Vantex and Aurtois to End Option Agreement on the Guillet and Ortona Properties
February 24 2014 - 5:40PM
Marketwired
Vantex and Aurtois to End Option Agreement on the Guillet and
Ortona Properties
LA PRAIRIE, QUEBEC--(Marketwired - Feb 24, 2014) - The
management of Vantex Resources Ltd
(TSX-VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces, following a
joint agreement with Exploration Aurtois Inc (TSX-VENTURE:EXA), the
acquisition of a 100% interest in the Belleterre Extreme-Est
property (19 claims adjacent to Vantex Guillet property) in
exchange of a cash payment of $10,000 and the issuance to Aurtois,
of 1 million common shares of Vantex. Aurtois retaining no
royalties.
Also, as part of this new agreement, Vantex Resources Ltd.
announces the cancellation of the agreement dated January 16, 2012
regarding an option granted to Aurtois to acquire 75% of the
Guillet and Ortona properties, both located in the Belleterre area,
Temiscamingue, Quebec. Vantex will also cancel the remaining
445,000 Aurtois common shares that it is holding as part of the
2012 option agreement. This transaction is subject to the approval
of the TSX Venture exchange.
The Guillet
Property
The Guillet property is located 5 kilometres east of the town of
Belleterre, Temiscamingue, Quebec. Comprised of 40 claims covering
an area of approx. 609 hectares, the Guillet property contains many
gold showings, namely the Lake Expanse showing where important
exploration works took place.
The Guillet property covers part of a greenstone belt measuring
50 km by 10 km. The previous Belleterre Mine, located less than 2
km north west of Guillet, produced 2.2 million tons at 10.7 g/t Au
(735,000 ounces of gold).
Vantex's work culminated with a bulk sample taken in 2005-2006
from the Lake Expanse gold zone. It returned 11,539 t @ 3.28 g/t
Au. In the following year, 2007, Vantex retained Kelly and Gagnon
to produce a resource estimate. Results were as follow:
Measured and Indicated: 320,950 t @ 2.62
g/t Au |
Inferred: 76,570 t @ 2.31 g/t Au. |
The Ortona
Property
The Ortona property is located in the Guillet township and
comprises 17 claims covering an area of 272 hectares. It sits on
the north west border of the previous Belleterre Mine mining
concession and 3 kilometres north west of the Guillet property,
which is 100% owned by Vantex.
The main known showing on this property comprises a gold vein of
a maximum width of 2.1 metre and located along a shear zone. A
section of this gold vein was sampled on 21 metres and returned
gold grades from 5.88 to 48.98 g/t Au (RP190-11). Other channel
samplings returned gold grades between 2.18 to 78.9 g/t Au on
widths between 0.3 metre and 0.7 metre (GM 10617).
The Belleterre
Extreme-Est property
The property is located 3 km east of Belleterre and 60 km east
of Ville-Marie, Temiscamingue, Quebec and is adjacent to Vantex 100
% owned Guillet property.
A resource estimate was performed in order to evaluate the gold
potential of this project. The estimate resulted in 21,178 tons of
ore indicated at 6.37 g/t Au and 33,465 tons of ore inferred at
5.47 g/t Au, for a total of 54,644 tons of ore at 5.77 g/t (0.17
on/t) Au (from 43-101 Technical Report by Mr. Donald Théberge,
ing., M.B.A.. in May 2009).
Also, more recent work on the property identified a high grade
gold structure. This large structural discontinuity is marked by
the presence of a quartz-carbonates veins mineralized fracture
system similar to the well known Abitibi orogenic-type deposits
like the Sigma and Lamaque mines. The best channel results returned
32.23 g/t Au over 2 m and 21.73 g/t Au over 0.91 m by drilling.
(Rapport Géologique - Programme de forages 2002, R. Roy P.Geo,
Janvier 2003). The mineralisation is located within a highly
sheared corridor.
Neither 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.
Source:Guy MorissetteCEO819-763-5096www.vantexressources.comFor
information:Wayne CarlonVP Business
development902-402-6264waynecarlon@eastlink.ca
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