Kelowna (Canada) 17th August 2011 (SPS)– The company Metalex has reported yesterday the commencement of an airborne geophysical survey over its exploration license in the side of the Western Sahara occupied by Morocco "which shows potential for several commodities".
A 85,000 line kilometer magnetic and radiometric survey is being flown over the Company’s 17,100 km2 exploration license in the old spanish colony
Geochemical surveys completed by Metalex show the potential of the license to host gold, base metal, uranium and diamond deposits. The prospectivity of the license is further demonstrated by the presence of Kinross’ 20 million ounce Tasiast gold mine located 100 kilometers to the south and SNIM’s world class 5.7 billion ton iron mine 200 kilometers to the east.
Metalex has entered into a joint venture with Office National des Hydrocarbures et des Mines (ONHYM) which is the government department overseeing petroleum and mineral exploration, development and extraction in Morocco. ONHYM holds a 40% interest in the project and Metalex holds 60% project interest. (SPS)