METALEX RECOVERS LARGEST DIAMOND YET FROM U2

KELOWNA, BC, May 16 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report the recovery of a 1.25 carat diamond from U2 along with diamond results from both the 9.3 hectare U2 kimberlite pipe and the 3 hectare T1 pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

U2 Kimberlite Results

A 1.25 carat, clear white diamond with a few minute inclusions has been recovered from hole U2-RC-06.  A picture of the diamond is presented on the Company's website (www.metalexventures.com).  This diamond exceeds the two 0.72 carat diamonds previously reported.

Primary recovery of diamonds from the fifth and sixth holes is now complete.  U2-RC-06 and U2-RC-07 contain 170 and 115 commercial sized stones (greater than 0.425mm) respectively.  Both holes intersected several blocks of limestone within the kimberlite which diluted the diamond grade over these sections.  These limestone blocks are interpreted to be large pieces of wall rock that fell into the kimberlite pipe at the time of eruption.  If U2 were to be mined, these limestone sections would be consigned to the waste dump.

The geology and diamond results for U2-RC-06 are presented in the following table:

                 
Depth    Sampled    Diamonds   Sampled   Grade
From   To   Interval   Material   #   Ct   Weight    
(m)   (m)   (m)               (kg)   (cpht)
0   45   45   Overburden and limestone crater infill - low grade   8   0.061          6,013   1.0
45   165   120   Kimberlite - High grade   72   2.525        14,416   17.5
165   264   99   Kimberlite - Moderate grade   81   0.767        13,649   5.6
264   282   18   Limestone xenolith - waste   0   0.000          2,104   0.0
282   309   27   Kimberlite - High grade   15   0.410          2,902   14.1
309   336   27   Limestone xenolith - waste   4   0.022         2,670   0.8
                             

 

The geology and diamond results for U2-RC-07 are presented in the following table:

                 
Depth    Sampled    Diamonds   Sampled   Grade
From   To   Interval   Material   #   Ct   Weight    
(m)   (m)   (m)               (kg)   (cpht)
0   45   45   Overburden and limestone crater infill - low grade   5   0.025          7,425   0.3
45   75   30   Kimberlite - low grade   19   0.155          4,330   3.6
75   93   18   Kimberlite - moderate to high grade   19   0.237          2,500   9.5
93   138   45   Limestone xenolith - waste   6   0.038        10,592   0.4
138   177   39   Kimberlite - low grade   9   0.039          7,434   0.5
177   189   12   Limestone xenolith - waste   0   0.000          1,773   0.0
189   315   126   Kimberlite - low grade   45   0.321        20,379   1.6
315   333   18   Kimberlite - moderate to high grade   12   0.171          1,868   9.2

 

Audit sample results from fine DMS tailings have been received from holes U2-RC-03 and U2-RC-04 where one and six diamonds were recovered respectively.  The additional diamonds recovered from U2-RC-04 increase the grade to 18.4 cpht and the number of diamonds to 87 from the 135 to 240 meter interval (initial diamond results were reported in a March 11, 2011 news release).  Audit samples have not yet been tested for holes U2-RC-05 to U2-RC-07 and these results could further improve the grade of these holes.

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   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
Total   250         554         348        145           37          12            3             1       1,350

 

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

                             
Hole   White   Yellow   Green   Pink   Brown   Grey   Total
    #   #   #   #   #   #   #
U2-RC-02             97             20               2             -               40             70             229
U2-RC-03           121             26               1               2             84             69             303
U2-RC-04           136             14             -                 3             22             58             233
U2-RC-05           172             25               2             -               35             66             300
U2-RC-06           100               5             -                 3             13             49             170
U2-RC-07             44               6             -               -               31             34             115
Total           670             96               5               8           225           346          1,350

 

To date, as presented in the above table, 49.6% of the diamonds are white; 25.6% are grey; 16.7% are brown; 7.1% are yellow; 0.6% are pink and 0.4% are green. The proportion of white diamonds continues to improve with increasing diamond size.  Of the 53 largest diamonds (greater than 1.7mm), 37 are white, 1 is yellow, 10 are grey and 5 are brown.  By weight, white diamonds comprise 61.8% of the parcel and yellow, pink and green diamonds comprise 6.0%.

T1 Kimberlite Results

Results are now available from the final hole at T1.  Hole K06-05 intersected kimberlite from a depth of 140 meters to 326 meters.  From 326 meters to the end of hole at 335 meters granite was intersected which is interpreted to be the wall rock of the kimberlite.

The sample from the depth of 290 to 293 meters contained 249 diamonds greater than 0.425mm in size weighing a total of 0.70 carats whereas three meter samples from the remainder of the hole averaged 9 diamonds.  Most of the diamonds contained in this sample are of similar colour and show breakage surfaces, suggesting that a large diamond was broken either during drilling or processing. It is important to note that many of the pieces of the broken stone would have been smaller than 0.425mm and thus would not have been recovered.  The results of the hole are presented in the following table:

                 
Dept   Sampled    Diamonds   Sampled   Grade
From   To   Interval   Material   #   Ct   Weight    
(m)   (m)   (m)               (kg)   (cpht)
0   140   140   Overburden and limestone cover   n/a   n/a    n/a    n/a
140   164   24   Kimberlite - High grade   58   0.454             4,008   11.3
164   176   12   Kimberlite - Low grade   31   0.069             2,004   3.4
176   194   18   Kimberlite - Moderate grade   41   0.224             3,006   7.5
194   209   15   Kimberlite - Low grade   17   0.055             2,505   2.2
209   230   21   Kimberlite - Moderate grade   58   0.244             3,507   7.0
230   245   15   Kimberlite - Low grade   38   0.083             2,382   3.5
245   326   81   Kimberlite - High grade   568   1.790           10,206   17.5
326   335   9   Granite - wall rock   n/a   n/a    n/a    n/a

 

A total of 20 holes comprising a bulk sample of 410 tons of kimberlite have now been processed.  From these 20 holes 12,446 commercial sized diamonds (greater than 0.425mm) have been recovered totaling 67.32 carats.

The size distribution for the 20 hole bulk samples from T1 is presented in the following table:

         
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    
P10-1       141     230      74   16   1   -     -     462
P10-2   764       614   145   34   12   -     -     1,569
P10-3   144      187   83   17   -     1   -      432
K06-01   38      22   7    5   1   1   -       74
K06-02   276      208   67   19   3   -     -        573
K06-03   319    228   98   12    2   -     -     659
K06-04   172     112   45   18   -     -     -     347
K06-05   466     255   81    8   -     1   -     811
K06-06   404    355   172   49   5   4   -     989
K06-07    -             -      -      -     -     -     -      -  
K06-08   274      222   78   12   1   1   -     588
K06-09   293     229   73   19   2   -     -      616
K06-10   272     219   87   14    4   1   -      597
K06-11   236     181   95   33   14   1   -      560
K06-12   55      36   14   5    1   -     -      111
K06-13   266   445   135   56   15   2   -      919
K06-14   286   314   101   17    2   -     -      720
PCR-15   426   266   103   30   4   1   -      830
PCR-19   255   167    75   15   7   -     -     519
PT1-22   155   544   237   91   35   6   2    1,070
 Total    5,242   4,834   1,770   470   109   19   2   12,446

 

The following table presents the distribution of colours for each of the holes comprising the bulk sample:

                 
Hole White Green Pink Blue Yellow Grey  Brown Total
  # % # % # % # % # % # % # %  
P10-1        66 14.3%        1 0.2%     -   0.0%     -   0.0%    -   0.0%       192 41.6%       203 43.9%            462
P10-2      161 10.3%      18 1.1%      2 0.1%     17 1.1%    -   0.0%       338 21.5%    1,033 65.8%         1,569
P10-3        79 18.3%       -   0.0%      7 1.6%       1 0.2%    -   0.0%       163 37.7%       182 42.1%            432
K06-01          9 12.2%        3 4.1%     -   0.0%       1 1.4%    -   0.0%         32 43.2%         29 39.2%              74
K06-02        81 14.1%        2 0.3%     -   0.0%       1 0.2%    -   0.0%       263 45.9%       226 39.4%            573
K06-03        73 11.1%        7 1.1%      1 0.2%     -   0.0%      3 0.5%       294 44.6%       281 42.6%            659
K06-04        57 16.4%        7 2.0%     -   0.0%     -   0.0%    -   0.0%       154 44.4%       129 37.2%            347
K06-05      291 35.9%        1 0.1%     -   0.0%       2 0.2%    -   0.0%         44 5.4%       473 58.3%            811
K06-06      181 18.3%      32 3.2%     -   0.0%     -   0.0%      2 0.2%       288 29.1%       486 49.1%            989
K06-07         -   0.0%       -   0.0%     -   0.0%     -   0.0%    -   0.0%         -   0.0%          -   0.0%               -  
K06-08      113 19.2%        6 1.0%     -   0.0%     -   0.0%    -   0.0%       293 49.8%       176 29.9%            588
K06-09      190 30.8%        9 1.5%     -   0.0%     -   0.0%    -   0.0%       230 37.3%       187 30.4%            616
K06-10      234 39.2%        4 0.7%     -   0.0%     -   0.0%    -   0.0%       183 30.7%       176 29.5%            597
K06-11      235 42.0%      31 5.5%     -   0.0%       1 0.2%    -   0.0%       140 25.0%       153 27.3%            560
K06-12        32 28.8%      11 9.9%     -   0.0%     -   0.0%    -   0.0%         31 27.9%         37 33.3%            111
K06-13      452 49.2%       -   0.0%     -   0.0%     -   0.0%    -   0.0%       199 21.7%       268 29.2%            919
K06-14      405 56.3%       -   0.0%      3 0.4%     -   0.0%    -   0.0%       145 20.1%       167 23.2%            720
PCR-15      370 44.6%        1 0.1%     -   0.0%       2 0.2%    -   0.0%       219 26.4%       238 28.7%            830
PCR-19      230 44.3%       -   0.0%     -   0.0%       2 0.4%    -   0.0%       153 29.5%       134 25.8%            519
PT1-22      459 42.9%        9 0.8%     -   0.0%     -   0.0%      1 0.1%       107 10.0%       494 46.2%         1,070
Total  3,718 29.9%    142 1.1%   13 0.10%    27 0.22%     6 0.05%   3,468 27.9%    5,072 40.8%      12,446

 

As presented in the above table, 29.9% of the diamonds are white, 1.1% are green, 0.22% are blue, 0.1% are pink and 0.05% are yellow.

Five samples of -2.0mm DMS tailings from T1 were submitted for audit analysis at the CF Mineral Research Ltd. laboratory to test whether or not all of the diamonds were being recovered by the plant from the T1 kimberlite.  No diamonds were recovered from two of the samples (weighing 181kg and 391kg respectively); two diamonds were recovered from each of two samples (weighing 159kg and 208kg respectively), and one diamond was recovered from a 180kg sample.  One diamond was a gem quality -1.18mm +0.85mm oval (tetrahexahedron) and the other four diamonds were -0.6mm +0.425mm in size. Three of these were brown and one is white.

Metalex is now considering reprocessing +1.0mm or +2.0mm DMS tailings from T1.  Diamonds recovered would add to the overall diamond grades and possible economic viability of T1.

Metalex is most encouraged as many of the large diamonds recovered to date from the very large 9.3 hectare U2 kimberlite are spectacular.  The results continue to support Metalex's belief that U2 contains a very high quality coarse diamond population.  Metalex looks forward to the diamond results from the remaining five 22cm diameter reverse circulation drill holes.

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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