Cap-Ex Ventures Ltd.: Drill Results Continue to Support New Iron Ore Discovery on Block 103
November 23 2011 - 7:00AM
Marketwired
Cap-Ex Ventures Ltd (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V)
("Cap-Ex" or the "Company") is pleased to announce additional
results from diamond drilling completed in 2011 on its wholly owned
Block 103 iron ore property, located 30 kilometres northwest of the
mining town of Schefferville, Quebec.
Drill hole DDH103-35, intersected 70.1 metres at 29.7% Fe and
33.75% DTWR from 5.18 metres. The Company also received the DTWR
results for DDH103-28, intersecting 125 metres at 30.4% Fe and
30.84% DTWR from 2.13 metres. (Refer to Figure 1 attached, which
can also be found at www.cap-ex.ca).
The Greenbush Zone currently averages 30.23% Fe and 30.36% DTWR.
This is higher than the head grade iron and DTWR figures of other
similar multi-billion tonne magnetite deposits in the Labrador
trough. The resultant Davis Tube Concentrate estimates grade an
average of 66.98% Fe and 5.06% SiO2.
This year's drilling on Block 103's Greenbush Zone has enabled
the Company to outline an area that could host a significant
magnetite deposit. The outlined area called the Greenbush Zone, is
underlain by a continuous magnetite bearing horizon (Sokoman
Formation). (Refer to Figure 1 attached, which can also be found at
www.cap-ex.ca).
Based on the results of the 2011 drilling and airborne
geophysical programs, the following interpretations can be
formulated regarding the Greenbush Zone:
-- The area with strong magnetite mineralization is at least 16 square
kilometres in size. This Zone features very strong, coincident magnetic
and gravimetric airborne anomalies, which show remarkable reliability as
drilling targets. All 17 drill holes within the Greenbush Zone, publicly
disseminated, have encountered a sequence of ore grade mineralization
from 45 to 265 metres. (See Table 1)
-- The average length of the core intercepts of magnetite mineralization
encountered in the 17 holes drilled in the Zone is 128 metres. This
number is based on assays from 10 holes and the visual estimation of
magnetite content in the remaining holes. The average true width of the
magnetite mineralization is estimated at 110 metres.
-- Specific Gravity ("SG") of 3.3 is used at this time, which is the same
used for the surrounding deposits.
-- The western limb of the Greenbush Zone exhibits a folded sequence as
observed in Hole 44. This 265 metre hole goes through the Sokomon
Formation, exits the formation, and then re-enters in a reverse
formation sequence.
-- The mineralization starts near surface in most of the holes and is open
in all directions
Cap-Ex President and CEO Mr Brett Matich comments, "The Board is
pleased with the initial results from the Greenbush Zone discovery.
Block 103 appears to host a multi-billion tonne near surface iron
ore deposit."
TABLE 1 - Greenbush Zone
----------------------------------------------------------------------------
TABLE WITH ASSAYS AND CORE INTERCEPTS
----------------------------------------------------------------------------
Hole From To Core interval Total Fe DTWR Concentrate
----------------------------------------------------------------------------
Fe SiO2
number (m) (m) (m) (%) (%) (%) (%)
----------------------------------------------------------------------------
DDH103-7 6.08 164.94 158.86 31.2 30.57 70.1 2.3
----------------------------------------------------------------------------
DDH103-8 2.74 121 118.26 28.6 29.29 67.53 5.55
----------------------------------------------------------------------------
DDH103-9 83.57 157.89 74.32 29.5 32.61 67.06 6.12
----------------------------------------------------------------------------
DDH103-23 1.52 161.39 159.9 31.3 31.97 68.51 4.42
----------------------------------------------------------------------------
DDH103-25 0 87.37 87.37 29.9 27.95 69.18 3.51
----------------------------------------------------------------------------
DDH103-27 2.13 129.24 127.11 29.6 26.14 68.08 5.1
----------------------------------------------------------------------------
DDH103-28 2.13 127.26 125.13 30.4 30.84 55.48 10.65
----------------------------------------------------------------------------
DDH103-32 59.73 143.78 84.05 31.9 30.08 69.88 2.79
----------------------------------------------------------------------------
DDH103-35 5.18 75.29 70.1 29.7 33.75 Results pending
----------------------------------------------------------------------------
DDH103-18 21.33 186.54 165.21 Results pending
----------------------------------------------------------------------------
DDH103-19 21.48 66.88 45.4 Results pending
----------------------------------------------------------------------------
DDH103-20 1.22 130.99 129.77 Results pending
----------------------------------------------------------------------------
DDH103-34 32.61 178.918 146.3 Results pending
----------------------------------------------------------------------------
DDH103-38 2.44 92.05 89.61 Results pending
----------------------------------------------------------------------------
DDH103-39 2.13 194.16 192.03 Results pending
----------------------------------------------------------------------------
DDH103-43 37.49 178.92 141.43 Results pending
----------------------------------------------------------------------------
DDH103-44 2.13 267.31 265.18 Results pending
----------------------------------------------------------------------------
The Company is also awaiting additional assay results from the
recently discovered Northwest Zone, also located on Block 103. The
Northwest Zone was tested by 6 holes over 5.3 kilometres of
strike.
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., a qualified person pursuant to National
Instrument 43-101, has reviewed and approved 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."
To view the map associated with this release, "Figure 1," please
visit the following link:
http://media3.marketwire.com/docs/CEV2311fig1.pdf.
"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)
669-2279info@cap-ex.cawww.cap-ex.ca
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