Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, May 10, 2012
May 10, 2012 08:30 ET
Vantex Starts an Airborne Survey on Galloway
LA PRAIRIE, QUEBEC--(Marketwire - May 10, 2012) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces that it has retained the services of Geotech Ltd, from Aurora, Ontario, to perform an airborne geophysical survey that will cover the entire Galloway property.
This first airborne survey plans to fly the property at 100 me spacings using the VTEM system in hopes of delineating magnetics and fault structures down to depths between 400 and 800 meters. The gold-bearing structures along the Porcupine Destor Fault and Cadillac Break are associated with fault-shear controls within magnetic high rim structures.
Most of the known historical gold-bearing zones of the Galloway project are associated with contact structures along magnetic highs and magnetite-rich conductors. Some of these are associated with gabbro intrusive contacts (Sandborn, Baie du Canal, Island, Jacob) and with syenite intrusive contacts (Moriss, Galloway, Fayolle, Renault Bay, Soaker Hill). Others like the Moriss, Renault Bay and Soaker Hill are located close to syenite intrusive contacts.
The airborne survey will outline the magnetite rich rocks (high mag) and hopefully the more potassic zones within the magnetic anomalies of lower intensity while allowing a better evaluation of the dips of the faults and shears present on the Galloway property.
With this data, down-hole geophysics will be performed at the bottom of drill holes in order to follow the main mineralized zones encountered at depth.
Works in progress
The company completed a 1,535-meter drill hole in the area of the Golden Triangle. The main objective of this hole was to test all the geological units located in the heart of this gold zone and to verify the dip and in-depth continuity of the Hendrick zone. (see website for previous results: [ www.vantexressources.com ])
Assay results are still pending.
The work in progress is under the supervision of Mr. Daniel Kelly, engineer and Qualified Person under NI 43-101.3
NI 43-101 Report
In order to complete the 43-101 report by SRK Consulting, the company is completing a high precision topographic airborne survey.
This information coupled with a 3D modelization pit optimizer will allow SRK Consulting to offer different scenarios in order to have a better estimate of the gold resource contained in the GP zone. This project is ongoing and the company should receive the results this summer.
Mr. Kelly 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.
