Cap-Ex Ventures Ltd.: New High Grade Zone Returns 107 Metres at 31.6% DWTR
08 Noviembre 2011 - 7:00AM
Marketwired
Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V)
("Cap-Ex" or the "Company") is pleased to announce the discovery of
a second high grade magnetite zone on the Company's wholly owned
Block 103 iron ore property, located 30 kilometres northwest of the
mining town of Schefferville, Quebec. This new zone is located
approximatley 3 kilometres west of the Green Bush Zone, in the
northwest region of Block 103. Refer to Northwest Zone map on
Company website (www.cap-ex.ca).
The newly discovered Northwest Zone was diamond drill tested by
6 holes over 5.3 kilometres of strike, with drill spacing ranging
from 300 metres to 2,100 metres. This zone is completely open along
strike to the south. The presumed width of the Northwest Zone
between Kivivic Lake and the western boundary of Block 103 is
between 0.5 and 1.5 kilometres. The western and northern extensions
appear to continue onto ground held by Tata Steel/New Millennium
Iron Corp. The Northwest Zone is striking NW-SE, dipping gently to
the northeast. The thickness increases from 107 metres at the
northern end, in hole DDH 103-11, to over 153 metres at the
southern end as shown in Hole DDH103-17.
To date, assay results for the Northwest Zone were obtained only
for the most northern drill hole DDH103-11, from 1.22 metres,
intersected 107.90 metres (true thickness) averaging 31.8% iron,
with 31.6% Davis Tube Weight Recovery ("DTWR"). This initial DTWR
assay result is significantly higher than the nearby LabMag
(average of 25.8% DWTR) and KeMag (average 27% DWTR) deposits.
Assay results from the remaining five holes are pending; these
drill intercepts of magnetite bearing Sokoman Formation are
presented in the table below. It is important to note that in holes
DDH 103-16 and 17, significant intervals of magnetite have been
converted to hematite.
---------------------------------------------------------------------------
Hole No. From To Core Interval True Thickness of Magnetite
---------------------------------------------------------------------------
(m) (m) (m) Bearing Interval (m)
---------------------------------------------------------------------------
DDH103-12 1.52 108.81 107.29 106.70
---------------------------------------------------------------------------
DDH103-13 1.22 102.56 101.34 100.78
---------------------------------------------------------------------------
DDH103-15 1.52 101.65 100.13 99.58
---------------------------------------------------------------------------
DDH103-16 24.69 151.49 126.80 126.10
---------------------------------------------------------------------------
DDH103-17 43.59 196.60 153.01 152.17
---------------------------------------------------------------------------
The Company is also awaiting additional assay results from the
recently discovered Greenbush Zone, also located on Block 103.
Fourteen Reverse Circulation ("RC") drill holes have now been
completed on the Company's Redmond properties, located 10
kilometres southeast of Schefferville, Quebec. The Company is
awaiting assay results. Eleven holes intersected hematite/limonite
mineralization with intervals ranging from 10 to 73 metres in
thickness.
The samples from drilling were processed and assayed by SGS
Canada Lab based in Lakefield, ON. The samples were assayed using
XRF, Satmagan and Davis tube techniques.
The Company also reports the grant of 600,000 incentive stock
options (the "Options") to certain directors, officers, employees
and consultants of the Company. The Options have a term of five (5)
years and are exercisable at a price of $0.81 per common share. The
Options are subject to their acceptance for filing with the TSX
Venture Exchange.
Alex Walus, PGeo., a qualified person pursuant to National
Instrument 43-101, has reviewed and approved of the contents of
this news release.
CAP-EX VENTURES LTD.
Brett Matich, President and CEO
"This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results
may differ materially from those currently anticipated in such
statements."
"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 release."
Contacts: Cap-Ex Ventures Ltd. Investor Relations (604) 669-2279
(604) 602-1606 (FAX)info@cap-ex.cawww.cap-ex.ca
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