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
For Further Information Please Contact:
Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca
Metalex is a Canadian based exploration company with strategic Canadian and international projects..
The Company has completed two 400 tonne bulk samples on two large kimberlite pipes located within 70 kilometers west of DeBeers' Victor Diamond Mine in the James Bay lowlands of Ontario. The Company is now undertaking a 10,000+ ton bulk sample on the U2 kimberlite pipe.
In northern Quebec the Company has two joint ventures. The first is for base and precious metals while the second is focused on diamonds. The diamond joint venture has claims over 395 square kilometers where significant diamond quantities have been found in preliminary outcrop samples from conglomeratic rocks. Of significance is the presence of coloured stones including a purple macrodiamond in these samples.
Internationally, the Company is exploring the headwaters of the highly diamondiferous Cuango River and has discovered 50 kimberlites. In Morocco, Metalex has an exploration license covering 17,100 km2 over one of the few unexplored cratons in the world. High quality G10 garnets recovered from sediment samples suggest that the source kimberlites could be high grade. In southwestern Greenland, abundant G10 garnets have been found in glacio-fluvial sediments around Smile Lake and work has focused on finding the kimberlite source of these high quality diamond indicators..The Company also has exploration licenses in northern Mali where anomalous gold and base metals have been found in stream and soil samples.
Metalex Ventures est une société d’exploration minière basée au Canada.
Metalex Ventures détient divers projets d'exploration au Canada, au Groenland et en Angola.
Ses principaux projets en exploration sont ATTAWAPISKAT, T1 (KYLE LAKE) et RING OF FIRE au Canada, UMIIVIIT/ SW GREENLAND au Groenland et ANGOLAN en Angola.