Cap-Ex Ventures Ltd.: Drill Hole DDH103-44 Returns Over 258 Metres of Iron Formation-the Thickest Intersection to Date
October 27 2011 - 8:00AM
Marketwired
Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V)
("Cap-Ex" or the "Company") is pleased to report that drilling on
the Company's wholly owned Block 103 iron ore property in the
Labrador Trough continues to expand the heavily mineralized
Greenbush Zone along both east and west limbs.
DDH103-18, approximately one kilometre south of the Block 103
north boundary, intersected 172 metres of the magnetite bearing
Sokoman Formation. DDH103-20, one kilometre east-southeast of
DDH103-18, intersected 129 metres of magnetite from surface.
Combining previous results, this drilling indicates the east limb
of the Greenbush Zone to have a strike length of at least 8
kilometres with widths of up to one kilometre.
DDH103-07, approximately two kilometres southwest of discovery
hole DDH103-23, and ten kilometres southeast of DDH103-18,
intersected approximately 159 metres of 31.2% total iron. In
addition, DDH103-44, midway between DDH103-18 and DDH103-07 (five
kilometres southeast of DDH103-18), intersected 258 metres of
magnetite from surface. Combining recent drilling with previous
results indicates the west limb to have a strike length exceeding
10 kilometres and a width of up to two kilometres. (Refer to Figure
1, which can be found at www.cap-ex.ca.)
This year's drilling on Block 103 enabled the Company to outline
an area that could host a potential significant magnetite deposit.
The outlined area comprises 16 square kilometres and was tested by
17 holes (Refer to Figure 1, which can be found at www.cap-ex.ca).
Results for 8 of these 17 drill holes are presented in Table 1.
Assay results for the remaining 9 holes are pending but intercepts
of the magnetite bearing Sokoman Formation encountered in the drill
holes are presented in Table 2.
Table 1
----------------------------------------------------------------------------
Core Total
From To interval Fe Fe3O4 DTWR Concentrate
Hole Number (m) (m) (m) (%) (%) (%) Fe (%) SiO2(%)
----------------------------------------------------------------------------
DDH103-7 6.08 164.94 158.86 31.2 30.9 30.57 70.1 2.3
----------------------------------------------------------------------------
DDH103-8 2.74 121.00 118.26 28.6 28.5 29.29 67.5 5.6
----------------------------------------------------------------------------
Due to technical reasons, the hole was terminated at 118.26m in magnetite
ore.
----------------------------------------------------------------------------
DDH103-9 83.57 157.89 74.32 29.5 30.8 32.61 67.1 6.1
----------------------------------------------------------------------------
DDH103-32 59.73 143.78 84.05 31.9 30.0 30.08 69.9 2.8
----------------------------------------------------------------------------
Previously Reported
----------------------------------------------------------------------------
Core Total
From To interval Fe Fe3O4 DTWR Concentrate
Hole Number (m) (m) (m) (%) (%) (%) Fe (%) SiO2(%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH103-23 1.52 161.39 159.90 31.3 30.7 31.17
----------------------------------------------------------------------------
DDH103-25 0.00 87.37 87.37 29.9 27.5 27.95 69.2 3.5
----------------------------------------------------------------------------
DDH103-27 2.13 129.24 127.11 29.6 25.7 26.14 68.1 5.1
----------------------------------------------------------------------------
including 2.13 61.85 59.72 29.6 28.8 29.27 68.1 5.1
----------------------------------------------------------------------------
DDH103-28 2.13 127.26 125.13 30.4 29.8
----------------------------------------------------------------------------
Table 2
--------------------------------------------------
Intersection of
Hole From To magnetite
Number (m) (m) bearing horizon (m)
--------------------------------------------------
DDH103-18 3.05 175.87 172.82
--------------------------------------------------
DDH103-19 16.5 42.06 25.56
--------------------------------------------------
DDH103-20 1.22 130 128.78
--------------------------------------------------
DDH103-43 37.49 160 122.51
--------------------------------------------------
DDH103-44 2.13 260 257.87
--------------------------------------------------
Previously Reported
--------------------------------------------------
Intersection of
Hole From To magnetite
Number (m) (m) bearing horizon (m)
--------------------------------------------------
DDH103-34 3.35 182.97 179.62
--------------------------------------------------
DDH103-35 1.50 81.38 79.88
--------------------------------------------------
DDH103-38 2.44 102.72 100.28
--------------------------------------------------
DDH103-39 2.13 194.16 192.03
--------------------------------------------------
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 25.8% per cent DWTR) and KeMag (average of 27%). Based on the
results from the 11 drill holes, the thickness of the magnetite
bearing horizon in the remaining 11 holes and the presence of very
strong coincident magnetic and gravimetric airborne anomalies
(which shows remarkably good reliability as drilling targets), the
following basic interpretations can be drawn:
-- The area with strong magnetite mineralization is approximately 16 square
kilometres in size.
-- The average thickness of the magnetite mineralization is 75 metres.
-- The specific gravity of the mineralization is similar to surrounding
deposits and averages 3.3 grams/cm3.
-- The mineralization is open in all directions.
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 or call investor
relations at (604) 669-2279.
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)
669-2279info@cap-ex.cawww.cap-ex.ca
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