KELOWNA, BC, Nov. 22, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report that our
geological field technician reports that kimberlite has been
intersected while core drilling a 18 hectare geophysical target
underlying the flood plain of the Cuango River in Angola.
The kimberlite reported was intersected at 21.8 meters depth beneath the
river sands to the depth at which drilling continues at 32.6
meters. Our geological field technician has identified the core as
kimberlite and has noted the presence of a purple pyrope garnet.
The two large (7 and 18 hectare) targets tested by this drill program
have been confirmed by our field technician as kimberlite. Both targets
lie within the flood plain of the Cuango River where downstream
abundant alluvial diamonds are being mined. 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 these kimberlites but not upstream suggesting
that one or both of these could be the source of the alluvial diamonds
being mined downstream.
Metalex looks forward to completing the drilling of this hole and
testing the core for diamonds and diamond indicator minerals.
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
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:
For Further Information Please Contact Chad Ulansky, President & CEO
(250) 860 - 8599