VANCOUVER, Oct. 5 /PRNewswire-FirstCall/ - Acrex Ventures
Ltd. ("Acrex") is pleased to announce that diamond drilling will
commence this week on its Grizzly-Kellar Lake gold property (the
"Property"). Acrex has an option to acquire a 100% interest on the
Property (see news release dated May 18,
2010). Acrex has contracted Forages M. Rouillier Drilling
Inc. of Amos, Quebec for the
completion of up to 500 metres of drilling.
The Property hosts a new gold discovery and lies completely
within the townships of Lamark and Guettard located approximately
45 miles west of the mining town of Chibougamau, Quebec. The Chibougamau region is best known for its
copper mining with cumulative production greater than 2.5 billion
pounds. However, it has also produced 4.3 million ounces of gold.
The Property is comprised of 120 contiguous claims covering
approximately 6,270 hectares (approximately 15,490 acres). The
Property lies along an east-west trending regional fault zone that
marks a major volcanic-sedimentary rock contact. Recent prospecting
on the Property discovered widespread alteration
(carbonatization-silicification) and mineralization (arsenopyrite,
pyrite), occurring in sheared gabbro and feldspar porphyry. Grab
samples from the two lithologies returned gold assays up to 5.1 g/t
Au.
The principal gold-showing on the Property occurs in a quartz
vein cutting volcanic rocks of acidic to intermediate composition
which is sideritic in place. This gold-bearing quartz vein varies
in width from a few inches to 5 feet and has been traced in the
main trench for a distance of approximately 300 feet. It has a
vertical or near vertical dip and strikes north 25 degrees to 30
degrees east. In places the quartz vein contains pyrite. This vein
suggests that the primary exploration target on the Property is a
gold deposit associated with quartz veins in fracture-zones in
metamorphosed volcanic rocks.
The drill program is being carried out in follow up to
recommendations made by the Company's consulting geologist,
Graeme Evans and will test the
Grizzly Showing with up to five 100 metre long diamond drill
holes.
Malcolm Powell, President of
Acrex, comments "We're anxious to begin drilling on the
Grizzly-Kellar Lake property. Recent drilling efforts conducted by
Eagle Hill Exploration Corporation 100 kilometers to the southwest
and Beaufield Resources Inc. 100 kilometers north of the
Grizzly-Kellar property have produced some exceptional results.
Having already staked over 15,000 acres in this region, we are well
positioned to undertake an extensive exploration program and to
benefit from continued excitement building regarding this mining
region. With approximately $1.3
million in cash available for exploration work and drilling
on our properties, we are well-funded for this drill season."
ACREX VENTURES LTD.
T.J. Malcolm Powell,
President
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this News Release.
SOURCE Acrex Ventures Ltd.
Copyright t. 5 PR Newswire