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

To: Letmebe Frank who wrote (3800)	2/9/2006 11:12:42 PM
From: VAUGHN	Read Replies (1) \| Respond to of 16206

Hello Frank Yup, the market is watching the golds right now but as you say, some goof field results will get attention. In that regard, I noted this out on the wire on MTX. Metalex Ventures Ltd. - Kyle Bulk Sampling - Update 08 Feb 2006 14:11 ET KELOWNA, BC, Feb. 8 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange)("Metalex" or the "Company")(Metalex 91.5%, Arctic Star Diamond Corp 8.5%). The Company has received 2,912 microprobe analyses of mineral grains recovered from kimberlite drill core collected from its T1 kimberlite pipe as well as updated diamond counts. The purpose of the microprobe analyses are to identify minerals that grow with diamond ("diamond indicator minerals") as well as to determine the diamond potential of T1. The diamond indicator results are summarized below: << Mineral Number of analyses G10 peridotitic garnets 306 Diamond stability field chromite 194 Diamond stability field olivine 219 Diamond stability field clinopyroxene 2 Diamond stability field orthopyroxene 2 The G10 garnets, which comprise a highly anomalous proportion (29.5%) of the garnet analyses, include five G10 tens and seven G10 nines. These G10 ten and G10 nine garnets indicate exceptionally favourable physical conditions for the formation of diamonds and are therefore normally associated with kimberlites that contain high diamond grades. The clinopyroxenes include a grain whose composition equates to the composition of clinopyroxenes found in large (greater than 100 carats) diamonds from the Ekati and Premier Diamond Mines. The above conclusion is reinforced from a study of the geotherm as determined by analysis of chrome diopside and the temperatures of formation of the diamond indictor minerals, as determined by the nickel content of hartzburgitic garnets and the zinc content of chromites. These results confirm that many of the diamond indicator minerals originate at temperatures and pressures in which diamond is stable. The absence of eclogitic garnets indicates that T1 is peridotitic in nature and that the contained diamonds will be derived from peridotite rather than from group 1 eclogite. The above microprobe results are obtained from four drill holes, two drilled vertically in the centre of the aeromagnetic anomaly (holes T1-1 and T1-b reported on July 6, 2005 and April 27, 2005) and two inclined holes (T1 - 2 and T1-3 drilled inclined to the east and west respectively and reported on August 10, 2005). The results for T1-3 are for the section between 145 and 152 metres as the entire section from this hole has not yet been analyzed. The diamond indicator minerals reported above are distributed more or less equally throughout these drill holes suggesting that diamonds might also be similarly distributed. CF Mineral Research Ltd carried out the sample processing of the drill core and recovered the indicator minerals. The analyses were also conducted by CF Minerals using two Cameca SX 50 electron microprobes. The analytical results were compared with a database of over 15,000 analyses from indicator minerals included within or intergrown with diamond as well as indicator minerals from sources barren of diamonds. A total of 1,745 kg of kimberlite has been processed from T1 to date and 339 diamonds have been recovered (19.4 diamonds per 100 kg). White diamonds comprise 73.7% of the stones. The size distribution of the diamonds is tabulated below: ------------------------------------------------------------------------- 0.074- 0.106- 0.15- 0.212- 0.30- 0.425- 0.60- 0.85- 1.18- size (mm) 0.106 0.15 0.212 0.30 0.425 0.60 0.85 1.18 1.70 ------------------------------------------------------------------------- No of diamonds 39 38 47 72 78 41 16 7 1 ------------------------------------------------------------------------- Delineation drilling continues on T1 and to date four of the planned six minibulk/delineation holes have been completed and the fifth is in progress. The results of the first three holes have been reported in press releases dated July 6 and August 10, 2005. Core from the fourth hole has arrived at the CF Mineral Research Laboratory and, following logging by geologist Agnes Fung, will be analyzed shortly for diamond. The fifth hole intersected kimberlite at 138 metres and is currently a depth of 248 metres. When complete it too will be sent for logging and analysis for diamonds. As mentioned in its press release dated January 18, 2006 the Company, and its partner Arctic Star Diamond Corp (ADD - TSX V), have commissioned a 200 tonne bulk sample to be collected and processed from T1 to determine diamond grade and indicative stone value. Collection of the bulk sample should commence in March 2006, weather permitting, and a contract has been signed with SDS Drilling of Calgary who will supply the large heliportable reverse circulation drill that will be used to collect the bulk sample. This drill is capable of drilling an 8.75-inch hole in kimberlite to depths greater than 300 metres. In order to transport the drill, and ferry out the bulk sample, a contract has been signed to lease a KMAX helicopter for the duration of the drilling. This helicopter can ferry 6,200 lb loads and should allow the Company to move the drill and samples cost effectively and with negligible damage to the environment. As part of the Company's good neighbor policy, a liaison meeting has been requested with the Attawapiskat First Nation. The Company is particularly encouraged by the quality of the pristine white diamonds recovered from T1, their size distribution and the mineral chemistry of the diamond indicator minerals. T1. The new microprobe results reinforce the exceptional mineral chemistry of T1 and its prospectivity. Metalex's exploration projects are managed by Kel-Ex Development Ltd., a company owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter Gregory, the President of Metalex is a consultant to Kel-Ex. The arrangement with Kel-Ex provides Metalex with access to the advanced proprietary databases and interpretational techniques of Dr. Charles Fipke, an internationally recognized diamond geologist. In return, Kel-Ex receives a 10% administration fee and, in the case of the Canadian projects, a 10% interest in the project carried to production. (Kel-Ex will repay its proportionate share of the costs of mine development out of its share of mine profits). Dr. Fipke also owns the CF Mineral Research laboratory where samples collected in the exploration programs are analyzed. Dr. Peter Gregory, a Qualified Person, has verified that the work carried out by Kel-Ex, manager and operator of the Company's projects, is being carried out in a professional and diligent manner and that the appropriate quality controls are in place. Dr. Gregory has also inspected the CF Mineral Research laboratory and is satisfied that the work performed there meets or exceeds international best practices; that the work is performed on an arms length basis and in accordance with standard commercial arms length terms; and that the results provided by CF Mineral Research are accurate and reliable. On this basis the Company has not sought any independent analyses. However, should significant diamond grades be discovered the Company may seek independent verification of such results. Dr. Gregory has prepared this press release. Peter Gregory President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Looks pretty damn good to me... Regards Vaughn