Cap-Ex Announces New Drill Results that Increase Size of the "Greenbush Zone"
18 Enero 2012 - 7:00AM
Marketwired
Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V)
("Cap-Ex" or the "Company") is pleased to announce additional assay
results from the 2011 diamond drilling on its wholly owned Block
103 iron property, which is located 30 kilometres northwest of the
mining town of Schefferville, Quebec.
Highlights from the eight new drill assay results, located
within the southwest area of the Greenbush Zone, include:
-- DDH103-40 intersecting 156.0 metres at 30.8% total Fe from 16.8 metres
-- DDH103-30 intersecting 164.8 metres at 29.4% total Fe from 9.4 metres
-- DDH103-29 intersecting 138.6 metres at 30.1% total Fe from 2.1 metres
(Refer to Table 1 attached, for all the new results)
It is important to note that drill hole DDH103-26 and DDH103-42
ended in mineralization and consequently the mineralization is open
at depth. (Refer to "Greenbush Zone Drill Hole Map" Figure 1
attached, which can also be found at www.cap-ex.ca).
The Company expects to soon receive additional 2011 drill assay
results from Block 103's Greenbush Zone and Northwest Zone.
Based on the currently available 2011 drill results and airborne
geophysical programs, the Company has made the following
interpretations regarding the Greenbush Zone:
-- The Greenbush Zone hosts strong magnetite mineralization that has been
identified to cover an area of at least 20 square kilometres. This Zone
features strong, coincident magnetic and gravimetric airborne anomalies,
which show remarkable reliability as drilling targets. All 25 drill
holes have encountered significant mineralization from 45 to 265 metres
in thickness.
-- The average length of the core intercepts of magnetite mineralization
encountered in the 25 holes drilled in the Greenbush Zone is 118 metres.
This number is based on assays from 17 holes and the visual estimation
of magnetite content in the remaining holes.
-- The average grade of the mineralization is 30.5% iron and the Davis Tube
concentrate grades average 68.2% iron and 4.7% silica.
-- The Company is using a Specific Gravity ("SG") of 3.3, which is the same
used for the surrounding magnetite deposits.
-- In most holes, mineralization starts near surface and is open in all
directions.
Cap-Ex President and CEO, Mr. Francois Laurin comments, "These
results are quite encouraging and the Company is looking forward to
proceeding with its aggressive 2012 drilling program with an
objective of identifying and communicating an initial mineral
resource estimate."
TABLE 1 - Greenbush Zone
----------------------------------------------------------------------------
TABLE WITH ASSAYS AND CORE INTERCEPTS
----------------------------------------------------------------------------
Hole From To Core interval Total Fe
----------------------------------------------------------------------------
number (m) (m) (m) (%)
----------------------------------------------------------------------------
DDH103-2 1.3 60.2 58.9 29.9
----------------------------------------------------------------------------
DDH103-6 78.0 151.5 73.5 31.3
----------------------------------------------------------------------------
DDH103-26 7.8 84.4 76.6 30.8
----------------------------------------------------------------------------
DDH103-29 2.1 140.7 138.6 30.1
----------------------------------------------------------------------------
DDH103-30 9.4 174.2 164.8 29.4
----------------------------------------------------------------------------
DDH103-33 2.1 53.8 51.7 34.6
----------------------------------------------------------------------------
DDH103-40 16.8 172.8 156.0 30.8
----------------------------------------------------------------------------
DDH103-42 4.6 64.6 60.0 29.9
----------------------------------------------------------------------------
The true widths of the reported core intervals are estimated to
be between 90 and 100 percent of these intervals.
Note: A recent petrographic study of samples from Block 103
revealed that, aside from magnetite, most samples also contain
significant amounts of hematite. That prompted the Company to assay
all samples for Fe2+ which is necessary to calculate the amount of
iron contained within hematite. The Company has decided to report
only the percent of total iron. The specific contents of magnetite
and hematite in all drill samples will be reported once the results
for Fe2+ have been received.
Quality Assurance/Quality Control
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.
Alex Walus, PGeo., an employee of the Corporation and a
qualified person pursuant to National Instrument 43-101, has
reviewed and approved the technical and scientific information in
this news release.
CAP-EX VENTURES LTD.
Francois Laurin, President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the future drilling programs and
budgets, expected mineralization, permitting and title issues, and
the interpretation of drill results. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/CEV-0118-FIG1.pdf.
Neither 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.ca www.cap-ex.ca
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