Metalex in Greenland

Vancouver — Diamond exploration partners Metalex Ventures (MTX-V) and Cantex Mine Development (CD-V) are encouraged by initial diamond indicator mineral (DIM) counts from samples taken on the West Greenland joint venture.

Two glacial till samples, collected about 400 metres apart, have returned significant DIM counts with positive geochemistry.

The quantity, distribution and surface textures observed in the DIMs suggest a proximal source, possibly beneath or adjacent to a large, ice-covered lake on the claim group.

More than 400 G-10 garnets were recovered, and the chemistry appears to be similar to that of garnet-included diamonds from several commercial diamondiferous kimberlites. Most of the G-10 garnets exhibit friable kelyphitic alteration rims or have angular, near-source textures. Kelyphite is a fragile alteration mantle on garnets that does not survive mechanical weathering environments, thus indicating a nearby source.

Microprobe analysis of more than 100 picroilmenites indicates the samples were likely derived from the same kimberlite source and that conditions in the pipes are good for diamond preservation.

Both companies recently combined landholdings in southwestern Greenland, resulting in a total area of more than 3,400 sq. km. Metalex has a 100%, though Cantex retains the future right to buy a 25% interest for $120,000.

Charles Fipke’s private company, Kel-Ex Development, has been granted a 10% net carried interest in the project in return for being project operator.

Programs of ground geophysics (magnetics, electromagnetics and gravity) plus drilling are planned.

Metalex recently announced a $3-million private placement consisting of 3 million shares priced at $1 apiece.