Attawapiskat



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The Attawapiskat project is comprised of 2 separate joint ventures. Metalex has a 80% contributing interest in the Big Red Joint Venture and a 82.5% contributing interest in the Dumont Joint Venture. Both interests are subject to a net carried interest in favour of Kel-Ex Development Ltd (7.5% in the Big Red JV and 5%-7% in the Dumont JV) These Joint Ventures control a total of 162 mineral claims totaling 306 km2.



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TARGET RATIONALE

  • there are 21 known kimberlite pipes in the region, 16 contain diamonds and at least one is commercial (Victor).
  • this high percentage (76%) of diamond bearing pipes far outweighs the global average of 14%.
  • this demonstrates the Superior Craton in the Attawapiskat Region to be especially prospective for diamonds.
  • the known kimberlite pipes were discovered by drilling aeromagnetic anomalies.
  • Some kimberlite pipes, and these may be the most productive, may not be detectable by aeromagnetics.
  • Attawapiskat is located in one of the deepest parts of the lithosphere within the Superior Craton.
  • the exploration target is low magnetic commercial grade kimberlite pipes that intrude the sedimentary cover.
  • these can be explored for by basal till sampling for diamond indicator minerals and follow up of diamond indicators discovered.

HIGHLIGHTS OF PREVIOUS THIRD PARTY EXPLORATION

  • 21 kimberlite bodies discovered, 16 diamondiferous.
  • Victor (owned by De Beers) is commercial – 30mt at $90c /t. diamond value exceptionally high (approx us$ 300/ct). 15 ha, multiphase. grade about 25 – 28 cpht.
  • atleast one other kimberlite (Tango) might be promising (De Beers have carried out bulk sampling).

METALEX WORK

  • aeromagnetics flown over an area of 6.676 km2 more than 100 anomalies followed up by auger sampling.
  • helimagnetics and electromagnetics flown over 6,000 line km, several anomalies found.
  • high counts of fresh (near source) diamond indicator minerals found over an area of 3.6 by 3.8 km (D6 diamond indicator fan).
  • several diamond indicator sites and aeromagnetic anomalies outside the D6 fan remain to be investigated.
  • targets secured with 164 mineral claims.

D6 DIAMOND INDICATOR FAN

  • located about 10 km south of the proposed Victor diamond mine, within a “kimberlite corridor”.
  • 694 basal till samples collected by power augering; 692 samples contain kimberlite indicator minerals and 631 contain diamond indicator minerals with good mineral chemistry.
  • many diamond indicator grains are fresh and angular and are considered close to their source.
  • diamonds found at four locations.
  • the source(s) of the diamond indicator minerals has not yet been found.

LOCATION OF D6 FAN IN RELATION TO THE ATTAWAPISKAT KIMBERLITE CLUSTER



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D6 DIAMOND INDICATOR FAN

Find the sources of diamond indicator minerals comprising the D6 fan by:

  • grouping the kimberlite indicator minerals within the fan into their likely sources based on the chemistry of certain minerals; then
  • tracing the best of diamond indicator grains back to their individual sources by auger sampling and drilling.
  • follow up of other priority diamond indicator and aeromagnetic anomalies outside the D6 fan.