Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, August 30, 2012
August 30, 2012 08:30 ET
Vantex Intersects 59.51 g/t Au Over 6.20 Metres
LA PRAIRIE, QUEBEC--(Marketwire - Aug. 30, 2012) - The management of Vantex Resources Ltd. (the « Company ») (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) is pleased to report a gold intersection of 6.20 metres at 59.51 g/t Au in drill hole VPE12-50 (along the hole). The Moriss zone was also intersected in the same drill hole and returned 5.09 g/t Au over 5.05 metres.
The N1 zone, encountered on the north flanc of a carbonatized and sericitized intrusive, is a highly altered and mineralized zone containing free gold. This same zone returned high gold grades in previous drilling campaigns. The Moriss zone is located on the south flanc of this same intrusive.
Three drill holes were done in the current drill campaign for a total of 680 metres.
Results from those three drill holes follow :
| Drill hole | Zone | Depth* | Width* | Grades (uncut) |
| (metres) | (metres) | (g/t Au) | ||
| VPE12-49 | Unknown | 184.50-185.20 | 0.70 | 13.87 |
| VPE12-50 | N1 | 58.00-64.20 | 6.20 | 59.51 |
| Including | 58.00-59.00 | 1.00 | 6.37 | |
| 59.00-60.00 | 1.00 | 285.93 (VG) | ||
| 60.00-61.00 | 1.00 | 2.02 | ||
| 61.00-62.00 | 1.00 | 2.96 | ||
| 62.00-63.00 | 1.00 | 3.47 | ||
| 63.00-64.20 | 1.20 | 56.86 (VG) | ||
| Moriss | 117.85-122.90 | 5.05 | 5.09 | |
| VPE12-51 | Moriss | Non significant | ||
| South | 210.50-211.50 | 1.50 | 2.84 |
* Along the hole
The following table presents previous drill results from the Moriss showing:
| Drill hole | Zone | From | To | Width | Grades |
| (m) | (m) | (m) | (g/t Au) | ||
| VPE10-06 | Moriss | 97.50 | 108.00 | 10.50 | 4.55 |
| VPE10-10 | Moriss | 101.00 | 106.35 | 5.35 | 11.60 |
| VPE10-11 | Moriss N1 | 84.00 | 106.00 | 22.50 | 8.21 |
| Including | 84.00 | 89.00 | 5.50 | 18.16 | |
| And | 100.00 | 106.50 | 6.50 | 13.93 | |
| VPE10-17 | Moriss N1 | 106.30 | 112.20 | 5.90 | 5.06 |
| VPE10-18 | Moriss N2 | 48.00 | 57.00 | 9.00 | 7.97 |
| VPE10-19 | Moriss | 103.50 | 107.65 | 4.15 | 18.43 |
| Including | 198.00 | 202.50 | 4.50 | 6.24 | |
| VPE10-23 | Moriss | 54.00 | 57.00 | 3.00 | 16.32 |
| VPE11-24 | Moriss | 98.60 | 103.90 | 5.30 | 24.9 |
| VPE11-25 | Moriss | 99.15 | 106.00 | 6.85 | 12.93 |
| VPE11-37 | Moriss N1 | 94.50 | 100.50 | 6.00 | 7.79 |
Under the supervision of Mr. Daniel Kelly, consulting geologist and Qualified Person under NI 43-101, these drill holes were positioned based on the first 3D model of the Moriss showing. The results answered in part, certain questions that arised from the modelisation.
The management is now planning a 10,000-meter drilling program. This program will start as soon as the Company receives the west extension of the Moriss zone as well as the permits for access and tree clearing.
« The Golden Triangle area and mainly the Moriss showing are priorities for the Company. Discovered by Vantex in 2010, the Moriss showing comprises many gold-bearing zones linked to an important altered intrusive, namely the Moriss, N1 and N2 zones, that show very promising gold potential with the width and gold grades obtained from the previous drilling. The presence of this intrusive appears to be the most important factor in the development of the surrounding gold and silver structures. We are excited with the gold potential of this showing. » commented Guy Morissette, CEO of Vantex.
Moriss gold Zone
The Moriss area show many new gold showings that are added to the Galloway property. Discovered in 2010, this zone was confirmed with more than 15 drill holes and is associated with the contact of a carbonatized-sericitized intrusive. The gold structures are often silicified and contain variable quantities of smokey quartz veins, pyrite and locally, free gold.
In this area, other than the Moriss zone, we also note the presence of at least two gold zones to the north - N1 and N2 - (drill holes VPE-10-11, 18 and VPE-11-37) as well as at least one more zone to the south (drill holes VPE-10-02, 19, VPE-11-24 and 39). The attitude of these zones are not yet defined. These zones are generally associated with intrusive breaches containing variable quantities of carbonate quartz veins and pyrite. All the gold zones intersected within the Moriss showing surroundings remains open along strike and in-depth.
Some IP anomalies appear to be associated with the Moriss zone.
Airborne survey.
The airborne geophysical interpretation, covering some 375 kilometers of flight lines over an area of 8.5 kilometers by 4.5 kilometers, has been completed (august 2012) and several geophysical targets corresponding to sulphide conductors and historical gold-bearing occurrences have been outlined. The majority of these targets, combined magnetic highs and electromagnetic conductors, correspond to fault splays associated with the main east-west trending faults: the Victoria Creek Fault (Queenston Upper Beaver Occurrence and Richmont Francoeur Occurrence), and the Larder Lake-Cadillac Fault (Kerr-Addison Deposit and Richmont Wasamac Occurrence). A majority of these anomalies are also associated with gabbro-sill contacts and syenite-porphyry contacts where they are intersected by northwest trending or northeast trending cross faults.
Two types of anomalies are observed; flat-lying anomalies adjacent to east-west trending faults and steeply dipping anomalies associated with geologic contacts and/or major fault systems. The priority targets will be investigated on surface with stripping and/or sampling and the most significant targets will be drilled. Approximately 3,500 to 5,000 meters of drilling is recommended to test the main targets which have never previously been tested.
The Moriss Zone structure (along with several splay and parallel structures), has been delineated by the airborne geophysics and corresponds with the Victoria Creek Fault. Its associated with the brecciated contacts of an intermediate to mafic altered dyke that is assumed to be associated with a large syenite porphyry complex to the northeast. This dyke system occurs between the Blake River Volcanics and the Temiskaming Sediments.
The exploration was supervised by Mr. Daniel Kelly, consulting geologist and Qualified Person under NI 43-101. he read and approved this press release.
Assays were performed by Laboratoire Expert of Rouyn-Noranda.
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.
