Cap-Ex Intersects 259 Metres at 28.3% Iron From Bedrock in 'Greenbush Zone'
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/06/12 -- Cap-Ex Ventures Ltd (TSX VENTURE: CEV) ('Cap-Ex' or the 'Company') is pleased to announce assay results for four additional drill holes from the 2011 diamond drilling on its wholly owned Block 103 iron property, which is located 30 kilometres northwest of the mining town of Schefferville, Quebec.
The four new drill holes are located midway within the Greenbush Zone:
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TABLE WITH ASSAYS AND CORE INTERCEPTS
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Core
Hole From To interval Total Fe Mineralization
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number (m) (m) (m) (%)
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DDH103-44 2.1 261.2 259.1 28.3 Folded
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including 2.1 153.6 151.5 28.0
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including 160.0 261.2 101.2 29.5
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DDH103-45 3.1 163.7 160.6 29.3 Open at depth
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DDH103-43 37.5 178.9 141.4 28.3 Open at depth
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DDH103-39 2.1 194.2 192.1 28.5
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The true widths of the reported core intervals are estimated to be between 90 and 100 percent of these intervals. (Refer Figure 1: Greenbush Zone Map, which can also be found at www.cap-ex.ca).
These four holes are spread over a strike length of 5.3 kilometres. Holes DDH103-45 and DDH103-43 both ended in mineralisation and are open at depth.
Hole DDH103-44 intersected 151.5m at 28.3% total Fe from 2.1m, then exits the iron horizon for 6.4m, and re-enters a second iron horizon at 160m to 261.2m at 29.5% total Fe. This lower iron horizon sequence appears overturned, indicating folding, which effectively thickens the iron mineralization.
The entire Greenbush Zone is located within the western edge of the Schefferville Lithotectonic Zone ('SLZ') in a thrust-faulted contact with the Tamarack Lithotectonic Zone ('TLZ'). These two lithotectonic zones are separated by the Stakit River Fault, which runs parallel with Kivivic Lake. Kivivic Lake strikes northwest to southeast through Block 103, with the Greenbush Zone to the east and the Northwest Zone to the west.
The Greenbush Zone is located in the SLZ, which the Company believes has been thickened due to faulting and folding. The Company believes the Greenbush Zone exhibits upside in terms of iron ore mineralization because of the potential thickening and repetition due to faulting and folding.
The Northwest Zone, like the LabMag and KeMag deposits west and north of Cap-Ex's property, is in the TLZ. It is almost flat lying and has an average thickness of less than 100m.
Based on the currently available 2011 drill results and airborne geophysical programs, the Company has made the following interpretations regarding the Greenbush Zone:
-- The Greenbush Zone hosts strong magnetite mineralization that has been
identified to cover an area of at least 20 square kilometres. This Zone
features strong, coincident magnetic and gravimetric airborne anomalies,
which show remarkable reliability as drilling targets. All 26 drill
holes have encountered significant mineralization from 45 to 259 metres
in thickness.
-- The average length of the core intercepts of magnetite mineralization
encountered in the 26 holes drilled in the Greenbush Zone is 122 metres.
This number is based on assays from 25 holes and the visual estimation
of magnetite content in the remaining holes.
-- The average grade of the mineralization is 30.5% total Fe and the Davis
Tube concentrate grades average 68.2% iron and 4.7% silica based on
routine samples. Metallurgical testwork has not yet been conducted.
-- In most holes, mineralization starts near surface and is open in all
directions.
Cap-Ex President and CEO, Mr Francois Laurin comments, 'These results complete and reinforce the previously published assay results from the 2011 drilling program. We believe this bodes well for the upcoming 2012 aggressive drilling program which is expected to culminate with our inferred resource estimate for Block 103 by the end of calendar 2012.'
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.
ABOUT CAP-EX VENTURES LTD.
Cap-Ex Ventures Ltd. is a Canadian listed company, focused on the development of its Block 103 iron ore property in the Labrador trough, near the mining town of Schefferville, Quebec. The Block 103 property is strategically located close to existing railway to shipping port, and is adjacent to New Millennium Iron Corp's LabMag and KeMag deposits and the New Millenium-Tata oxide deposits to the east.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX VENTURES LTD.
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 development potential of the Company's Block 103 iron ore property, future exploration plans and budgets and permitting. 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: Greenbush Zone Map, please visit the following link:
http://media3.marketwire.com/docs/772168.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
info@cap-ex.ca
www.cap-ex.ca