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:
Depth 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 |
| 319 | 228 | 98 | 12 | 2 | - | - | 659 |
K06-03
| 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 |
| 426 | 266 | 103 | 30 | 4 | 1 | - | 830 |
PCR-15
| 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.
%SEDAR: 00008159E
For further information:
Please Contact Chad Ulansky, President & CEO (250) 860 - 8599 [email protected]
CO: Metalex Ventures Ltd.
CNW 06:00e 16-MAY-11