METALEX RECOVERS ADDITIONAL LARGE DIAMONDS FROM U2

KELOWNA, BC, April 14 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report preliminary macro diamond results from the fourth of 11 holes from the 9.3 hectare U2 kimberlite pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

Primary recovery of diamonds from the fourth hole is now complete.  The hole contains 300 commercial sized stones (greater than 0.425mm) including the previously reported 0.72 carat diamond.

The diamonds recovered to date in the fourth hole (U2-RC-05) are as follows:

         
Depth  Sampled  Diamonds   Sampled   Grade
From To Interval Material # Ct   Weight    
(m) (m) (m)         (kg)   (cpht)
0 60 60 Overburden, limestone crater infill with small sections with up to 40% kimberlite  - low grade 8 0.059     12,194   0.5
60 75 15 Crater-kimberlite transition with high country rock content (7 to 60%) - very high grade 11 0.842       2,764   31.4
75 105 30 Kimberlite - low grade 18 0.040       5,208   2.1
105 180 75 Kimberlite - high grade 100 1.727     11,458   15.1
180 270 90 Kimberlite - moderate grade 76 0.694     10,038   6.9
270 342 72 Kimberlite - moderate to high grade 87 0.752       7,414   10.1

 

Audit sample results from this hole have not yet been received which could improve the above grades.

The size distribution of the 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  
  0.425mm 0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm  
U2-RC-02           61         81         56         24           4          3         -            229
U2-RC-03           50       121         79         38         12          1          1          302
U2-RC-04           29         96         68         21         10          2          1          227
U2-RC-05           58       137         65         30           6          3          1          300
Total         198       435       268       113         32          9          3       1,058

 

Characterization of the colour of all natural diamonds recovered and described to date from the first four holes are presented in the following table:

                             
Hole   White   Yellow   Green   Pink   Brown   Grey   Total
    #   #   #   #   #   #   #
U2-RC-02   97   20   2   0   40   70             229
U2-RC-03   121   26   1   2   84   68             302
U2-RC-04   134   14   0   3   20   56             227
U2-RC-05   172   25   2   0   35   66             300
Total   524   85   5   5   179   260          1,058

 

To date, as presented in the above table, 49.5% of the diamonds are white; 24.6% are grey; 16.9% are brown; 8% are yellow; 0.5% are pink and 0.5% are green. The proportion of white diamonds continues to improve with increasing diamond size.  Of the 44 largest diamonds (greater than 1.7mm), 30 are white, 1 is yellow, 8 are grey and 5 are brown.  By weight, white diamonds comprise 59.5% of the parcel and yellow, pink and green diamonds comprise 6.7%.

Metalex is most encouraged by the recovery of two 0.72 carat diamonds from the first four holes of the bulk sample.  As shown in the photographs on display on the Company's website (www.metalexventures.com), many of the large diamonds recovered to date from the very large 9.3 hectare U2 kimberlite are spectacular. Furthermore, the high proportion of white and coloured diamonds is exceptional.

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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