Metalex-Cantex hunting down Greenland diamonds

Vancouver – Diamond exploration partners Metalex Ventures (MTX-V) and Cantex Mine Development (CD-V) are very excited about initial diamond indicator mineral (DIM) counts from samples taken on the West Greenland joint-venture.

Two glacial till samples, collected about 400 metres apart, have returned significant DIM counts with positive geochemistry.

The quantity, distribution and surface textures observed in the DIMs suggest a proximal source, possibly beneath or adjacent to a large, ice-covered lake on the claim group.

From over 400 G-10 garnets recovered, significant populations have plot favourably within the diamond stability field, with similar chemistry to garnet-included diamonds from number of major commercial diamondiferous kimberlites. Most of the G-10 garnets exhibit friable kelyphitic alteration rims or have angular, near-source textures. Kelyphite is a fragile alteration mantle on garnets that does not survive mechanical weathering environments thus indicating a nearby source.

Microprobe analysis of over 100 picroilmenites indicate the samples were likely derived from the same kimberlite source and that conditions in the pipes are good for diamond preservation.

Both of the Charles Fipke directed companies recently combined landholdings in southwestern Greenland, now over 3,400-sq.-km, with Metalex holding 100% but Cantex retaining the future right to purchase 25%-interest for $120,000.

Fipke’s private company Kel-Ex Development has been granted a 10% net carried interest in the project for becoming project operator.

Programs of ground geophysics (magnetics, EM and gravity) plus drilling are planned and expected be completed prior to the ice-melt in May.

Metalex also recently announced a planned $3-million private placement through the issuance of 3-million shares at $1.00 apiece.

Trading in the companies soared as investors gamble that successful diamond explorer, Fipke, will strike again. Metalex saw its shares jump from one dollar to a high of $2.15 before leveling at the $1.25-level on several hundred shares of volume. Cantex shares rallied over 50% from 5.5 to the 8.5-level on volume of over 7-million shares.