KELOWNA, BC, July 30 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex"), White Pine Resources Inc. (TSXV : WPR) ("White Pine") and Arctic Star Diamond Corp. (TSXV : ADD) ("Arctic Star") are pleased to announce that work is intended to resume on their Ring of Fire joint venture.
In 2006, the Metalex - Arctic Star joint venture flew a 14,320 square kilometer airborne magnetic survey for kimberlite targets in the vicinity of the Ring of Fire. This survey yielded in the most detailed magnetic results (100 meter line spacing) available over the area to any company at the time. Upon the discovery of the massive sulfide Eagle One nickel deposit by Noront Resources Ltd., Metalex asked its contract geophysicist Scott Hogg to evaluate the survey to identify magnetic targets analogous to Eagle One. The Metalex - Arctic Star joint venture utilized the detailed magnetic results to stake 92 targets with analogous magnetic geophysical characteristics to Eagle One.
White Pine (formerly WSR Gold) optioned all of the joint venture claims except those covering the T1 and U2 kimberlites. White Pine can earn a 50% interest by funding $20 million in exploration on the claims over a four year period. Currently the project interests are 68.6% Metalex, 25% White Pine and 6.4% Arctic Star.
This new venture commenced exploration of the 92 magnetic targets by flying detailed helicopter supported combined magnetic / electromagnetic (EM) surveys. Of the 92 magnetic anomalies surveyed, 35 had coincident EM conductive anomalies which is also the case at Eagle One.
To date, line cutting, as well as ground magnetic and ground EM surveys with the objective of establishing drill targets, has been completed on 18 of the 35 combined magnetic and EM airborne anomalies.
Core drilling has been completed on 7 of the resultant 18 ground geophysical targets. Most of the anomalies drilled contained less than 30% disseminated sulfides with weakly elevated copper and zinc assays. However, the 5.01 anomaly has yielded intersections of near-massive to massive sulfides that can be lengthy (102m from 65-167m in hole DDH5.01 - 6) and also high grade with an eight meter intersection averaging 17.4% Zn, 0.24% Cu, 0.04% Pb and 5 g/t Ag (from 103.0-111.0m in hole DDH5.01-14). To date 10,786 meters of core drilling has been completed on anomaly 5.01. The mineralization remains open along strike and at depth.
Apart from drilling and down hole geophysics required to expand the 5.01 mineralized zone, eleven combined ground magnetic / EM targets need to be drill tested and 17 combined magnetic / EM airborne targets need to be followed up with line cutting, ground magnetic / EM surveys and drill testing. As a result of the recent increases in, and fairly healthy outlook for base metal prices, White Pine has plans to resume funding the project with the goal of discovering additional massive sulfide resources.
The anomaly 5.01 Project is managed by WPR for the Joint Venture partners under supervision of Mike Kilbourne, P.Geo, President, White Pine Resources Inc. Dr. Charles Fipke prepared this release.
For Further Information Please Contact:
"Chad Ulansky"
Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo(at)metalexventures.ca
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.
For further information
Chad Ulansky, President & CEO, (250) 860-8599, investorinfo@metalexventures.ca
