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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Natedog who wrote (2671)	3/14/2005 6:27:11 PM
From: rrufff	Read Replies (1) \| Respond to of 16206

MTX.v 1.25 + .36(C$) Metalex discovers outstanding diamond indicator minerals in Greenland Monday March 14, 5:06 pm ET Metalex Ventures Ltd ("MTX" TSX.V") KELOWNA, BC, March 14 /CNW/ - Metalex Ventures Ltd ("Metalex" or the "Company") is pleased to report it has two samples, collected 430 metres apart, that contain exceptional concentrations of fresh diamond indicator minerals in glacial till at its West Greenland Project. The numbers of diamond and kimberlite indicator minerals recovered from the samples are summarized below: Sample 1 Sample 2 Weight (kg) 7.4 11.0 G10 garnets 83 342 Group 1 eclogitic garnets 1 1 Titanium chromite 9 6 Chrome diopside 83 4 Diamond inclusion olivine 12 4 Picrolimenite 276 341 The G10 garnets from both samples plot in the same part of the Cr(2)O(3) - CaO diamond stability field as some G10 garnets that occur as inclusions within diamonds at the Finsch, Bultfontein, Roberts Victor, Dokolowayo, Koffiefontein, Mwadui, New Elands, Premier and Orapa mines in Africa as well as from G10 garnets from commercial diamond deposits in Russia, Venezuela, Namibia and Sable (Ekati) Canada. Most of the G10 garnets are enclosed, or partially enclosed, in friable kelyphite alteration rims or have angular broken near-source textures. About 110 picroilmenite microprobe analyses from each sample indicate that the two samples are likely derived from the same kimberlite source and that conditions within this source allowed good preservation of any contained diamonds. The near source surface textures and distribution of anomalous kimberlite indicator count samples, along with low indicator samples up ice, suggest that the source of the diamond indicator minerals lies within, or at the edge, of a large ice covered lake on a Metalex claim. Fieldwork, aimed at discovering the kimberlite source of these diamond indicator minerals will start next week by drilling and ground geophysical (magnetics, electromagnetics, gravity) surveys. This work will be managed by geologist Chad Ulansky and it is expected that the work will be completed before the ice melts in May, 2005. Metalex has a 100% interest in the Greenland claims but Cantex Mine Development Corp has the right to acquire a 25% contributing interest in the claims by payment of $120,000 to Metalex between January 1, 2008 and January 20, 2008. Metalex has granted Kel-Ex Development Ltd, a private company owned by Dr Charles Fipke, a 10% net carried interest in return for operating the project and providing technical expertise. Metalex is most encouraged by the results of the Greenland samples. In fact geologist Charles Fipke observes that no previous exploration sample seen by him, including more than nine thousand from the Ekati claim block, has produced as many high quality (Cr(2)O(3)/CaO ratio) G10 garnets as either of the two Greenland samples. Charles Fipke Chairman, Geologist and Director The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. %SEDAR: 00008159E newswire.ca For further information Metalex Ventures Ltd, 2600 B Enterprise Way, Kelowna, British Columbia, Canada, V1X 7Y5, Tel (250) 860-8599, Fax: (250) 860-1362, email metalexventures@shaw.ca -------------------------------------------------------------------------------- Source: Metalex Ventures Ltd.