Metalex Ventures Ltd. (TSX VENTURE: MTX)("Metalex"), WSR Gold Inc.
(TSX VENTURE: WSR)("WSR") and Arctic Star Resources Inc.'s (TSX
VENTURE: ADD) ("Arctic Star") Joint Venture Project along the Ring
of Fire in the James Bay Lowlands, is pleased to report the first
assay results from its zinc-copper-lead-silver (Zn-Cu-Pb-Ag)
discovery on anomaly 5.01, located 45 km north of Noront's Eagle
One Deposit.
HIGHLIGHTS
- DDH5.01-06 intersected near-massive to massive sulphides 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 intersected similar near-massive to massive
sulphides 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 intersected similar near-massive to massive
sulphides 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.
- Mineralization, alteration and the geological environment at
the 5.01 anomaly appears to be typical of a Noranda-Mattabi-style
VMS (Volcanogenic Massive Sulphide) deposit.
- The mineralized zone appears to subcrop beneath approximately
15 meters of glacial till and thus far has been delineated along a
north-south strike for 150m, dips 75 degrees to the east, with a
maximum core width of 53m and plunging flatly to the south. The
base metal occurrence appears open in all directions.
To date, Metalex has completed 25 holes on the 5.01 anomaly
totalling 5,699.4 meters since the program began in 2008.
Assay results have now been received for holes 1 to 15. The
results from significantly mineralized intervals within these holes
are presented in the following table.
Significant Assay Results for Project 5.01
Hole From To Length Zn Cu Pb Ag
(m) (m) (m) (%) (%) (%) g/t
05.01-01 108.2 109.5 1.3 3.04 0.232 less than 0.01 2
118.8 124.1 5.3 4.20 0.275 0.574 9
Incl 121.3 122.6 1.3 8.02 0.287 1.3 11
05.01-02 22.9 28.1 5.2 2.54 0.053 0.216 4
05.01-03 94.6 100 5.4 3.33 0.027 0.007 2
Incl 94.6 95.7 1.1 6.76 0.063 less than 0.01 4
05.01-04 30.9 37 6.1 5.83 0.265 0.006 2
Incl 35 37 2.0 10.69 0.517 0.006 1
05.01-06 36.8 38.8 2.0 3.19 0.256 0.014 1
65 167 102.0 6.48 0.435 0.185 3
Incl 99.7 125.7 26.0 13.81 0.502 0.053 2
Incl 144.5 145.5 1.0 11.15 0.535 0.170 2
Incl 162 165 3.0 11.90 0.417 0.763 11
183.15 189.6 6.4 3.42 0.098 0.002 less than 1
195.5 197.6 2.1 2.55 0.078 0.159 3
05.01-09 88 90 2.0 3.55 0.253 0.007 2
141 152 11.0 4.92 0.514 0.006 2
Incl 149 151 2.0 12.32 0.218 0.006 1
220.5 221.6 1.1 0.27 4.510 0.480 4
05.01-14 83 120 37 5.96(i) 0.339 0.047 6
Incl 103 111 8 17.42(i) 0.236 0.037 5
05.01-15 158.8 184.2 25.4 7.63 0.345 0.355 8
Incl 161.9 162.4 0.5 17.45 0.064 0.001 2
Incl 167 174.6 7.6 11.67 0.486 0.303 10
Incl 180.3 182 1.7 11.73 0.235 0.305 11
227.5 228.8 1.3 0.06 1.155 0.002 6
(i) An 1.2m interval from 109.8m on hole 5.01-14 has a zinc concentration
greater than 30% which is the upper limit of the assay technique. It is
being re-assayed.
The following table contains the grid and UTM locations along with the
collar information for the 25 holes completed on anomaly 5.01 to date.
Location and Collar Information for 5.01 Drilling to Date
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Hole Information
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Hole No. Grid E Grid N UTM e (m) UTM n (m) Z (m) Az Dip Length
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DDH501-01 L1+00E 0+50N 522313.8 5901524.0 167.6 180 -60 149
----------------------------------------------------------------------------
DDH501-02 L1+00E 0+00 522311.1 5901476.0 168.0 0 -90 201.2
----------------------------------------------------------------------------
DDH501-03 L1+00E 0+50N 522313.8 5901524.0 167.6 180 -45 146.5
----------------------------------------------------------------------------
DDH501-04 L1+00E 0+75S 522309.6 5901400.0 168.0 0 -45 163.1
----------------------------------------------------------------------------
DDH501-05 L1+00E 0+02N 522313.8 5901476.0 168.0 0 -85 182.5
----------------------------------------------------------------------------
DDH501-06 L1+50E 0+50N 522361.0 5901525.0 168.0 179 -65 227.5
----------------------------------------------------------------------------
DDH501-07 L1+50E 0+50N 522360.9 5901525.0 168.0 137 -45 158.5
----------------------------------------------------------------------------
DDH501-08 L1+50E 0+50N 522360.8 5901525.0 168.0 183 -45 140.2
----------------------------------------------------------------------------
DDH501-09 L1+50E 1+00N 522359.4 5901575.0 167.8 177 -60 249.7
----------------------------------------------------------------------------
DDH501-10 L2+00E 0+50N 522413.8 5901526.0 167.8 181 -62 281.7
----------------------------------------------------------------------------
DDH501-11 L2+00E 1+00N 522414.9 5901576.0 167.8 179 -60 146.3
----------------------------------------------------------------------------
DDH501-12 L2+00E 1+00N 522415.1 5901576.0 167.7 181 -60 292
----------------------------------------------------------------------------
DDH501-13 L1+50E 1+29N 522358.6 5901606.0 167.7 182 -60 279
----------------------------------------------------------------------------
DDH501-14 L1+50E 0+40S 522363.7 5901436.0 168.0 0 -55 282
----------------------------------------------------------------------------
DDH501-15 L1+50E 1+15S 522365.8 5901361.0 167.9 1 -55 278.7
----------------------------------------------------------------------------
DDH501-16 L1+75E 0+00 522386.8 5901475.0 168.1 276 -55 244.9
----------------------------------------------------------------------------
DDH501-17 L2+75E 0+50N 522494.9 5901525.0 167.5 267 -55 327
----------------------------------------------------------------------------
DDH501-18 L1+05E 0+00 522310.4 5901475.0 168.0 269 -55 239.6
----------------------------------------------------------------------------
DDH501-19 L1+75E 0+00 522387.3 5901475.0 167.9 271 -70 240
----------------------------------------------------------------------------
DDH501-20 L1+75E 0+25S 522386.9 5901450.0 167.9 272 -60 261
----------------------------------------------------------------------------
DDH501-21 L1+75E 0+25N 522386.0 5901499.0 167.9 267 -60 234
----------------------------------------------------------------------------
DDH501-22 L2+59E 0+90N 522522.3 5901535.0 167.6 241 -55 315
----------------------------------------------------------------------------
DDH501-23 L2+48E 0+12N 522461.1 5901487.0 167.9 232 -57 30
----------------------------------------------------------------------------
DDH501-24 L2+48E 0+12N 522461.1 5901487.0 167.9 232 -51 270
----------------------------------------------------------------------------
DDH501-25 L1+89E 1+64N 522523.8 5901463.0 168.0 235 -51 351
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NAD83, Zone 16
The following table contains the visual descriptions for holes completed
since the last press release dated June 16, 2008.
Visual Description of Mineralization in Recent Drill Core
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Mineralization
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Hole No. From (m) To (m) Int(m) Description
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DDH501-11 hole lost
----------------------------------------------------------------------------
DDH501-12 no significant mineralization
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DDH501-13 no significant results
----------------------------------------------------------------------------
DDH501-16 167 188 21 near-massive to massive sulphides,
visible sph, cp
----------------------------------------------------------------------------
DDH501-17 172 188 16 disseminated sulphides with
visible sph, cp
----------------------------------------------------------------------------
DDH501-18 62 102 40 disseminated sulphides
----------------------------------------------------------------------------
DDH501-19 83 132 49 stringer sulphides with visible sph, cp
----------------------------------------------------------------------------
DDH501-20 78.6 86.3 7.7 near-massive to massive sulphides,
visible sph, cp
----------------------------------------------------------------------------
DDH501-21 50.7 93.5 42.8 near-massive to massive sulphides,
visible sph, cp
----------------------------------------------------------------------------
DDH501-22 240 293 53 disseminated and stringer sulphides,
visible sph, cp
----------------------------------------------------------------------------
DDH501-23 hole abandoned
----------------------------------------------------------------------------
DDH501-24 180 183.5 3.5 near-massive to massive sulphides,
visible sph, cp
----------------------------------------------------------------------------
DDH501-25 271 282 11 stringer and near-massive sulphides,
visible sph,cp
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additional ground and down hole geophysical surveys have now
been completed on 5.01 and the interpretation of the data is
awaited. The joint venture has temporarily suspended the drilling
on anomaly 5.01 as of Sept 5, 2008 to allow the results of the
completed work to guide the next phase of drilling. Detailed logs
of the most recent holes, assay results from holes 16 to 25, and
the ground geophysical interpretation are currently being
completed.
Description of the mineralized body
From the drilling to date, the high grade Zn-Cu-Pb-Ag
mineralized zone has been delineated over a strike length of 150m
which appears to be almost due north-south and dipping steeply at
75 degrees to the east. It has been intersected thus far between 50
and 215 meters below surface and appears to be 3.5-53m wide along
core length with a possible shallow 30 degree plunge to the south.
The high grade mineralization is part of a wider, more extensive
system of volcanically derived sulphides, hosted within a
chlorite-sericite-quartz+/-garnet+/-staurolite schist. The system
appears overturned as higher grade metamorphic minerals are present
in the structural hangingwall, with apparent felsic volcaniclastic
lithologies occurring in the structural footwall. Additional
drilling is needed to confirm the geometry of the deposit.
Drilling in the James Bay Lowlands without bedrock exposure to
aid in geological interpretation of strikes and dips is very
challenging. Drilling to date strongly suggests a north-south
strike to the mineralized zone. Many of the north-south drill holes
drilled during the program have missed the zone entirely, and the
more recent east-west drilling has proven to repeatedly intersect
the mineralized occurrence. It will be the objective of the next
phase of drilling to systematically delineate the mineralized
occurrence and complete fill-in drilling to prepare for a 43-101
compliant resource calculation.
5.01 Project
This property, of 65 hectares, is one of 113 joint venture claim
blocks in the region under option by WSR, whereby WSR can earn up
to a 50% interest in the properties by spending $20 million over
four years. Upon completion of the earn-in option, Metalex will
carry a 45.75% interest and Arctic Star a 4.25% interest.
Within the option agreement, approximately 21,400 hectares of
ground is held. Numerous other high priority regional geophysical
targets are currently being tested with 2 highly mobile Metalex
drills. The project is managed and operated by Metalex for the
Joint Venture partners under the supervision of Dr. Charles Fipke,
Chairman of Metalex with John Harvey, P.Eng as a consulting
geologist.
Metalex believes that the assay results along with new drill
holes and core hosting the presence of visible copper, zinc and
lead sulphides observed on site by the project's geologist are very
encouraging and are of significant importance to the Joint Venture
partners. Mike Kilbourne, P.Geo., and Vice-President of Exploration
for WSR Resources, has reviewed the core and has provided the
visual descriptions of the mineralized zones and conferred with
Brian Polk, Metalex Project Manager, on the geometry of the
occurrence. Notwithstanding the foregoing, visible observations are
estimates only and pending assay results may not confirm visual
observations in whole or in part. The widths given above are core
widths only and do not represent true widths which cannot be
determined at this time.
On-site Quality Assurance/Quality Control Measures
All samples reported upon herein were selected, sealed and
shipped to ALS Chemex laboratory in Thunder Bay Ontario. All core
samples were selected by Metalex site geologists, and were cut in
half by diamond core saw. Individual samples were labeled, placed
in plastic sample bags and sealed. Groups of samples were then
placed into durable rice bags that were secured by project security
tags for shipping. The samples were delivered via bonded carrier to
ALS Chemex's sample preparation laboratory in Thunder Bay, Ontario.
All samples were then crushed and pulverized and then the sample
pulps were sent to ALS Chemex Laboratory in Vancouver B.C. for
analysis. The remaining coarse reject portions of the samples
remain in storage at the ALS Chemex storage facility in Thunder Bay
as required in the event that further work is needed. In Vancouver,
the samples are analyzed using ALS Chemex assay procedure ME-MS81.
When samples received over-limit values they underwent further
analysis using ALS Chemex assay procedure OG62. The reader is
referred to: www.alschemex.com for details of these analytical
procedures.
Independent Quality Assurance and Quality Control Protocol
A comprehensive QA/QC program has been implemented to monitor
all assays on the 5.01 anomaly. Samples are assembled in numbered
batches of twenty samples. Included in each batch of twenty samples
are one certified reference standard, one laboratory duplicate, one
blank sample comprised of sterile drill core and one core duplicate
sample. This QC program was set up for Metalex by Tracy Armstrong
P.Geo, of T.J. Armstrong Geological Consulting Inc. Ms. Armstrong
is a qualified geologist in the Provinces of Ontario and Quebec. In
reviewing the results the QA/QC program detected that there was a
carryover from high grade samples to the following sample. The
maximum carryover was measured to be 0.14% zinc. Ms. Armstrong
states that this degree of carryover is not considered to be
geologically nor economically material. An improved cleaning
protocol has now been implemented to ensure that this carryover
does not occur in future.
Assay results have also been monitored on an on-going, real time
basis for accuracy, contamination and precision by Dr. Barry Smee,
P.Geo. consulting geochemist, retained by Metalex Ventures.
This press release includes certain "Forward-Looking Statements"
within the meaning of the US Private Securities Reform Act of 1995.
Other than statements of historical fact, all statements are
"Forward-Looking Statements" that involve such various known and
unknown risks, uncertainties and other factors. There can be no
assurance that such statements will prove accurate. Results and
future events could differ materially from those anticipated in
such statements. Readers of this press release are cautioned not to
place undue reliance on these "Forward-Looking Statements".
This press release has been prepared by Chad Ulansky, President
and CEO of Metalex Ventures, being a Qualified Person under
Canadian Securities guidelines.
Shares Outstanding: 111,515,983
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: WSR Gold Inc. John Tait President and Chief Executive
Officer (416) 628-5905 (416) 628-5911 (FAX) Email:
jtait@wsrgold.ca
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