Wawa

WAWA

Wawa_loc

357 claim units
Initially a joint venture between Metalex and Mori Diamonds Inc., with Metalex having the right to earn 60% interest by sole funding the first diamond deposit to a bankable feasibility a 50:50 joint venture with Dianor.
Metalex subsequently assigned 50% of its rights and obligations to Dianor Resources ($100,000 payable annually)
thus each Dianor and Metalex have the right to earn 30% project interest
2% NSR payable

TARGET RATIONALE

Previous regional exploration has discovered diamonds contained in a variety of old metamorphic rocks
Discovered diamonds are generally not of commercial size.
2 >1 carat diamonds recently discovered in 2 drainages immediate south of the Mori/Metalex ground
May be indicative that the diamond bearing metamorphic rocks in this region have potential to contain commercial diamonds.
Mini-bulk sampling of diamond bearing rock carried out by Dianor south of the Metalex ground returned 0.63 cts/tonne of commercial size diamonds as well as encouraging macro to microdiamond ratios.
Should the host rocks that contain the Dianor diamonds continue onto the Metalex ground, the Metalex believes there is possibilty that commercial size stones might be discovered there.
The exploration target is commercial diamonds contained in old metamorphic rocks.

HIGHLIGHTS OF PREVIOUS WORK

Previous exploration in the Wawa are has discovered numerous deposits of small diamonds within metamorphosed Archean basement rocks.
Dianor has discovered rocks with encouraging grades and stone size distribution directly south of the Mori-Metalex ground
Commercial size diamonds found in drainages to the south of the Metalex ground.

METALEX WORK

130 drainage and rock samples collected
Pictures of coloured diamonds referred to news release dated June 25, 2008 are below: (also received mention in Northern Miner article in summer 2008)