Cap-Ex Iron Ore Ltd.: Drilling Update on the Later Gold - Copper Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 17, 2016) - Cap-Ex Iron Ore Ltd. (TSX VENTURE:CEV) ("Cap-Ex" or the "Company") is pleased to report results from the Company's recent drill program on the Later Property in Central British Columbia. The Later Property is an early stage gold copper prospect located 50 kilometres (km) northwest of the Mt. Milligan Copper-Gold mine in British Columbia's porphyry belt. To date, Cap-Ex has completed 3 holes totaling 1,107 metres, focused on one of two "blind" massive (2-3 kilometre wide) chargeability anomalies.
Highlights of assay results from the first two holes are as follows:
| Hole ID | Easting | Northing | Azimuth | Dip | From (m) | To (m) | Int. (m) | Gold (g/t) |
| UTM NAD 83 Z10 | ||||||||
| DD16ELB007 | 382381 | 6129397 | 180 | -60 | 18.71 | 60.05 | 41.3 | 0.42 |
| including | 29.6 | 32.6 | 3 | 2.88 | ||||
| DD16ELB005 | 382790 | 6129380 | 045 | -70 | 194.2 | 297.8 | 103.6 | 0.14 |
Assay results from the third hole of the summer program are pending.
The results from this initial phase of drilling confirm the presence of a large hydrothermal system with elevated gold over significant distances. Elevated gold has now been identified over a distance of 1,600m and appears to be directly related to the massive 3 kilometre wide chargeability anomaly, related hydrothermal system, and associated porphyry style alteration. This wide chargeability anomaly is still open to the north and west.
Upon receipt of assay information from the third hole, the data will be incorporated into the 3D model focusing on alteration, mineral assemblages and elevated gold and copper values. The evidence suggests that the current drilling has been within a large halo that could be related to a significant copper gold deposit (this is based on the sheer size and consistency of the hydrothermal system encountered to date). The Company plans to use the existing drilling information to generate additional targets within the same massive chargeability anomaly for future drilling.
At the Later, the gold values (0.41g/t Au over 41.3 metres, and 0.14 g/t Au over 104 metres), lithology, and alteration assemblages encountered are directly comparable to those immediately adjacent to the high grade copper-gold core zones at the Kwanika Copper-Gold deposit approximately 32km's to the Northwest. This new insight is extremely encouraging and will help the vectoring process generate additional drill targets within the huge "blind" anomaly.
The Later property is located within the prolific Quesnel Terrane in Central BC, consists of 16 mineral claims covering approximately 5,700 hectares, is accessible by vehicle year round and lies within 50 km of hydroelectric power and railway. Cap-Ex can earn up to a 70% interest in the Property over a five year period by completing certain work commitments and making certain cash and share payments to Pacific Empire Minerals Corp. over the term of the option.
Quality Assurance/Quality Control
Sample preparation and analyses for this program were completed at Met-Solve Analytical in Langley BC. Gold was determined by 30g Fire Assay with Atomic Absorption Spectrophotometry (AAS) finish. Copper and other elements were determined by 4-Acid digestion with Inductively Coupled Plasma - Atomic Emission Spectrometry (ICP-AES/MS) finish.
A comprehensive quality assurance/quality control program including duplicate samples, blanks and standards form part of Cap-Ex's sampling protocol in addition to the laboratory's own quality assurance program. The field program was supervised by Cap-Ex staff and contractors and the technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by Adrian Smith, Director, and a Qualified Person as that term is defined in NI 43-101.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX IRON ORE LTD.
Andrew Bowering, Chairman
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.
"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."