Metalex Recovers Largest Diamond Yet From U2 Kimberlite

KELOWNA, BC, July 21, 2011 /CNW/ -- 
KELOWNA, BC, July 21, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report that a
 2.61 carat white gem quality diamond has been recovered from the
 exceedingly large, 9.3 hectare, U2 kimberlite pipe on the Metalex -
 Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay
 lowlands, Ontario.


This 2.61 carat gem exceeds the largest diamond previously recovered
 which was 1.25 carats.  A 0.54 carat and six other diamonds exceeding
 0.13 carats were also recovered from this hole (U2-RC-10).  Pictures of
 diamonds from this hole including the 2.61 carat stone and a 0.18 carat
 pinkish diamond are available on the Company's website (www.metalexventures.ca).  A total of 214 commercial sized stones (greater than 0.425mm) have
 been recovered from U2-RC-10.


The geology and diamond results for U2-RC-10 are presented in the
 following table:





 _____________________________________________________________________
|        Depth    |       Sampled Material   |Diamonds |Sampled|Grade |
|_________________|__________________________|_________|_______|______|
|From|To |Interval|                          | # |  Ct |Weight |      |
|____|___|________|__________________________|___|_____|_______|______|
|(m) |(m)|   (m)  |                          |   |     |  (kg) |(cpht)|
|____|___|________|__________________________|___|_____|_______|______|
|    |   |        |Overburden, limestone     |   |     |       |      |
|    |   |        |crater infill and         |   |     |       |      |
|    |   |        |transition to kimberlite -|   |     |       |      |
|  0 |75 |    75  |Low grade                 |14 |0.077|11,120 |  0.7 |
|____|___|________|__________________________|___|_____|_______|______|
| 75 |330|   255  |Kimberlite - high grade   |200|6.439|27,923 | 23.1 |
|____|___|________|__________________________|___|_____|_______|______|




 


As presented in the above table the drill hole recovered 200 commercial
 sized diamonds weighing 6.439 carats from 75 meters to the end of the
 hole at 330 meters.  The grade of this intersection is 23.1 carats per
 hundred tons.


The size distribution of the diamonds is very coarse with a high
 proportion of the diamonds being in the large size categories.  This is
 important for a high average carat value.  The following table contains
 the size distribution of the diamonds recovered and described to date:





 _______________________________________________________________________
|   Hole |                 Sieve Sizes (Through / On)      |      |Total|
|________|_________________________________________________|______|_____|
|        | 0.6mm |0.85mm|1.18mm|1.7mm |2.36mm|3.35mm|4.75mm|6.7mm |     |
|        |0.425mm|0.6mm |0.85mm|1.18mm|1.7mm |2.36mm|3.35mm|4.75mm|     |
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-02|     61|    81|    56|    24|     4|     3|     -|     -|  229|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-03|     51|   121|    79|    38|    12|     1|     1|     -|  303|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-04|     32|    99|    68|    21|    10|     2|     1|     -|  233|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-05|     58|   137|    65|    30|     6|     3|     1|     -|  300|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-06|     27|    66|    50|    19|     4|     3|     -|     1|  170|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-07|     21|    50|    30|    13|     1|     -|     -|     -|  115|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-08|      8|    29|    12|     5|     3|     -|     -|     -|   57|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-09|     26|    53|    35|    15|     5|     1|     1|     -|  136|
|________|_______|______|______|______|______|______|______|______|_____|
|U2-RC-10|     33|    85|    62|    21|     6|     5|     1|     1|  214|
|________|_______|______|______|______|______|______|______|______|_____|
|  Total |    317|   721|   457|   186|    51|    18|     5|     2|1,757|
|________|_______|______|______|______|______|______|______|______|_____|




 


Characterization of the colour of all diamonds recovered and described
 to date are presented in the following table:





 _________________________________________________
|   Hole |White|Yellow|Green|Pink|Brown|Grey|Total|
|        |  #  |  #   |  #  | #  |  #  | #  |  #  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-02|   97|    20|    2|   0|   40|  70|229  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-03|  121|    26|    1|   2|   84|  69|303  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-04|  136|    14|    0|   3|   22|  58|233  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-05|  172|    25|    2|   0|   35|  66|300  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-06|  100|     5|    0|   3|   13|  49|170  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-07|   44|     6|    0|   0|   31|  34|115  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-08|   30|     7|    0|   0|   11|   9|57   |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-09|   58|     8|    2|   1|   26|  41|136  |
|________|_____|______|_____|____|_____|____|_____|
|U2-RC-10|  106|    15|    0|   1|   42|  50|214  |
|________|_____|______|_____|____|_____|____|_____|
|  Total |  864|   126|    7|  10|  304| 446|1,757|
|________|_____|______|_____|____|_____|____|_____|




 


To date, as presented in the above table, 49.2% of the diamonds are
 white; 25.4% are grey; 17.3% are brown; 7.2% are yellow; 0.6% are pink
 and 0.4% are green. The proportion of white diamonds continues to
 improve with increasing diamond size.  Of the 76 largest diamonds
 (greater than 1.7mm), 56 are white, 1 is yellow, 1 is pink, 12 are grey
 and 6 are brown.  By weight, white diamonds comprise 65.2% of the
 parcel and yellow, pink and green diamonds comprise 5.7%.


Metalex is most encouraged by the results to date.  Many of the large
 diamonds recovered to date from the very large 9.3 hectare U2
 kimberlite are high quality white gems.  Hole U2-RC-10 returned a grade
 of 23.1 carats per hundred tons from 75 to 330 meters depth.  The
 initial bulk sample from DeBeers' Victor Diamond Mine, 60 kilometers to
 the east, recovered 108 carats of diamonds from approximately 600 tons(1) equating to 18.0 carats per hundred tons.  The De Beers bulk sample was
 collected by a combination of drilling and trenching.


These results continue to support Metalex's belief that U2 contains a
 very high quality coarse diamond population.  Metalex looks forward to
 the diamond results from the remaining two 22cm diameter reverse
 circulation drill holes.


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


(1)Molyneux, R. and Dorrington, L. (2008). Catching a Dream: The story of DeBeers in Canada. Toronto, Ontario: De Beers Canada Inc.


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. 


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p Chad Ulansky, President & CEObr/ (250) 860 - 8599br/ a href="mailto:[e-mail]"[e-mail]/a /p 

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