3 Hunting for our next diamond mine.Encouraging diamond results in the Kyle Lake Kyle Lake (June 12, 1972 - October 30 2005) was pastor of University Baptist Church in Waco, Texas, USA and an author and leader in the Emerging Church movement. Lake was killed in an accident while performing a baptism. area of Northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it has exploration companies ever hopeful they have found Canada's fourth diamond mine. "If everything goes according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the scientific interpretations, the T1 is a kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. target that is cash positive," says Dr. Peter Gregory Dr Peter Gregory was the team doctor (chief medical officer) for the England cricket team from November 2002 to 15 November, 2006. Gregory was the first person to be appointed to the role of chief medical officer by the England and Wales Cricket Board in 2002. , president of Metalex Ventures. "If it turns out to be as we expected based on our data, it could be a stand-alone operation." There are only 50 kimberlite diamond mines in the world. With limited diamond production occurring, companies are sniffing sniff v. sniffed, sniff·ing, sniffs v.intr. 1. a. To inhale a short, audible breath through the nose, as in smelling something. b. To sniffle. 2. around for number 51. About a year ago Metalex discovered the T1 pipe in 140 metres of rock overlay in the Kyle Lake area, approximately 80 kilometres from De Beers Canada's Victor mine development in Attawapiskat. Early samples uncovered very small diamonds similar to the Victor stones. The quality of the stones, though small in size, is 70 per cent white with very few inclusions, says Gregory. Hole T1-4 provided information on the size of the pipe and microdiamond distribution. "If the quality that we are seeing in the microscopic sizes translates into the quality that we get from production, then there is a chance they may be the same value as Victor," Gregory says. Previous drill results, coupled with the scientific data compiled by Metalex chairman Dr. Charles Fipke, have prompted the company to embark on a $5-million 200-tonne bulk sample program on 16 holes. "That is the only way we can determine the grade and (get an idea of the stone value)," Gregory says, adding the project should be completed by the middle of the year. Certain garnets Garnets may have the following meanings
In the event the T1 doesn't quite live up to the company's interpretations, Gregory says they could still develop something that is of lesser quality because of the proximity to Victor. "We still have a second chance." Until they know the size of the pipe and the amount of production, one could only estimate capital costs may be close to that of the Victor project development. "We are working on that billion-dollar figure." To determine cash flow, it is necessary to know three things: The average value of the diamonds in US dollars per carat CARAT, weights. A carat is a weight equal to three and one-sixth grains, in diamonds, and the like. Jac. L. Dict. See Weight. , the grade of the diamonds, or carats per 100 tonnes, and the number of tonnes. [ILLUSTRATION OMITTED] "It tells you whether it is worth taking a bulk sample, moving to the next stage. If it turned out the (T1) had no commercial potential at all (we) wouldn't spend $5 million on a bulk sample." According to Gregory, the deposit could grade 100 carats per 100 tonnes or better given the results they have so far. The first of samples are already in Fipke's Kelowna laboratory. Metalex exploration projects are managed by Kel-Ex Development Ltd., a private company owned by Fipke. Gregory is Greg·o·ry I , Saint Known as "Gregory the Great." 540?-604. Pope (590-604) who increased papal authority, enforced rules of life for the clergy, and sponsored many important missionary expeditions, notably that of Saint Augustine to Britain (596). a consultant to Kel-Ex. "Metalex pays and Kel-Ex does the work at cost with a 10 per cent administration fee in the case of some Canadian projects. (Metalex) is specifically designed not to make a profit," Gregory says. Kel-Ex makes a profit on some of the Canadian project through a 10 per cent free-carried interest. Such is the case with the T1 project. www.metalexventures.com QUICK FACTS Metalex Ventures City: Vancouver Founded: 1997 President: Peter Gregory No. of Employees: <10 www.metalexventures.com By KELLY LOUISEIZE Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
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