Metalex commences airborne geophysical survey in Morocco
16 August 2011 - 11:00PM
PR Newswire (Canada)
KELOWNA, BC, Aug. 16, 2011 /CNW/ -- KELOWNA, BC, Aug. 16, 2011
/CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the
"Company") is pleased to report the commencement of an airborne
geophysical survey over its exploration license in Morocco which
shows potential for several commodities. A 85,000 line kilometer
magnetic and radiometric survey is being flown over the Company's
17,100 km(2) exploration license in southern Morocco.
Geochemical surveys completed by Metalex show the potential of the
license to host gold, base metal, uranium and diamond
deposits. The prospectivity of the license is further
demonstrated by the presence of Kinross' 20 million ounce Tasiast
gold mine located 100 kilometers to the south and SNIM's world
class 5.7 billion ton iron mine 200 kilometers to the east. Metalex
has entered into a joint venture with Office National des
Hydrocarbures et des Mines (ONHYM) which is the government
department overseeing petroleum and mineral exploration,
development and extraction in Morocco. ONHYM holds a 40%
interest in the project and Metalex holds 60% project
interest. Both parties fund their respective interests.
Goldak Airborne Surveys based in Saskatoon, Saskatchewan has been
contracted to fly the survey. A Piper PA-31 Navajo aircraft
equipped with three magnetometers which forms a three-axis
gradiometer, and is also equipped with a radiometric sensor, will
be flying the survey. Consultant geophysicists Scott Hogg and
Associates from Toronto, Ontario are overseeing the survey
providing quality assurance and quality control as well as
processing and interpreting the data. Metalex was granted
exploration licenses totaling over 24,800 km(2) in southern Morocco
in 2004 and 2005. The licenses cover an area that is one of
the only remaining areas of the world that is underlain by an
Archean craton (ie; rocks older than 2.6 billion years) that has
yet to be explored. Archean cratons are very favorable areas
for significant mines. All kimberlite diamond mines are on
cratons. Many of the world's largest gold mines are also
located on cratons such as the mines at the Witswatersrand in South
Africa, the Yilgarn craton in Australia and the Abitibi and Timmins
areas in Canada. Since being granted the licenses, Metalex has
collected over 3,000 heavy mineral samples and these have shown
that the claims are prospective for gold, base metals, uranium and
diamonds. Specifically, strong gold anomalies were found in
38 areas, base metal anomalies (nickel +/- copper +/- cobalt +/-
zinc +/- lead) in 59 areas, uranium anomalies in 6 areas and
diamond bearing kimberlites in 18 areas. Following the
comprehensive heavy mineral geochemical survey, areas of the
licences that did not show potential were relinquished. All
of the aforementioned anomalies are contained within the current
17,100 km(2) exploration license. The airborne survey is expected
to require over 4 months of continuous flying. Geophysical
data will be processed and interpreted as the survey progresses and
ground truthing of resultant anomalies will be undertaken. An
extensive airborne electromagnetic survey has also been budgeted
for. Its extent will be determined in part by the results of
the current airborne magnetic and radiometric surveys. Metalex
looks forward to the results of the airborne survey over this
highly prospective area. The technical information and results
reported here have been reviewed by Mr. Chad Ulansky P.Geol., a
Qualified Person under National Instrument 43-101, who is
responsible for the technical content of this release. Signed,
Charles Fipke Charles Fipke Chairman Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and
uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. Metalex undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements. 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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/16/c4014.html
p Please Contact Chad Ulansky, President & CEObr/ (250) 860 -
8599br/ a
href="mailto:investorinfo@metalexventures.ca"investorinfo@metalexventures.ca/a
/p
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