Metalex-WSR-Arctic Star Joint Venture Intersects 131.9 Meters of Semi-Massive to Near-Massive Sulphides in Hole 5.01-09, Under H
June 16 2008 - 10:03AM
Marketwired
KELOWNA, BRITISH COLUMBIA ("Metalex"), WSR Gold Inc. (TSX
VENTURE: WSR) ("WSR") and Arctic Star Diamond Corp.'s (TSX VENTURE:
ADD) ("Arctic Star") Joint Venture Project along the Ring of Fire,
45 kilometers north of Noront's Eagle One discovery encountered
another significant width of Volcanic Derived Sulphides (VDS)
mineralization in hole number 5.01-09. This property, of 65
hectares, is one of 113 joint venture claim blocks under option by
WSR, whereby WSR can earn up to a 50% interest in the property by
spending $20 million over four years thereby diluting Metalex to a
45.75% interest and Arctic Star to a 4.25% interest. Currently
Metalex has a 91.5% interest and Arctic Star has an 8.5% interest.
Within the option agreement covering approximately 21,400 hectares,
there are numerous other high priority targets throughout the
area.
To date, on the 5.01 discovery 10 holes have been completed
totalling 1903.5 meters. Hole 5.01-06, reported in a previous press
release dated June 4, 2008 on Section 1+50 East was followed by
three additional holes on the same section. Hole 5.01-10 was a 50
meter step out east of 5.01-09 on Section 2+00 East. The zone dips
steeply north below the Precambrian surface which is overlain by
approximately 15 - 20 meters of gravel and Paleozoic sedimentary
cover. The VDS mineralization has been delineated thus far on
sections 1+00 East and 1+50 East (50 meters apart) down to a
vertical depth of 200 meters. On a 3rd section (2+00 East) the
first hole completed (5.10-10) failed to intersect the zone at its
targeted vertical depth of 150 meters.
Hole number 5.01-07 was drilled in a southeasterly direction to
check for a north easterly - south westerly strike direction and
encountered only minor iron sulphide mineralization.
Hole number 5.01-08 drilled southerly, across the assumed east -
west strike direction encountered only sparse mineralization at
shallow depths over the top of the main mineralization.
Hole number 5.01-09 drilled southerly, 50 meters down dip below
hole 5.01-08 encountered the main zone from 103.5 meters to 235.4
meters (103.5 meters in total) in the drill hole and is similar in
visible sulphide content to Hole number 5.01-06.
Hole number 5.01-10, a 50 meter step out to the east of hole
5.01-09 and along strike intersected only minor sulphides.
Hole number 5.01-11 currently being drilled is designed to test
for the main mineralization down the steep easterly plunge, 50
meters below hole 5.01-10 on the same north - south cross section
(2+00 East).
The following table summarizes the recent drilling on 5.01 with
significant visual sulphide mineralization:
----------------------------------------------------------------------------
Location Hole Mineralization Visual
------------------------------------------------------------- Description
Hole No E.ing N.ing Dip Az EoH From To Width of
------------------------------------------------------------- Mineralization
meters meters meters
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Minor
5.01-07 1+50E 0+50N -45 135 165.0 52.4 118.5 66.1 iron sulphides
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Minor
5.01-08 1+50E 0+50N -45 180 140.2 25.9 35.4 9.5 iron sulphides
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Minor iron,
copper
5.01-09 1+50E 0+00N -60 180 249.7 42.0 103.5 61.5 sulphides
----------------------------------------------------------------------------
Semi-massive,
iron, copper,
103.5 154.0 50.5 zinc sulphides
----------------------------------------------------------------------------
Iron, copper,
154.0 183.8 29.8 zinc sulphides
----------------------------------------------------------------------------
Semi-massive
iron, copper,
183.8 201.2 17.4 zinc sulphides
----------------------------------------------------------------------------
Near-massive
iron, copper
201.2 235.4 34.2 sulphides
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Minor
5.01-10 2+00E 0+50N -65 180 280.5 131.7 235.1 93.4 iron sulphides
----------------------------------------------------------------------------
The anomaly 5.01 Project is managed and operated by Metalex for
the Joint Venture partners under supervision of Dr. Charles Fipke,
Chairman of Metalex. Dr. Fipke and John Harvey, P.Eng, a consulting
geologist for WSR, prepared this release.
Metalex believes that the recent drill results, with the
presence of visible copper, zinc and lead sulphides being observed
on site by the project's geologist are very encouraging and could
be of significant importance to the Joint Venture partners if the
assay results pending are favourable. 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.
John Archibald, P.Eng. and a Qualified Person, has reviewed the
drill core and confirms the visual descriptions described herein.
Assay results are pending for all holes completed to date.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Metalex Ventures Ltd. Chad Ulansky President and Chief
Executive Officer (250) 860-8599 Email:
culansky@metalexventures.com Website: www.metalexventures.com
Arctic Star Diamond Corp. Patrick Power President (604) 689-1799
Email: ir@arcticstardiamond.com Website:
www.arcticstardiamond.com
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