Cap-Ex Ventures Ltd.: Green Bush Zone Extended To Over 7 Kilometers in Length
October 07 2011 - 8:00AM
Marketwired
Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V)
("Cap-Ex" or the "Company") is pleased to announce that step-out
drilling has extended the strike length of the Green Bush
high-grade magnetite zone from 3.5 kilometres to approximately 7
kilometres. Initially, the Green Bush Zone, an intense magnetic
anomaly on the Company's wholly owned Block 103 property, was
tested by 10 drill holes spaced at 500 metre intervals, over a 3.5
kilometre (km) strike length and a width at least 1 km.
While assay results are pending for numerous Block 103 drill
holes, both north and south of the Green Bush zone, significant
intersections of the magnetite bearing Sokoman Formation have been
identified in drill core up to 7 kilometres northwest of discovery
hole DDH103-23 which intersected 159.9 metres grading 31.3% iron
(31.17% Davis Tube Weight Recovery) from 1.52 metres.
Green Bush Zone drilling results received to date are as
follows:
Table 1
----------------------------------------------------------------------------
Hole Core Total Concen- Concen-
Number From To Interval Fe Fe3O4 DTWR trate trate
----------------------------------------------------------------------------
(m) (m) (m) (%) (%) (%) Fe (%) SiO2(%)
----------------------------------------------------------------------------
DDH103-28 2.13 127.26 125.13 30.4 30.68 Pending Pending Pending
----------------------------------------------------------------------------
DDH103-23 1.52 161.39 159.9 31.30 30.68 31.17 Pending Pending
----------------------------------------------------------------------------
DDH103-25 0.00 87.37 87.37 29.92 27.51 27.95 69.18 3.51
----------------------------------------------------------------------------
hole terminated in 28.7% Fe
----------------------------------------------------------------------------
DDH103-27 2.13 129.24 127.11 29.616 25.73 26.14 68.075 5.1
----------------------------------------------------------------------------
including 2.13 61.85 59.72 29.581 28.81 29.27 68.075 5.1
----------------------------------------------------------------------------
Notes:
DDH103-23, 25 and 27 have been previously released.
Fe3O4 (magnetite) and DTWR were calculated as an average ratio of total Fe
to DTWR based on titration results of 10% of drill core samples to date.
Results for Fe and SiO2 in concentrate for DDH103-23 are pending.
True widths of the mineralized zones are unknown at this time.
DDH103-27 extends the Green Bush zone 1.5 kilometres to the
northwest from discovery hole DDH103-23. DDH103-25 and DDH103-28
expand the zone 500 metres to the west. Cap-Ex is awaiting assay
results for holes DDH103-34, DDH103-35, DDH103-38, and DDH103-39
which have the potential to extend the zone a further 2.5
kilometres to the northwest of hole DDH103-27. Drill core for
DDH103-18 has yet to be processed but presence of magnetite bearing
Sokoman Formation intersected by the hole potentially extends the
Green Bush mineralized zone to over 7 kilometres in length.
Intersections of magnetite bearing horizon (Sokoman Formation)
encountered in holes drilled to the northwest of the Green Bush
zone are presented in table 2.
Table 2
----------------------------------------------------------------------------
Intersection of
magnetite bearing
Hole No. From (m) To (m) horizon (m)
----------------------------------------------------------------------------
DDH103-34 3.35 182.97 178.62
----------------------------------------------------------------------------
DDH103-35 1.50 81.38 79.88
----------------------------------------------------------------------------
DDH103-38 2.44 102.72 100.28
----------------------------------------------------------------------------
DDH103-39 2.13 194.16 192.03
----------------------------------------------------------------------------
DDH103-18 2.13 197.21 195.08
----------------------------------------------------------------------------
Cap-Ex is also awaiting assays from other significant Block 103
drill holes. Exploration efforts will focus on further delineating
and expanding the size of this newly discovered Green Bush zone
through continued drilling.
There remains significant potential to expand the Green Bush
zone to the northwest, southeast and southwest where there are
large, intense magnetic anomalies not yet tested by drilling.
Drilling completed to date on Block 103 shows remarkably good
reliability of magnetic anomalies as drilling targets. It also
confirms that there is a strong potential for continuity of
magnetite bearing Sokoman Formation underlying Block 103. Cap-Ex is
continuing its drilling campaign on Block 103 with two diamond
rigs.
Initial results for all drill holes into the Green Bush zone
indicate the zone contains high-grade magnetite with grades
exceeding those of nearby taconite deposits such as LabMag (average
of 25.79% Davis tube weight recovery (DTWR)) and KeMag (average of
27%).
Cap-Ex has received delivery and begun operating its 100% owned
reverse circulation drill rig in Schefferville. This rig is now
drilling the hematite ("Direct Shipping Ore") targets at its
Redmond property, located 10 kilometres southeast of Schefferville,
Quebec.
Brett Matich commented: "We are very encouraged by the results
received to date. The continuity of mineralization will allow us to
build significant tonnage of magnetite exceeding any previous
estimates. We look forward to receiving further assay results from
the backlog of over 40 holes currently in for assay".
The samples from drilling were processed and assayed by SGS
Canada Lab based in Lakefield, Ont. 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 of the contents of
this news release.
For additional information please visit the Company's website at
www.cap-ex.ca. You may also email info@cap-ex.ca.
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)
669-2279www.cap-ex.ca
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