KELOWNA, BC,
Feb. 20, 2014 /CNW/ - Metalex
Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") wishes to
provide an update on the status of the permitting of the bulk
sample to be collected from the U2 kimberlite pipe.
U2 Permitting Status
The project description prepared to support a
Provincial environmental assessment process for the U2 bulk sample
was available for comment until February 10,
2014. Metalex was advised by the Ontario Ministry of
Natural Resources that an environmental group provided comments
including a request that the government conduct a regional
environmental assessment that would include our project area.
The Ontario Ministry of the Environment will now
determine whether this request has merit. Metalex has been
advised by the government, that this process will not be complete
in time for the project to commence during this winter road
season. Unfortunately the bulk sample will now be
delayed.
First Nations
Metalex continues to work with the Attawapiskat and Marten Falls First Nations to complete an
exploration agreement for the proposed bulk sample.
U2 Profile
The U2 kimberlite pipe is a highly prospective
diamond development project located in the James Bay Lowlands of
Ontario, near De Beers' Victor
Mine. Diamonds recovered from the U2 pipe are of exceptional
quality - with 88.8% by weight of the +1.7mm diamonds being white
and 1.1% being colored. The large size of the U2 pipe shows
the potential to host a substantial tonnage.
Quebec Drill Program
On the Company's claims near the town of
Wemindji in Quebec several anomalies have been defined by
the recent ground geophysical program which included gravity,
magnetic and electromagnetic techniques. These anomalies lie
directly up ice of heavy mineral samples which were found to
contain G10 garnets and other indicators of diamond inclusion
composition.
A permit application for the drill program has
been submitted and once permission is received the Company intends
to commence a core drilling program to test these priority
anomalies.
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.