Kyle yields small stones

A 48-kg sample of diatreme breccia from the Kyle project in northern Ontario, has surrendered 26 diamonds to partners Metalex Ventures (MTX-V) and Arctic Star Diamond (ADD-V).

Included in the haul are 6 macrodiamonds (at least 0.5 mm in one dimension) and 20 microdiamonds. The largest stone falls in the 0.85-mm-to-1.18-mm range; nearly half of the remaining stones measure between 0.212 mm and 0.3 mm. About 30% of the diamonds are clear, white, gem-quality stones; half are white with inclusions.

Diamond results for small amounts of attrition mill oversize and heavy mineral concentrates are pending.

The 48-kg sample was derived from a 33.5-metrre section (beginning at a depth of 138.6 metres) of core (3 cm in diameter) from a vertical hole collared on the centre of a magnetic anomaly, the source of which is estimated to be at least 180 metres in diameter.

In addition to the diamonds, the sample yielded 8 diamond-inclusion G10 pyrope garnets, more than 100 diamond-inclusion chromite grains, and more than 155 titanium chromites.

Metalex is brining in a larger-diameter drill to complete delineation drilling, and to collect a 300-kg sample of the kimberlite for diamond recovery.

The kimberlitic rocks were discovered during recent triaxial aeromagnetic gradiometer surveying over an area measuring 15,000 sq. km. Additional targets have been identified and secured by staking.

Metalex owns 91.5% of the Kyle project; Arctic Star holds the remaining 8.5%. Charles Fipke’s private company Kel-Ex Development manages Metalex’s exploration projects; Fipke is also chairman of Metalex. Metalex president Peter Gregory is also an employee of Kel-Ex.

The management agreement grants Kel-Ex 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 share of any mine development costs out of its share of mine profits.

Shares in Metalex were 16, or 24%, higher at 83 in late afternoon trading in Vancouver following the news on may 16; Arctic Star shares were 2 pennies better at 24.

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