Cap-Ex Ventures Ltd.: Drill Hole DDH103-44 Returns Over 258 Metres of Iron Formation-the Thickest Intersection to Date
October 27 2011 - 9:00AM
Marketwired Canada
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
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Core Total
From To interval Fe Fe3O4 DTWR Concentrate
Hole Number (m) (m) (m) (%) (%) (%) Fe (%) SiO2(%)
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DDH103-7 6.08 164.94 158.86 31.2 30.9 30.57 70.1 2.3
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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.
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DDH103-9 83.57 157.89 74.32 29.5 30.8 32.61 67.1 6.1
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DDH103-32 59.73 143.78 84.05 31.9 30.0 30.08 69.9 2.8
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Previously Reported
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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
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DDH103-25 0.00 87.37 87.37 29.9 27.5 27.95 69.2 3.5
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DDH103-27 2.13 129.24 127.11 29.6 25.7 26.14 68.1 5.1
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including 2.13 61.85 59.72 29.6 28.8 29.27 68.1 5.1
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DDH103-28 2.13 127.26 125.13 30.4 29.8
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Table 2
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Intersection of
Hole From To magnetite
Number (m) (m) bearing horizon (m)
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DDH103-18 3.05 175.87 172.82
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DDH103-19 16.5 42.06 25.56
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DDH103-20 1.22 130 128.78
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DDH103-43 37.49 160 122.51
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DDH103-44 2.13 260 257.87
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Previously Reported
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Intersection of
Hole From To magnetite
Number (m) (m) bearing horizon (m)
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DDH103-34 3.35 182.97 179.62
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DDH103-35 1.50 81.38 79.88
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DDH103-38 2.44 102.72 100.28
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DDH103-39 2.13 194.16 192.03
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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.