Large Gem Quality Diamonds Merit 10,000 Ton Sample from Metalex's U2 Kimberlite Pipe

KELOWNA, BC, Sept. 14, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report the final bulk sample results from the large, 9.3 hectare, U2 kimberlite pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

Processing of the bulk sample from the U2 kimberlite is now complete.  This release presents the results from the final two holes, U2-RC-11 and U2-6-RC together with assessments of the potential of the T1 and U2 kimberlites.

Delineation drilling of the U2 pipe discovered a non-magnetic phase of kimberlite which forms an extension to the northwest of the main U2 pipe. This extension appears to be under one hectare in size.  Previous processing of the delineation drill core from this new phase returned very few diamonds.  The present large diameter reverse circulation hole U2-RC-11 confirmed the low diamond content of this phase and yielded only 26 diamonds greater than 0.425mm.

The geology and diamond results for U2-RC-11 are presented in the following table:

Depth  Sampled Material
Diamonds Sampled
Weight
Grade
From To Interval   # Ct    
(m) (m) (m)       (kg) (cpht)
0 105 105 Overburden, limestone crater infill and transition to kimberlite - Low grade 3 0.054 25,641 0.2
105 330 225 Alternating zones of kimberlite, limestone and mudstone - Low grade 23 0.172 30,988 0.6

 Hole U2-6-RC from the main pipe intersected a significant high grade intercept as presented in the following table:

Depth  Sampled Material  Diamonds Sampled
Weight
Grade
From To Interval   # Ct    
(m) (m) (m)       (kg) (cpht)
0 59 59 Overburden, limestone crater infill and transition to kimberlite - Low grade 4 0.030 17,270 0.2
59 179 120 Kimberlite mixed with up to 90% limestone - low grade 45 0.401 17,241 2.3
179 299 120 Kimberlite - high grade 86 2.248 13,408 16.8
299 344 45 Kimberlite - low grade 13 0.154 4,551 3.4

 Once the processing of U2-6-RC was complete, the processing plant was thoroughly cleaned and an additional 15 diamonds totaling 0.206 carats were recovered.  These diamonds have not been included in the above table as they can not be ascribed to a particular interval with certainty.  The diamonds are included as a part of U2-6-RC in the size and color results below.

The size distribution of the U2 diamonds is very coarse with a high proportion of the diamonds being in the large size categories.  This is important for a high average carat value.  The following table contains the size distribution of the diamonds recovered and described to date:

Hole Sieve Sizes (Through / On)   Total
  0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm 4.75mm 6.7mm  
  0.425mm 0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm 4.75mm  
U2-RC-02 61 81 56 24 4 3 - - 229
U2-RC-03 51 121 79 38 12 1 1 - 303
U2-RC-04 32 99 68 21 10 2 1 - 233
U2-RC-05 58 137 65 30 6 3 1 - 300
U2-RC-06 27 66 50 19 4 3 - 1 170
U2-RC-07 21 50 30 13 1 - - - 115
U2-RC-08 8 29 12 5 3 - - - 57
U2-RC-09 26 53 35 15 5 1 1 - 136
U2-RC-10 33 85 62 21 6 5 1 1 214
U2-RC-11 7 11 5 2 1 - - - 26
U2-6-RC 14 72 43 25 4 5 - - 163
Total 338 804 505 213 56 23 5 2 1,946

 Dr. Luc Rombouts, renowned diamond specialist from Antwerp, Belgium, flew to Kelowna to examine the diamonds from the T1 and U2 kimberlites.

Dr. Rombouts examined the 128 largest (+1.7mm) diamonds totaling 11.44 carats from T1.  Of these he classified 69 diamonds from T1 as white, 45 as brown, 11 as grey and three as colored (green, greenish brown and bluish white).  This equates to 49.6% white, 38% brown, 9% grey and 3.3% colored by weight.

The 86 largest (+1.7mm) diamonds totaling 15.95 carats from U2 were also examined by Dr. Rombouts.  He classified 73 of the diamonds as white, six as brown, five as grey and two as colored (yellow and pinkish brown).  This equates to 88.8% white, 7.3% brown, 2.8% grey and 1.1% colored by weight.  Dr. Rombouts confirmed that the two largest diamonds (2.61 and 1.25 carats) recovered from U2 will cut as high quality white gems.

Dr. Rombouts concludes that the parcels of diamonds from both T1 and U2 are too small to give a reliable average price per carat estimate.  His size distribution plots indicate that the T1 diamonds are relatively small and it is likely that additional drill sampling will yield uneconomic results at current diamond prices.  The U2 size distribution plots; however, are relatively coarse and indicate significantly larger samples will yield significantly larger diamonds of consequently higher value than the diamonds recovered from 374 tons of processed U2 kimberlite.

Metalex is most encouraged by the high quality of the +1.7mm diamonds (88.8% white and 1.1% colored) recovered from the large 9.3 hectare U2 kimberlite.  The Victor Diamond Mine, located 60 kilometers east, also has a high proportion of white gem quality diamonds.

Based on the high proportion of gem quality diamonds, the large size of the U2 kimberlite and the diamond grades, the U2 kimberlite merits the collection of a 10,000 ton bulk sample so that at least 1,000 carats of diamonds can be recovered for assessment.  A large diamond parcel is necessary to accurately define the diamond grade and average value per carat.  Metalex is currently evaluating its options to fund this bulk sampling program.

The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

Signed,

Charles Fipke

Charles Fipke
Chairman

Forward Looking Statements

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties.  Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks.  The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements.  Metalex undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE Metalex Ventures Ltd.

For further information:

Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca

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Metalex Ventures Ltd.

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