KELOWNA, BC,
Nov. 29, 2013 /CNW/ - Metalex
Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is
pleased to announce progress on the consultation process for the U2
kimberlite project and a newly discovered area with anomalous
diamond indicator minerals at the Quebec diamond project.
U2 Diamond Project
Metalex's President Chad Ulansky
has been working over a two year period with the Attawapiskat and Marten Falls First Nations towards an agreement
with respect to the collection and processing for diamonds of a
10,000 ton bulk sample from the U2 kimberlite. Drilling
equipment capable of drilling 50 holes (60 centimetre diameter) to
a depth of 360 metres as well as plant equipment capable of
extracting an estimated 1,000 to 2,000 carats of diamonds would be
transported along a 60 kilometer extension of the winter road
supplying DeBeers' Victor Diamond
Mine.
Mr. Ulansky, accompanied by joint venture partner Dundee Corp's
representative David Christie who is
Vice President of Goodman and Company Investment Counsel (a wholly
owned subsidiary of Dundee Corp.), U2 project manager A. Lee Barker P.Eng., Amec environmental
scientist Lesley Lorrimer and
Metalex Chairman Dr Charles Fipke
met with Attawapiskat Chief
Theresa Spence and Marten Falls Chief Eli Moonias and their
respective councilors and advisors in a November 27th meeting in Attawapiskat which was open to the
public. After numerous meetings further information and
concessions were requested. Metalex endeavours to provide the
requested information in the coming days and it is hoped that this
additional information will soon allow the signing of the finalized
exploration agreement.
Quebec Diamond Project
Metalex, along with its project joint venture partners
(Wemindji Exploration and Dianor
Resources), are pleased to announce that 410 follow up heavy
mineral samples have recently been collected in areas of western
Quebec previously identified to
contain anomalous diamond inclusion composition indicator
minerals. These samples are presently being processed at CF
Mineral Research Ltd in Kelowna,
BC.
Heavy minerals samples surrounding a 1.3 kilometre diameter lake
located on Category 2 land near the First Nation of Wemindji have been discovered to contain
anomalous quantities of diamond inclusion composition indicator
minerals including G10 and Group 1 eclogitic garnets. Now
that sufficient ice has formed over the lake Metalex is planning to
commence a ground geophysical survey within the next week with the
objective of defining drill targets under or in the vicinity of the
lake.
Core drilling of discovered targets is expected to commence in
January 2014.
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.