Vantex Intersects 137.9 g/t Au Over 1.4 M on Moriss
May 08 2013 - 9:00AM
Marketwired Canada
The management of Vantex Resources Ltd. (the "Company") (TSX
VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces a gold intersection grading
137.9 g/t Au over 1.4 metre in drill hole VM13-08 at vertical depth of 180 m.
This section is located in the west extension of the Moriss zone and contains
visible gold within a smokey quartz vein.
The Company completed 2,000 metres for 9 drill holes located in the east and
west extensions of the Moriss zone. All the drill holes, from the Company's
interpretation, intersected the targeted zone and anomalous gold was present in
most of them. The west extension of the Moriss zone as well as the other gold
zones previously encountered remain open for exploration.
Drill
hole Zone Area Depth Length(i) Grade Au Grade Ag
(metres) (metres) G/T AU G/T AG
VM13-01 N2 East 42.0 - 43.50 1.50 1.54
VM13-04 Moriss West 153.40 - 157.50 4.10 1.56
VM13-05 Moriss West 126.00 - 127.60 1.60 1.35
VM13-08 Moriss West 203.20 - 203.60 1.40 137.9 16.6
VM13-12 N2 East 99,50 - 100,50 1,00 4.96
VM13-13 Moriss East 220,00 - 223,35 3,35 1.52
VM13-15 N2 East 199,70 - 200,80 1,10 1.53
Moriss East 211,00 - 212,60 1,60 4.06
VM13-16 Non significant
VM13-18 Non significant
(i) Length along the hole.
The management of the Company will analyse those results to improve its
knowledge on the zone. With this new data, it seems that the gold concentration
corridor would dip west instead of east, as was the previous interpretation.
Management will adjust the remainer of its drilling program to reflect the new
analysis.
"It's an interesting first pass as it allowed us to better understand the
environment and gold distribution within this mineralisation corridor. We see on
a regular basis, the presence of visible gold in our drill cores which we
beleive could create a nugget effect during the assays. More tests will be
necessary to verify this hypothesis. A series of metallurgic, gravimetric and
mineralogic tests will likely be conducted with the URSTM (Unite de recherche et
de service en technologie minerale) on samples from the two main known zones (
Moriss and N1 ). Drilling will resume as soon as we access the new data. The
Company will also proceed with laboratory heap leaching tests to evaluate the
gold recovery potential of the Hurd zone, located 1,000 metres north-east of the
GP zone. This zone mainly contains pieces of rocks that are altered, fractured,
crushed and weatherproofed and it could offer an interesting potential for heap
leaching. The presence of gold in this area shows on widths of more than 100
metres and the zone is known on more than 200 metres vertical depth." to mention
Mr. Guy Morissette, CEO of the Company.
We also note the presence of many gold structures parallel to the Moriss zone.
These zones will also have to be investigated in the next drilling campaign.
Namely, the N1 and M2 zones, which have showed promising gold potential. A
series of input anomalies (conductivity anomalies) parallel to the main zone and
located just north of it will be drill tested during 2013.
In order to prevent shareholder dilution, management intends to do small
financings and will also be looking to sell some assets like the block of shares
that it holds from other mining companies as well as a 1.5 % NSR on the Heva
project. The Company also evaluates the possibility of joint-ventures with other
companies for the continued developement of the different mining blocks
comprised in the Galloway project.
Exploration works were supervised by Daniel Kelly, geological engineer and
Qualified Person under NI 43-101. He read and approved this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Source :
Guy Morissette
CEO
819-763-5096
www.vantexressources.com
For information :
Wayne Carlon
VP Business development
902-857-1043
waynecarlon@eastlink.ca
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