Cap-Ex Drill Results Indicate "Northwest Zone" Open to the North, South and West
07 Febrero 2012 - 7:00AM
Marketwired
Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(FRANKFURT:X0V)(OTCQX:CPXVF)
("Cap-Ex" or the "Company") is pleased to announce assay results
for three holes from the 2011 diamond drilling of the Northwest
Zone on its wholly owned Block 103 iron property, which is located
approximately 30 kilometres northwest of the mining town of
Schefferville, Quebec.
All holes encountered significant iron mineralization as
follows:
- DDH103-17 interval 148.4 metres at 30.6% total Fe from 48.2 metres
- DDH103-16 interval 118.9 metres at 31.0% total Fe from 29.6 metres
- DDH103-12 interval 91.4 metres at 31.5% total Fe from 4.9 metres
(Refer to Table 1 attached, for all the results)
The Northwest Zone is located 2 kilometres west of the
"Greenbush Zone" and was diamond drill tested by six holes over 5.3
kilometres of strike, with drill spacing ranging from 200 to 2,100
metres. All six holes intersected mineralization with the average
total iron grade above 31%.
The Northwest Zone is striking northwest to southeast, slightly
dipping northeast and wide open to the south where thickness
increases from 90.6 to 148.4 metres. The northern strike extension
is restricted by Block 103's north boundary. The presumed width is
between 0.5 and 1.5 kilometres contacting Kivivic Lake to the east
and constrained by the western boundary of Block 103. The
mineralization in hole DDH103-17 remains open at depth.
The Northwest Zone is immediately on strike between the LabMag
(five kilometres southeast of Hole 17) and KeMag (nine kilometres
northwest of Hole 11) deposits on the adjacent properties owned by
New Millenium Iron Corp. ("NML"). In its press release of January
26, 2012 (see NML press release numbered 12-04), NML stated the
proposition that these ore bodies constitute one continuous zone of
mineralization. The discovery of the mineralization from drilling
by the Company at the Northwest Zone would support that concept.
The Company plans to drill test the four kilometre long southern
strike extension of the Northwest Zone up to the property boundary
this coming season. (Refer to "Block 103 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 for the "Greenbush Zone" at Block 103.
Cap-Ex President and CEO, Mr Francois Laurin commented, "The
latest drill holes continue to deliver quality results from our
Block 103 property. We have designed an aggressive exploration
program with the objective of issuing an initial mineral resource
estimate by the end of 2012 and a preliminary economic assessment
by the end of the first quarter of 2013."
TABLE 1 - Northwest Zone
----------------------------------------------------------------------------
TABLE WITH ASSAYS AND CORE INTERCEPTS
----------------------------------------------------------------------------
Hole From To Core interval Total Fe True Thickness
----------------------------------------------------------------------------
Number (m) (m) (m) (%) (m)
----------------------------------------------------------------------------
DDH103-12 4.9 96.3 91.4 31.5 90.9
----------------------------------------------------------------------------
DDH103-16 29.6 148.4 118.9 31.0 118.2
----------------------------------------------------------------------------
DDH103-17 48.2 196.6 148.4 30.6 147.6
----------------------------------------------------------------------------
Previously Released
----------------------------------------------------------------------------
DDH103-11 1.2 109.1 107.9 31.8 107.3
----------------------------------------------------------------------------
DDH103-13 1.2 92.4 91.1 32.0 90.6
----------------------------------------------------------------------------
DDH103-15 1.5 96.6 95.1 31.1 94.6
----------------------------------------------------------------------------
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.
Stock Option Grant
The Company also announces that it has granted an aggregate of
1,325,000 stock options to various officers, directors, consultants
and employees of the Company. Each stock option shall entitle the
holder thereof to acquire one common share at a price of $0.99 for
a period of five years. The grant is subject to regulatory
approval.
CAP-EX VENTURES LTD.
For additional information please visit the Company's website at
www.cap-ex.ca.
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: Block 103 Northwest Zone Map, please visit the
following link:
http://media3.marketwire.com/docs/764205_fig_1.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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