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VAX Vantex Resources Ltd

0.08
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Vantex Resources Ltd TSXV:VAX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.08 0.08 0.09 0 21:00:00

Bulk Sampling on the Moriss Zone

07/10/2013 2:43pm

Marketwired Canada


Due to the presence of free gold and a possible "nugget effect" in previous
assays, Vantex (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) management is taking
the necessary steps to obtain a permit to carry out a bulk sample on the Moriss
zone, from the Quebec's Natural Resources Department, Office of mining titles
and systems. These works will allow the company to verify the continuity of the
high-grade mineralization as well as to better understand the different gold
structures intersected in the past years.


The Moriss showing is located 500 metres West of the GP deposit which contains
18.14 million mt of an indicated resource grading 0.41 g/t and 2.51 million mt
of an inferred resource grading 0.39 g/t for a total of 240,000 and 32,000
ounces of gold, respectively. (See NI 43-101 Technical Report by SRK - September
19, 2012 press release). 


The management of the company also announces that it plans to resume its
drilling campaign in the coming days, in this same area. The goal being to
verify the continuity west of the Moriss showing. 


Comprised of 3 mining concessions, 80 mining claims and cells, covering an area
of more than 2,600 hectares, the Galloway project is one of the most important
project in the Rouyn-Noranda mining camp. This project contains more than 10
gold showings including the Moriss, GP and Hendrick. These 3 showings were
drilled extensively in the recent past. The management believes that the Moriss,
GP and Hendrick zones (forming the Golden Triangle) can be connected. If this is
the case, the gold potential will be significant. 


The Hurd zone, located 1.5 kilometre east of the GP zone also offers an
interesting gold potential for a heap leaching operation. The initial tests
performed by URSTM of Rouyn-Noranda, showed a recovery of 45.3 % to 92.5 %,
depending on the granulometry used. Management plans to do a striping campaign
on this zone in order to test the competence of the host rock as well as to
proceed with additional lab tests (column tests) to have more data to evaluate
the gold recovery potential by heap leaching.


The Galloway project is located along one of the most prolific fault associated
to gold deposits : the Cadillac-Larder Lake Fault. In the immediate surroundings
of the Galloway project, lies many gold deposits associated with this fault,
namely Wasamac, Francoeur and Kerr Addison. Also present in the area are the
Heva, Hosco, Lapa, La Ronde, Westwood, Doyon, Osisko and Goldex deposits as well
as all the gold deposits from the Kirkland Lake- Virginiatown area, in Ontario. 


This important fault allowed the emergence of numerous gold deposits and the
production of many million ounces of gold in the last decade. We can still find
many producing mines along this fault. 


The managemeent of the company also announces the interim appointment of Mr.
Charles Beaudry as Chairman of the board in replacement of Mr. Andre Brosseau. 


The works will be under the supervision of Daniel Kelly, consulting geological
engineer and Qualified Person under NI 43-101. He read and approved this press
release.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Source:
Guy Morissette
CEO
819-763-5096
www.vantexressources.com


For information:
Wayne Carlon
VP Business development
902-402-6264
waynecarlon@eastlink.ca

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