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Metalex Ventures is a Canadian exploration company focused primarily on the development of commercial diamond deposits. Metalex has significant presence in Canada, Greenland, Morocco and Angola.
Metalex’s principal projects in Canada are the Attawapiskat, Kyle Lake, and Wawa Projects in Ontario and the Quebec Project in western Quebec, however the company does have a considerable number of claim blocks in the Ring of Fire region of McFauld’s Lake in Ontario.
On November 26, 2007, WSR and Metalex entered into a letter of intent pursuant to which WSR has been granted the option to acquire a 50% interest in certain claims of Metalex’s James Bay Properties, strategically located on and around the “Ring of Fire”. These properties cover approximately 3,600 hectares.
Following an airborne survey in winter of 2008, Metalex, as project operator, began systematically drilling the highest priority anomalies, and on an anomaly labeled number ‘5’, discovered the presence of visible zinc and copper base metal mineralization. Named the ‘501 Project’, hole number 6 intersected over 95.0m of semi-massive to near massive sulphides with visible zinc and copper mineralization (see press release dated June 4, 2008). Additional drilling was performed throughout the summer and fall of 2008 in 2 phases, totaling 42 holes in 10,786m of drilling. Significant intersections of massive and semi-massive sulphides were intersected in a favorable geological setting similar to Mattagami-Noranda style volcanogenic massive sulphide deposits. Significant assay intervals include:
• DDH5.01-06 from 65-167m downhole for a length of 102m averaging 6.5% Zn, 0.44% Cu, 0.19% Pb, and 3 g/t Ag. Included within this section, from 99.7-125.7m, for a length of 26m, the zone averaged 13.8% Zn, 0.50% Cu, 0.05%Pb, and 2 g/t Ag.
• DDH5.01-14 from 83.0-120.0m downhole for a length of 37.0m, averaging 6.0% Zn, 0.34% Cu, 0.05% Pb and 6 g/t Ag. Included in this section, from 103.0-111.0m, for a length of 8m, the zone averaged 17.4% Zn, 0.24% Cu, 0.04% Pb and 5 g/t Ag.
• DDH5.01-15 from 158.8-184.2m downhole, for a length of 25.4m, averaging 7.6% Zn, 0.35% Cu, 0.36% Pb, and 8 g/t Ag.
• DDH5.01-16 from 167.4-186.7m downhole, for a length of 19.3m, averaging 10.0% Zn, 0.10% Cu, 1.85% Pb, and 41.5 g/t Ag.
• DDH5.01-20 from 73.7-84.1m downhole, for a length of 10.4m, averaging 6.65% Zn, 0.24% Cu, 0.15% Pb, and 3.9 g/t Ag
• DDH5.01-29 from 127.4-148.1m downhole, for a length of 20.7m, averaging 6.35% Zn, 0.22% Cu, 0.19% Pb, and 9.5 g/t Ag
• DDH5.01-32 from 204.3-230.5m downhole, for a length of 26.2m, averaging 4.65% Zn, 0.26% Cu, 0.03% Pb, and 4.6 g/t Ag
The high grade Zn-Cu-Pb-Ag mineralized zone has been delineated over a north-south strike length of 200m and to a vertical depth of 275m from surface. The zone dips steeply at 75 degrees to the east and appears to have a steep 65 degree plunge to the south. Horizontal widths of the high grade zone can reach up to 22m (see 3d inset).
White Pine Resources has now become the geological operator of the project while Metalex remains administrative operator.
White Pine Resources deems the 501 project a very important discovery, and the first of this type in the ‘Ring of Fire’. Deep penetrating ground geophysics and/or downhole geophysics are planned to determine the downdip and downplunge of this deposit. White Pine anticipates these programs to be completed this summer.