KELOWNA, BC, Jan. 19 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report preliminary macro diamond results from the first of 11 holes from the nine hectare U2 kimberlite pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

To date, 226 commercial sized (+0.425mm) diamonds have been recovered from the first hole at U2.  This hole intersected crater infill at a depth of nine meters until a depth of 60 meters.  From 60 meters mixed limestone and kimberlite was intersected until 90 meters when limestone xenolith poor kimberlite was intersected until the end of hole at the relatively shallow depth of 180 meters where technical difficulties forced the hole to be abandoned.  As a result, it was not possible to measure the diameter of the hole using a down hole caliper and the tonnage sampled by this hole is an estimate based on the other 10 holes drilled at U2 which were callipered.  A total of 8.7 tons of crater infill, 4.2 tons of mixed limestone and kimberlite and 12.6 tons of kimberlite were estimated to be sampled. 

Three diamonds totaling 0.01 carats were recovered from the crater infill and 25 diamonds totaling 0.18 carats were recovered from the mixed limestone and kimberlite.  The estimated 12.6 tons of kimberlite contained 198 diamonds totaling 2.28 carats (18.1 carats per hundred tons ("cpht")).  Audit samples from half of the kimberlite intervals from this hole are as of yet unfinished and may yield additional diamonds.

The number and carat weight of diamonds recovered from each interval of the hole are presented below:

Depth    Diamonds Weight Estimated Estimated
Interval Sampled Material # Ct Treated* Weight Grade
(m)       (kg) (kg) (cpht)
0-15 Overburden and crater infill 0 0.000         272         2,550 0.0
15-30 Crater infill (95% limestone) 2 0.007         624         2,550 0.3
30-45 Crater infill (95% limestone) 0 0.000         467         2,550 0.0
45-60 Crater infill (95% limestone) 1 0.002         848         2,550 0.1
60-75 Mixed limestone (40%) & kimberlite (60%) 12 0.040       1,030         2,100 1.9
75-90 Mixed limestone (40%) & kimberlite (60%) 18 0.178       1,362         2,100 8.5
90-105 Kimberlite 42 0.621       1,722         2,100 29.6
105-120 Kimberlite 23 0.442       1,074         2,100 21.0
120-135 Kimberlite 23 0.369       1,302         2,100 17.6
135-150 Kimberlite 24 0.278       1,072         2,100 13.2
150-165 Kimberlite 23 0.184         790         2,100 8.7
165-180 Kimberlite 58 0.385       1,886         2,100 18.3
                  *Weight treated is the actual sample weight as processed

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

Sieve Sizes (Through / On) Total
          59         80         56         24           4          3 0          226

Characterization of all the natural diamonds presently recovered are as follows: 96 diamonds (42%) are white; 70 (31%) are grey; 39 (17%) are brown; 19 (8%) are yellow and 2 (1%) are green. Significantly, the proportion of white diamonds increases as diamond size increases; of the seven largest diamonds (greater than 1.7mm) 5 are white, 1 is yellow and 1 is brown.  By weight, white diamonds comprise 56% of the parcel and yellow diamonds comprise 9%.  Pictures of U2 and T1 diamonds are presented on the Company's website (

Results from the last remaining T1 hole are expected to be complete shortly.

Metalex is most encouraged by not only the proportion of white and yellow diamonds but also the coarse diamond size distribution and increasing proportion of white diamonds at larger sizes.

Given the uncertainty of estimating the weight of kimberlite sampled in the lost hole and the variability of estimated diamond grades we are encouraged that a grade of 18.1 cpht was returned below 90 meters depth. The Victor Diamond Mine has a grade of 23 cpht. The forthcoming ten holes tested U2 to deeper levels (an average depth of 335 meters) and will better constrain the grade.

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.


Charles Fipke

Charles Fipke

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

Profil de l'entreprise

Metalex Ventures Ltd.

Renseignements sur cet organisme

Arctic Star Diamond Corp.

Renseignements sur cet organisme


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