiamonds and 20 microdiamonds, have been recovered from the core. The size distribution of the diamonds is given in the table below:
<< Size 0.85 0.600 0.425 0.3 0.212 0.15 0.105 less Range to to to to to to to than 1.18 0.85 0.6 0.425 0.3 0.212 0.15 0.105 mm mm mm mm mm mm mm mm No of Diamonds 1 3 4 3 12 1 2 0
Note: the size for each diamond used in the above is equivalent to the largest of the three orthogonal dimensions measured on each diamond.
About 30% of the diamonds are of clear white colour (i.e. gem quality) and 50% are white with inclusions. Diamond results for small amounts of attrition mill oversize and heavy mineral concentrates are still pending. In addition to the diamonds, eight diamond inclusion G10 pyrope garnets and more than 100 diamond inclusion chromite grains were recovered. The mineral chemistry of the pyrope and the chromite grains is entirely consistent with the above diamond result. Although no picrolimenite or chrome diopside were found more than 155 titanium chromites were recovered from the rock matrix which consists mainly of low titanium phlogopite, serpentine and carbonate. Geologist Charles Fipke states that the foregoing mineralogic composition is characteristic of kimberlite. Metalex is most encouraged by these results which were obtained from a 30 mm diameter hole drilled in the center of the deposit. On the basis of aeromagnetics the kimberlite is modeled by geophysicist Scott Hogg to measure 180 metres by 200 metres, i.e. comparable in size to the Panda pipe at Ekati, but this will have to be verified by further drilling. The current core is too small, both in diameter and weight, to properly evaluate the diamond content of the kimberlite and a second drill capable of drilling a larger diameter hole has been acquired. This will be used to both delineate the deposit and to obtain a 300 kg of kimberlite for recovery of a larger parcel of diamonds. The kimberlitic rocks were discovered from interpretation of the Company's recently completed triaxial aeromagnetic gradiometer survey. This survey covered an area of approximately 15,000 km(2). Additional targets have been identified and secured by staking. As of April 30, 2005 Metalex had approximately a 91.5% interest and Arctic Star Diamond Corp approximately an 8.5% interest in the project. 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.
Charles Fipke Chairman.
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