VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Cap-Ex Ventures Ltd (TSX VENTURE:CEV)(CPXVF)(FRANKFURT:XOV) ("Cap-Ex" or the "Company") is pleased to announce that it has received the third set of assay results from its on-going drill program within the Greenbush Zone, located on its wholly-owned Block 103 Property in western Labrador. All eight holes drilled to date on this third, approximately 1,700 metre long drill line (Section 8800N), intersected iron mineralization. Intervals ranged up to 291 metres in thickness with total iron content ranging from 27.7% to 30.7%. Five of the eight holes ended in iron mineralization. This third drill line trends northeast/southwest and is located parallel to and 600 metres south of the second drill line (Section 9400N). Assay results for the first and second drill lines were released in news releases dated August 13, 2012 and September 12, 2012 respectively.
Highlights of assay results from the third drill line include:
|Total Fe |
|* ended in iron mineralization|
Location maps and a cross section are posted on the Cap-Ex website at: http://www.cap-ex.ca/projects/block-103.
"We are very pleased with this third set of assay results, as they continue to demonstrate substantial thickness and consistent grade as the drill program progresses to the south and north, expanding the zone of mineralization," says Francois Laurin, President and CEO of Cap-Ex. "In addition to the publication of our initial resource estimate, we plan to complete a Preliminary Economic Assessment early next year. It is very exciting to see the potential of this project."
To date, Cap-Ex has completed approximately 21,915 metres of the 22,000 metre drill program.
True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 70% and 100% of the core interval as reported. All samples were prepared from split BTW-sized half-core sections on-site in Labrador. Split drill core samples have been sent to independent contractor Acme Analytical Laboratories in Vancouver, BC for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. FeO titration analysis permits an estimation of hematite. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
Edward Lyons, P. Geo., a consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Lyons has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Cap-Ex.
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 an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX VENTURES LTD.
On behalf of the Board
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 the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. 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.