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VAX Vantex Resources Ltd

0.055
0.00 (0.00%)
26 Jul 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% 0.055 0.05 0.06 0 01:00:00

Vantex Intersects 160.5 m at 0.78 g/t Au, Including 55.5 m at 1.01 g/t Au on Galloway

11/08/2010 12:00pm

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VANTEX RESOURCES LTD (TSX VENTURE: VAX) - Having announced in its press release of July 7, 2010 a grade of 1.05 g/t Au over 24.25 meters, the management of Vantex Resources Ltd. is now very pleased to announce that it has intersected on the Galloway-Pitchvein zone, in hole VHD10-31, over 250.50 meters (along the hole) a grade of 0.59 g/t Au Including 160.5 m grading 0.78 g/t Au, also including a section of 36 meters at a grade of 1.06 g/t Au and another section of 55.50 meters at a grade 1.01 g/t Au. The Pitchvein-Galloway zone, located in a favorable gold horizon of nearly 2.5 km long, has been traced over approximately 400 meters long and intersected over 200 meters wide. This area is known to be over 300 meters deep and is located on one of three mining concessions comprising the mining block Hurd.

In the north-east extension of the Pitchvein-Galloway zone, is the Hurd zone at over 1.5 kilometers, while the Perron zone is located about 500 meters in the southwest extension. The potential gold corridor is now known on nearly 2.5 km and remains open in its lateral extensions and at depth. The company believes that the entire gold structure is in combination with different magnetic anomalies along the gold corridor (NE-SW).

Management of the company will be focusing its summer drilling campaign on the Galloway-Pitchvein zone. The company estimates that it will need 10,000 meters of additional drill holes in order to complete an initial assessment of the resource according to NI 43-101. The company intends to get there very quickly, with the drilling currently underway, using two drills to accelerate the work.

"With all the historical data, our recent drilling results and those that will come from the next drilling campaign, we are confident to confirm the presence of a major open pit gold deposit in the coming months. If we compare our data with those of other mining companies, I think we can be very enthusiastic about our results" said company President, Mr. Guy Morissette.


                             From - To            Length            Grades
Drill holes                   (metres)       (metres)(i)            Au g/t

VHD10-28                 43.50 - 67.50             24.00              0.64
Including                52.50 - 61.50              9.00              0.76
And                    121.50 - 124.50              3.00              1.13
And                    147.00 - 214.50             67.50              0.56
Including              199.50 - 208.50              9.00              1.01

VHD10-29                 85.50 - 97.50             12.00              1.07
Including                90.00 - 91.00              1.00              6.45

VHD10-30                 16.50 - 84.00             67.50              0.51
Including                75.00 - 84.00              9.00              0.85
And                    136.50 - 144.00              7.50              0.82
And                    160.50 - 178.50             18.00              0.70
Including              160.50 - 162.00              1.50              2.81
Including              177.00 - 178.50              1.50              2.19
And                    226.50 - 234.00              7.50              1.10
Including              226.50 - 228.00              1.50              3.91

VHD10-31                 1.50 - 252.00            250.50              0.59
Including                1.50 - 162.00            160.50              0.78
Including                 9.00 - 52.50             43.50              0.99
Including                16.50 - 28.50             12.00              1.74
Including                16.50 - 21.00              4.50              2.94
Including                16.50 - 52.50             36.00              1.06
Including               96.00 - 151.50             55.50              1.01
Including               96.00 - 100.50              4.50              6.33
And                    223.50 - 225.00              1.50              2.23

(i) Along the hole

Mr. Jeannot Theberge, consulting geologist and Qualified Person under NI 43101, has supervised the field work. All samples were tagged, bagged and shipped to Laboratoire Expert Inc., Rouyn-Noranda, where 30 gram pulp samples are prepared and assayed for gold (FAA). New gravimetric analysis (FA) are performed on all the samples with levels higher than 1.0 g/t Au. A strict QA/QC program including random insertion of blanks, standards, and duplicate samples has been followed throughout the sample preparation. The NQ-size core is logged, sampled and split in two at the company's core shack in Rouyn-Noranda.

The Galloway Project

Composed of 3 mineral concessions (Hurd Block), 63 claims and 35 lots covering an area of about 2,750 hectares, the Galloway project is located approximately 25 kilometers west of Rouyn-Noranda and just north of the Cadillac Larder Lake deformation zone. The geological environment of the Galloway project is very favorable for the discovery of gold deposits. Several gold occurrences are known on the Galloway project including the Galloway-Pitchvein showing, the Hurd showing, the Perron showing and the Soaker Hill showing. Other gold showings are also known in the western portion of the property (North Ogima, Sandborn and Francoeur blocks).

The Galloway-Pitchvein zone

This important gold showing, located between two faults, is identified over a length of nearly 400m. Mineralization is mainly present in the lapilli tuffs and in the syenite porphyry. However, the Galloway zone remains open in its northeast (Hurd Zone) and its south-west extensions (Perron Zone). Several drill holes in these extensions demonstrate a continuity of more than 1.5 kilometer north-east and 500 meters to the southwest. Other historic drill holes also showed continuity to depth as the Galloway zone has been followed to a depth of 500 meters.

Hurd Zone (north-east extension)

The historic drilling and drilling completed last year by Vantex have shown that the gold structure continues over 1.5 km in its north-east extension. The drill hole VHD09-19 had intersected 31.5 meters at 0.75 g/t while drill hole 95H12 gave respectively 14 meters at 1.08 Au g/t and 12 meters at 1.09 Au g/t and the KHD87-08 showed a grade of. 0.565 g/t over 38.16 meters and 0.843 Au g/t over 20.03 meters.

Perron Zone (southwest extension)

Located about 500 meters south-west, the Perron zone lies partly below the sediments of Cobalt. However, the historical data mentioned two drill holes (conducted by Kerr Addison Mines in the 1980s) giving 401 meters 0.75 g/t (KOD86-01) and 49.37 meters at 1.03 g/t. This area will possibly become part of a drilling program in more depth.

Soaker Hill Zone (northern part)

The company plans to drill the Soaker Hill area, located about one kilometer north of the Galloway zone. This area also contains a very interesting potential for gold and a first drilling program in this sector will provide a better understanding of the gold structure. The stripping and channel sampling program completed last year in this area intersected several gold values and the historical data (drilling) demonstrates gold continuity in depth. The Renault Bay block, acquired in 2009, also provides access to the possible extension of this showing in its north-west.

Mr. Theberge has read and approved this press release.

The TSX Venture Exchange has neither approved nor disapproved the content of this press release.

Contacts: Vantex Resources Ltd. Guy Morissette President 514-712-9753 Vantex Resources Ltd. Francois Marcotte CFO and Investor Relations 450-536-0279 francois-marcotte@videotron.ca www.vantexressources.com Wayne Carlon VP Business Development 902-402-6264 waynecarlon@eastlink.ca

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