Kelowna, Canada - May 16, 2011 - 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:
The geology and diamond results for U2-RC-07 are presented in the following table:
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:
Sieve Sizes (Through/On)
0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm >
0.425mm 0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm
RC-02 61 81 56 24 4 3 -
RC-03 50 121 79 38 12 1 1
RC-04 29 96 68 21 10 2 1
RC-05 58 137 65 30 6 3 1
RC-06 27 66 50 19 4 0 1
RC-07 21 50 30 13 1 0 0 TOTAL 250 554 348 145 37 12 4
Characterization of the colour of all natural diamonds recovered and described to date from the first four holes are are presented in the following table:
White Yellow Green Pink Brown Grey Total
# # # # # # #
RC-02 97 20 2 0 40 70 229
RC-03 121 26 1 2 84 68 302
RC-04 134 14 0 3 20 56 227
RC-05 172 25 2 0 35 66 300
RC-06 100 5 0 3 13 49 170
RC-07 44 6 0 0 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. (Please refer to the website for complete results of this hole).
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 summary of the size distribution for the 20 hole bulk samples from T1 is presented in the following table:
Sieve Sizes (Through/On)
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
TOTAL 5,242 4,834 1,770 470 109 19 2
Characterization of the colour of all natural diamonds recovered are presented in the following table:
White Yellow Green Pink Brown Grey Total
# # # # # # #
TOTAL 3,718 6 142 13 5,072 3,468 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 was 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.