Page 51 By Gregory Reynolds Metalex V entures Ltd has teamed up with a strong fnancial partne r to ad vance its exploration of two kimber lite pipes in the Ring of Fire Also during the winter of 201314 the company is planning to take out a 10000plus ton bulk sample over a proposed winter road westward from De Beers Canada s V ictor Diamond Mine to one of the pipes the U2 The company has signed an earnin agreement with Dundee Corporation wherein Dundee or its designate can earn up to a 51 interest in the U2 and T1 pipes through a four stage in vestment of up to C51 million The two pipes are part of Metalex s Kyle Lake Diamond Project that is located approximately 100 km west of De Beers V ictor Mine in an area Metalex r eceives funds fr om new investor Dundee Corp where fve kimberlitic pipes two of which are signifcantly diamond bear ing were discovered in the 1990s These kimberlitic pipes in the James Bay Lowlands of Northern Ontario were discovered by drill testin g anom alies identifed from an aeromagnetic survey fown in the early 1990s Fur ther drill testing of the anomalies on this project has led to the discovery of additional kimberlites T o date the company has discovered three diamondiferous kimberlites in the vicinity of DeBeers V ictor Mine The lar gest is an estimated 10 hectare pipe named U2 from which 17 dia monds were recovered from a 14282 kg sample The diamonds have a coarse size dis tribution and are predominantly gem quality similar to those recovered from DeBeers V ictor Mine The U2 kimberlite pipe is considered a highly prospective diamond devel opment project Diamonds recovered from the U2 pipe are of exceptional qualit y with 888 by weight of the 17mm dia monds being white and 11 being colored The lar ge size of the U2 pipe shows the potential to host a substan tial tonnage says Charles Fipke Metalex chairman The James Bay Lowlands proper ties are strategically located on and around the Ring of Fire and cover approximately 36 square kilometres 8944 acres of ground The Ring of Fire appears to be the most signifcant base metal play in Canada since the V oisey s Bay dis Contd on pg 52