Metalex discovers 18 hectare kimberlite in Angola
November 21 2011 - 11:11PM
PR Newswire (Canada)
KELOWNA, BC, Nov. 22, 2011 /CNW/ - Metalex Ventures Ltd.
("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 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. Metalex Ventures Ltd.
CONTACT: For Further Information Please Contact Chad Ulansky,
President &CEO(250) 860 - 8599investorinfo@metalexventures.ca
Copyright
Metalex Ventures (TSXV:MTX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Metalex Ventures (TSXV:MTX)
Historical Stock Chart
From Jul 2023 to Jul 2024