Based in Kelowna, British Columbia, Canada, Metalex Ventures is an exploration company that focuses on the discovery of economic diamond deposits around the world. Today, the company has projects in Ontario, Quebec, Greenland (pictured), Morocco, Mali, Angola and Brazil.

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For President and CEO Chad Ulansky, diamond exploration has been a compelling industry, due to the extreme challenges one can face. “Diamond exploration is probably one of the most difficult occupations,” he says. “To be successful, you need to persevere against long odds and be able to apply hard science to an incredibly complex and variable world.”

At Metalex Ventures Ltd. , employees work to beat those odds. Based in Kelowna, British Columbia, Canada, the exploration company focuses on the discovery of economic diamond deposits around the world. Ulansky co-founded Metalex with Executive Chairman Dr. Charles Fipke in 2001. Previously, Ulansky worked for Fipke’s company, DiaMet Minerals Ltd.

Under Fipke’s guidance, DiaMet Minerals discovered the Ekati Mine in the Northwest Territories, Canada’s first diamond mine. “Not content to rest on his laurels, Chuck is intent on finding several more mines,” Ulansky says.

When the two formed Metalex, “We began to assemble the current portfolio of projects with a significant potential for economic diamond deposits,” Ulansky recalls. Today, the company has projects in Ontario, Quebec, Greenland, Morocco, Mali, Angola and Brazil.

“As a global explorer, Metalex is constantly monitoring the stability of countries with significant potential to host diamond-iferous kimberlites around the world,” Ulansky says. “Our small-sized and focused management allows for immediate action, should an opportunity arise.”

Ulansky recently took the time to speak with Exploration + Processing about Metalex’s current projects and a future partnership for the company.

Exploration + Processing: Can you tell us about Metalex’s operations in Brazil?

Chad Ulansky: Metalex has recently acquired a significant land package in the Mato Grosso state of Brazil. The claims were owned by Dr. Fipke and he personally spent over $1 million of his own money advancing the exploration on them. Several of our significant shareholders stated that they wanted all of Chuck’s diamond interest in Metalex, and thus, they were vended in.

The claims contain several areas in which substantial numbers of high-quality diamond indicators appear to be sourced. Essentially, the work that Chuck did personally tracked these indicator mineral dispersions back to the source. Since then, we’ve been conducting geophysics to locate drill targets for the upcoming dry season.

It is an exciting project – the source kimberlites for the abundant large diamonds in the area have yet to be found. We hope to find the source kimberlites in our upcoming drill program.

E+P: Metalex also has high-interest kimberlites in Ontario. Could you tell us about your progress on these projects?

CU: In northern Ontario, Metalex has discovered several diamondiferous kimberlites to the west of De Beers’ Victor Diamond Mine. One of these kimberlites, named T1, has had part of a 200- to 300-ton bulk sample collected. From our preliminary results, it looks like it may be economic.

Although smaller than De Beers’ Victor kimberlite and overlain by 120 meters of limestone, it has a grade approximately 3.5 times that of Victor and nearly as high of a gem quality content. The bulk sample is currently stalled, due to the government needing to consult with the affected First Nations in the area. Once such consultations are complete, the company expects to complete the bulk sample.

E+P: Please tell us about your project in Angola.

CU: Metalex acquired a 3,000-square-kilometer exploration license in the headwaters of the Cuango River in Angola. The Cuango River is reputed to be the most diamondiferous river in the world, but the source of the alluvial diamonds has yet to be found. We are looking for that source.

A heavy mineral sampling program has shown that the eastern portion of the concession contains diamondiferous kimberlites. Two airborne geophysical surveys have been flown to locate drill targets that might reflect kimberlite. In excess of 100 targets were defined by the geophysics.

A drill program has just commenced on this project. The first target tested is 112 hectares in size – a huge target – and was confirmed to be a volcanic diatreme. The core is being shipped to the laboratory to test its diamond content. Drilling is currently underway on the second target.

E+P: What is your vision of Metalex’s future?

CU: I see one or more of our projects being economic. Metalex is an exploration company – our strength is finding them, not mining them, so we will bring in a major mining company as a joint-venture partner to construct and operate the mine. We will then turn our attention to finding the next mine.