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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 |
The management of Vantex Resources Ltd. (TSX VENTURE:VAX) announces the resumption of drilling on the Galloway project, located in the mining region of Rouyn-Noranda, Abitibi. Beginning today, two drills will be operating in the Galloway-Pitchvein area to complete the 10,000 meters program planned in this sector in order to evaluate an initial gold resource. The Galloway Pitchvein area extends over nearly 400 meters long, a width of more than 200 meters and a depth of more than 300 meters. This large gold zone remains open in its lateral extensions and at depth. The Perron zone and the Hurd zone, intersected by historical and current drill holes, are found respectively at about 500 meters south-west and at more than 1.5 km north-east of the Galloway Pitchvein zone. The Soaker Hill showing, located about one kilometer north of the main showing, will also be the object of some drilling to verify its potential. The historical data shows a highly anomalous gold presence in this sector of the property. "We are very pleased to have completed a financing of approximately $ 2 million. These funds will allow us to better define the Galloway Pitchvein showing while allowing us to check out other gold occurrences elsewhere on the property, including the Soaker Hill showing. Our priority remains the Pitchvein-Galloway showing on which we should be able to build an economic gold resource in the coming months, "stated Mr. Guy Morissette, President and CEO of the company. Mr. Jeannot Theberge, consulting geologist and Qualified Person under NI 43101, will supervise the field work. All samples will be tagged, bagged and shipped to Laboratoire Expert Inc., Rouyn-Noranda, where 30 gram pulp samples will be prepare and assay for gold (FAA). Gravimetric assay repeats (FA) will be complete on samples with grades over 1,0 g/t Au. A strict QA/QC program including random insertion of blanks, standards, and duplicate samples will follow throughout the sample preparation. The NQ-size core will be log, sample and split in two at the company's core shack in Rouyn-Noranda. 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 3.20 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 Also, depending on financing, the company plans to drill the Soaker Hill zone, located about one kilometer north of the Galloway area. This area also contains a very large gold potential 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 Galloway Project Composed of 3 mineral concessions, 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. The Galloway area, located between two faults, is now identified over a length of nearly 400m. Gold 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. In a 2006 DIVEX report, Diversification of mineral exploration in Quebec, they describe the Galloway area as follows: "The Cadillac fault represents an important metallotect in the sub-province of Abitibi. The absence of known deposit in the immediate area is partly due to the fact that the corridor of deformation of the Cadillac fault is obscured by a thick layer of sedimentary rocks of Proterozoic age belonging to the Cobalt Group. In fact, subsidiary structures uncovered in this area, the Francoeur-Wasa shear zone, hosts the Francoeur, Arntfield and Wasamac mines. And further west, near Virginiatown, Ontario, found the Kerr Addison mine which produced over 10 million ounces in a similar geological environment. The rocks belonging to the Cobalt Group cover areas potentially economically interesting." Mr. Theberge has read and approved this press release.
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