Kyle Lake


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  • 104 mineral claims
  • 100% owned by Metalex (Kel-Ex Development Ltd holds a 10% free carried interest).
  • The region seems exceptionally fertile for diamond mineralization with commercial grade kimberlites being found in several areas (Victor, Renard)

METALEX WORK

  • In 2006, a 28,620 line kilometer airborne geophysical survey was flown which identified 34 targets which were then staked.
  • Priority targets were drill-tested resulting in the discovery of three new kimberlites (referred to U1, U2 and U2NW).
  • 12 NQ inclined delineation holes have been completed to date
  • 450 ton bulk sample collected to test for economic quantities and qualities of diamonds.

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INFORMATION ABOUT U2

  • Approx 9.3 hectares (24 acres) in size
  • Second largest diamond bearing kimberlite discovery in northern Ontario.
  • Initial core drilling of U2 yielded 17 diamonds from a 142.3 kg sample. The diamonds have a course size distribution and are predominantly gem quality similar to those recovered from DeBeers’ Victor Mine.

BULK SAMPLE RESULTS

  • Processing of the 11 bulk sample holes has been completed. The size distribution of the U2 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:

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  • The 86 largest (+1.7mm) diamonds totaled 15.95 carats with 73 of the diamonds classified as white, six as brown, five as grey and two as colored (yellow and pinkish brown). This equates to 88.8% white, 7.3% brown, 2.8% grey and 1.1% colored by weight.
  • The two largest diamonds (2.61 and 1.25 carats) recovered from U2 will cut as high quality white gems.
  • Below are pictures of some of the diamonds recovered to date including the 2.61, 1.25 and 0.72 carat stones:

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FUTURE WORK

Based on the high proportion of gem quality diamonds, the large size of the U2 kimberlite and the diamond grades, the U2 kimberlite merits the collection of a 10,000 ton bulk sample so that at least 1,000 carats of diamonds can be recovered for assessment. A large diamond parcel is necessary to accurately define the diamond grade and average value per carat.