Metalex drills four kimberlitic pipes at Angola

2008-06-27 09:44 ET - News Release

Dr. Charles Fipke reports

MATELEX DISCOVERS FOUR NEW KIMBERLITIC PIPES IN ANGOLA

Another four potentially diamondiferous kimberlitic pipes have been found at Metalex Ventures Ltd.'s project in Angola. This brings the number of kimberlitic pipes discovered to 13 on its property situated at the headwaters of the highly diamondiferous Cuango River.

Core drilling of the first kimberlitic pipe was terminated due to technical difficulties after only 24 feet of drilling. However, as the pipe was encountered at a depth of only five feet a sample of 200 kilograms was collected by pitting. The helicopter magnetic survey indicates that this pipe is 2.3 hectares in size.

The second kimberlitic pipe was intersected from a depth of 11 to 565 feet. Sandstone was intersected from 565 feet to the end of the hole at 600 feet. The geophysics suggests that this pipe is relatively small at 0.5 hectare in size.

While preparing the drill pad a third kimberlitic pipe was discovered near surface. A 200 kg sample was collected by pitting. The helicopter magnetic survey indicates a size of 3.1 hectares for this target.

Due to rugged topography the drill was unable to be sited directly over the fourth target. An inclined hole directed toward the centre of the target intersected minor stringers of kimberlite at depth. A 200 kg sample of the kimberlitic pipe was collected by pitting at the centre of the anomaly. As this target has remnant magnetization it is not possible to estimate its size using the available geophysical data.

Drilling operations continue on the project.

Management is pleased with the continued success of the drilling operations in Angola and looks forward to core results from the first three holes and the first follow-up heavy mineral samples which are expected within two weeks. It is hoped that these results will assist in the discovery of the source kimberlites of the abundant alluvial diamonds presently being mined downstream in the Cuango River.

Chad Ulansky is the qualified person responsible for the technical contents of this press release