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KELOWNA, BC, Nov. 22, 2011 /CNW/ – Metalex Ventures Ltd. (TSXV : MTX) (“Metalex”, the “Company”) is pleased to report that our geological field technician reports that kimberlite has been intersected while core drilling a 18 hectare geophysical target underlying the flood plain of the Cuango River in Angola.
The kimberlite reported was intersected at 21.8 meters depth beneath the river sands to the depth at which drilling continues at 32.6 meters. Our geological field technician has identified the core as kimberlite and has noted the presence of a purple pyrope garnet.
The two large (7 and 18 hectare) targets tested by this drill program have been confirmed by our field technician as kimberlite. Both targets lie within the flood plain of the Cuango River where downstream abundant alluvial diamonds are being mined. Though the Cuango River is one of the most diamondiferous rivers in the world, the source of the diamonds has not been discovered. Indicator minerals including purple pyrope G10 garnets with compositions favourable for diamonds are present downstream from these kimberlites but not upstream suggesting that one or both of these could be the source of the alluvial diamonds being mined downstream.
Metalex looks forward to completing the drilling of this hole and testing the core for diamonds and diamond indicator minerals.
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.
