Metalex announces discovery of 19 kimberlites in Angola

KELOWNA, BC, Oct. 20 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex"), is pleased to announce the discovery of 19 new kimberlites and provide an update on the drilling of the large (approximately 24 hectare) M007 kimberlite at its Angolan project.

The continuing program of drilling, augering and pitting geophysical targets has discovered 19 new kimberlites bringing the total number of new kimberlite discoveries on the project to 50. Samples from these new discoveries are being shipped by air cargo to CF Mineral Research Ltd for diamond indicator mineral analysis and diamond extraction.

Delineation drilling of the 24 hectare M007 kimberlite is now complete. The nine hole program was designed to test the pipe for differing phases of kimberlite and sandstone crater infill along the pipe's length and width as well as to establish whether each phase intersected is diamondiferous or barren. A summary of the holes is presented in the following table.

    
    -------------------------------------------------------------------------
                                          Dip    Hole        Significant
              Location relative  Dip  direction length       kimberlite
     Hole        to M007-01    degrees degrees  meters     intersections

    M007-01         n/a           -90     n/a    152  Abandoned in sandstone

    M007-02    Same location      -90     n/a    366        198 to 225m

    M007-03 269m at 338 degrees   -90     n/a    359         12 to 194m

    M007-04 269m at 338 degrees   -55     158    314         6 to 227m
                                                            245 to 259m
                                                            280 to 284m

    M007-05 236m at 158 degrees   -50     333    314        253 to 289m

    M007-06 192m at 325 degrees   -90     n/a    373         3 to 281m

    M007-07  437m at 21 degrees   -50     227    495        252 to 268m
                                                            292 to 302m
                                                            431 to 495m

    M007-08 388m at 256 degrees   -52      47    441        243 to 250m
                                                            260 to 265m
                                                            274 to 277m

    M007-09 292m at 343 degrees   -50     152    441        215 to 221m
    -------------------------------------------------------------------------
    

Results from the first two holes are now available. 78.85 kilograms of kimberlite from hole M007-02 and 522.12 kilograms of kimberlite from the upper 145 meters of hole M007-03 have been processed. Although the samples contained varying amounts of diamond indicator minerals including G10 pyrope garnets, Group 1 eclogitic garnets, and clinopyroxenes with compositions similar to those found growing with diamonds the samples to date have not been diamondiferous. The picroilmenite compositions indicate that the phase of kimberlite magma that was tested by holes 2 and 3 was at chemical disequilibrium to the diamonds. Therefore any diamonds sampled at depth (+/- 200km) would have been resorbed (destroyed) while being carried to the surface by the kimberlite magma.

The results of the remaining six holes will indicate whether diamondiferous phases of kimberlite exist in other areas of the pipe. It is common in large pipes such as M007 for the different kimberlite phases to have varying diamond contents and in some circumstances even economic mines contain barren phases such as DeBeers' Victor Mine in northern Ontario and the Catoca Diamond Mine in Angola.

Metalex is pleased with the discovery of 19 new kimberlites in the headwaters of the highly diamondiferous Cuango River and is hopeful that other portions of the large M007 kimberlite will be diamondiferous. Drill sites are presently being prepared on two large (15 and 96 hectare) untested geophysical targets situated in swampy areas adjacent to the Cuango River. If the onset of the rainy season allows these will shortly be drill tested.

Chad Ulansky, a qualified person, is responsible for the technical content of this release

    
    "Charles Fipke"

    Charles Fipke, Chairman
    (250) 860 - 8599
    investorinfo@metalexventures.ca

    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.
    

%SEDAR: 00008159E

SOURCE Metalex Ventures Ltd.

For further information: For further information: Charles Fipke, Chairman, (250) 860-8599, investorinfo@metalexventures.ca

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