Cap-Ex Drill Results Indicate 'Northwest Zone' Open to the North, South and West
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/12 -- Cap-Ex Ventures Ltd. (TSX VENTURE: CEV)(FRANKFURT: X0V)(OTCQX: CPXVF) ('Cap-Ex' or the 'Company') is pleased to announce assay results for three holes from the 2011 diamond drilling of the Northwest Zone on its wholly owned Block 103 iron property, which is located approximately 30 kilometres northwest of the mining town of Schefferville, Quebec.
All holes encountered significant iron mineralization as follows:
- DDH103-17 interval 148.4 metres at 30.6% total Fe from 48.2 metres
- DDH103-16 interval 118.9 metres at 31.0% total Fe from 29.6 metres
- DDH103-12 interval 91.4 metres at 31.5% total Fe from 4.9 metres
(Refer to Table 1 attached, for all the results)
The Northwest Zone is located 2 kilometres west of the 'Greenbush Zone' and was diamond drill tested by six holes over 5.3 kilometres of strike, with drill spacing ranging from 200 to 2,100 metres. All six holes intersected mineralization with the average total iron grade above 31%.
The Northwest Zone is striking northwest to southeast, slightly dipping northeast and wide open to the south where thickness increases from 90.6 to 148.4 metres. The northern strike extension is restricted by Block 103's north boundary. The presumed width is between 0.5 and 1.5 kilometres contacting Kivivic Lake to the east and constrained by the western boundary of Block 103. The mineralization in hole DDH103-17 remains open at depth.
The Northwest Zone is immediately on strike between the LabMag (five kilometres southeast of Hole 17) and KeMag (nine kilometres northwest of Hole 11) deposits on the adjacent properties owned by New Millenium Iron Corp. ('NML'). In its press release of January 26, 2012 (see NML press release numbered 12-04), NML stated the proposition that these ore bodies constitute one continuous zone of mineralization. The discovery of the mineralization from drilling by the Company at the Northwest Zone would support that concept. The Company plans to drill test the four kilometre long southern strike extension of the Northwest Zone up to the property boundary this coming season. (Refer to 'Block 103 Map' Figure 1 attached, which can also be found at www.cap-ex.ca).
The Company expects to soon receive additional 2011 drill assay results for the 'Greenbush Zone' at Block 103.
Cap-Ex President and CEO, Mr Francois Laurin commented, 'The latest drill holes continue to deliver quality results from our Block 103 property. We have designed an aggressive exploration program with the objective of issuing an initial mineral resource estimate by the end of 2012 and a preliminary economic assessment by the end of the first quarter of 2013.'
TABLE 1 - Northwest Zone
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TABLE WITH ASSAYS AND CORE INTERCEPTS
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Hole From To Core interval Total Fe True Thickness
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Number (m) (m) (m) (%) (m)
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DDH103-12 4.9 96.3 91.4 31.5 90.9
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DDH103-16 29.6 148.4 118.9 31.0 118.2
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DDH103-17 48.2 196.6 148.4 30.6 147.6
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Previously Released
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DDH103-11 1.2 109.1 107.9 31.8 107.3
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DDH103-13 1.2 92.4 91.1 32.0 90.6
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DDH103-15 1.5 96.6 95.1 31.1 94.6
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Quality Assurance/Quality Control
The samples from drilling were processed and assayed by SGS Canada Lab based in Lakefield, ON. The samples were assayed using XRF, Satmagan and Davis tube techniques.
Alex Walus, PGeo., an employee of the Corporation and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the technical and scientific information in this news release.
Stock Option Grant
The Company also announces that it has granted an aggregate of 1,325,000 stock options to various officers, directors, consultants and employees of the Company. Each stock option shall entitle the holder thereof to acquire one common share at a price of $0.99 for a period of five years. The grant is subject to regulatory approval.
CAP-EX VENTURES LTD.
For additional information please visit the Company's website at www.cap-ex.ca.
Francois Laurin, President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future drilling programs and budgets, expected mineralization, permitting and title issues, and the interpretation of drill results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view Figure 1: Block 103 Northwest Zone Map, please visit the following link: http://media3.marketwire.com/docs/764205_fig_1.pdf
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.
Contacts:
Cap-Ex Ventures Ltd.
Investor Relations
(604) 669-2279
(604) 602-1606 (FAX)
info@cap-ex.ca
www.cap-ex.ca