Metalex discovers large kimberlite in Angola

KELOWNA, BC, Sept. 26, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report that kimberlite and kimberlitic crater infill has been intersected from 19.8 meters to the last reported depth of 154.8 meters of a vertical core hole currently being drilled into a large geophysical target underlying the flood plain of the Cuango River in Angola.

This geophysical target has been re-modeled by geophysicist Scott Hogg to be 7 hectares in size.  Drilling of the discovery hole is still underway.

The Company intends to test one additional target which has been re-modeled to be 18 hectares in size once drill testing of the first kimberlite is complete.

Downstream from the newly discovered kimberlite and the one remaining large geophysical target abundant alluvial diamonds are being mined from the Cuango River.  Though the Cuango River is one of the most diamondiferous rivers in the world the source of the diamonds has not been discovered.  Indicator minerals including purple pyrope G10 garnets with compositions favourable for diamonds are present downstream from the new kimberlite and large geophysical target but not upstream suggesting that one or both of these could be the source of the alluvial diamonds being mined downstream.

Field logs for the current hole as completed by Metalex's geological field technician with more than 20 years experience working with kimberlites are summarized below:

Depth (m) Lithology Lithology Description
0 - 19.8 Sand Unconsolidated alluvial sand
19.8 - 25.6 Kimberlite Redish-weathered kimberlite with kimberlite indicators and sandstone xenoliths
25.6 - 57.9 Kimberlite crater infill Fine grained layered (mostly red) mudstone with granite fragements
57.9 - 59.4 Kimberlite crater infill Greenish layered mudstone
59.4 - 70.4
Possible kimberlite
 
Hard, fine grained possible kimberlite with calcite veins and some layers of greenish layered mudstone
70.4 - 91.4 Kimberlite crater infill Fine grained mostly red mudstone
91.4 - 93.0 Kimberlite Redish-weathered kimberlite with sandstone xenoliths and kimberlite indicators
93.0 - 97.5 Kimberlite crater infill Layered reddish mudstone with local green and beige fine grained mudstone
97.5 - 98.8 Kimberlite Redish weathered kimberlite
98.8 - 154.8
 
Interbedded kimberlite and crater infill 2.5 - 61cm interbeds of kimberlite and mudstone crater infill
 

 

The geological field technician has identified kimberlite indicator minerals including purple pyropes, chrome diopsides and picroilmenites or chromites in the core.

Metalex looks forward to completing the drilling of this hole. The first 91.4 meters of core have been shipped to Luanda. After government inspection, the core will be flown by air cargo to CF Mineral Research Ltd in Kelowna for diamond content and diamond indicator mineral analysis.  The presence of abundant diamonds and diamond indicator minerals downstream from this kimberlite and the remaining large geophysical target suggest that one or both of these  could be significantly diamondiferous pipes.

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:

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

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Metalex Ventures Ltd.

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