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KYLE LAKE, JAMES BAY LOWLANDS
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- 104 mineral claims
- Metalex has an approx 94% interest in a Joint Venture with Arctic Star Diamond Corp.
- Kel-ex Development Ltd. holds a 10% free carried interest
- The region seems exceptionally fertile for diamond mineralization with commercial grade kimberlites being found in several areas (Victor, Renard)
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METALEX WORK
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- In 2005, a 14,500 sq. km aeromagnetic survey was flown which identified 500 anomalies (118 high priority)
- 24 of these anomalies have been drill-tested, identifying the highly prospective T1 and U2 kimberlite pipes.
- Of five previously known kimberlites, four are diamondiferous (uneconomic)
- Four new kimberlites have been identified by Metalex and all are diamondiferous
- This percentage (89%) of diamondiferous to barren pipe is much higher than the global average of 14%
- >440 ton bulk samples completed on each T1 and U2 pipe in May 2010.
- Processing of the T1 sample is nearing completion (partial results have been disseminated).
- Processing of the U2 sample commenced in late 2010.
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INFORMATION ABOUT T1
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- 3 Ha (7.5 acre) pipe discovered by Metalex
- Modelled size 200X180 metres (similar to Ekati Panda Pipe)
- Kimberlite intersected from 137 to 330 metres and open at depth
- Initial core sample of 6,957 kg contained 3,126 diamonds
- 59% of the diamonds are white (Victor has 80%)
- Encouraging ratio of macro to microdiamonds (approx 21%)
- High proportion of white diamonds bodes well for average diamond value (Victor reported at US$465/ct)
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COMPARISON OF METALEX DIAMOND DISTRIBUTION WITH OTHER KYLE PIPES
(Normalized to 100kg)
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KIMBERLITE
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< 0.5 mm
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> 0.5 mm
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TOTAL
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MTX T1
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56.2
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14.6
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70.8
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KYLE 1
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30.4
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7.0
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37.4
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KYLE 2
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1.1
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0.6
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1.7
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KYLE 3
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45.0
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3.2
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48.2
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KYLE 4
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1.4
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0.4
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1.8
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KYLE 5
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0.0
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0.0
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0.0
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COMPARISON OF METALEX MACRO TO MICRODIAMOND DISTRIBUTION
WITH SOME OTHER CANADIAN KIMBERLITE
(Normalised to 100kg)
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KIMBERLITE
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<0.5MM
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>0.5MM
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TOTAL
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GRADE (cpht)
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Renard 2
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71.1
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17.8
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89
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92
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Stellaria
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62.6
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12.3
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75
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T1
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56.3
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14.6
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71
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Renard 5
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36.8
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22.2
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59
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Renard 3
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39.2
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16
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55
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127
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Renard 4
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35.4
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16.4
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52
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40
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96-1
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38.9
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0
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39
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Renard 6
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24.3
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5.3
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30
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Renard 1
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26.2
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2.4
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29
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Thrift
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8.9
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0
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9
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95-2
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1.6
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1.6
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3
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<17
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95-1
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0
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0
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0
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COMPARISON OF MTX WITH CANADIAN KIMBERLITES
USING CIMM STANDARDS
(Normalised to 100kg)
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Size (mm)
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<0.1
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0.105-0.15
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0.15-0.212
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0.212-0.3
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0.3-0.425
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0.425-0.6
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0.8-0.85
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0.85-1.18
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T1
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6.3
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6.3
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20.8
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12.5
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12.5
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12.5
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2.1
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Renard 7
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16.8
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7.9
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3.0
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4.9
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Renard 8
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2.7
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1.8
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2.7
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Lynx
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100
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33.3
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29.6
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18.5
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3.7
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7.4
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3.7
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INFORMATION ABOUT U2
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- A 28,620 line kilometre airborne geophysical survey was flown in late 2006. A total of 34 targets were identified by the survey and have been staked. Priority targets were drill tested resulting in the discovery of 3 new kimberlites (referred to as U1, U2 and U2NW).
- Initial core drilling of U2 yielded 17 diamonds from a 142.82 kg sample. The diamonds have a coarse size distribution and are predominantly gem quality similar to those recovered from DeBeers’ Victor Mine.
- Five NQ inclined dileneation holes completed on U2 indicating the kimberlite is approximately 9-10 hectares in size.
- Processing of the >440 ton bulk sample commenced in late 2010, with the first results released January 19, 2011. Photos of some of the diamonds recovered from this first hole are presented below:
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FUTURE WORK
- Complete processing of T1 and U2 bulk samples.
- Parcels of recovered diamonds from each bulk sample will be submitted to independent appraisers to determine the average value of the diamonds from both pipes.
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