September 28, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce that the first stage exploration program completed on its Lac Connelly property (the "Property)" has successfully confirmed 3.7 kilometres strike of hematite iron ore.
The Lac Connelly property covers approximately 50,000 hectares and is located within the Labrador trough, 250 kilometres northwest of the mining town of Schefferville, Quebec.
The purpose of the program was to examine two hematite bearing horizons mentioned in the historical report from 1955 (reference: Natural Resource Department of Quebec, GM03035), which was based on exploration conducted by Great Iron Mountain Corp.
The 2011 exploration program consisted of rock sampling, prospecting and geological mapping to confirm the presence of the hematite bearing horizons. Both horizons are striking northeast to southwest and dip gently to the southeast.
The first hematite bearing horizon was traced for 2.5 kilometres along the strike and is at a minimum 30 metres wide. The second hematite bearing horizon is located 1.5 kilometres to the northwest of the first horizon. It was traced for 1.2 kilometres along strike, and based on the preliminary mapping, is at least 50 metres wide. A total of 21 rock samples were collected from the second hematite horizon, which included 16 chip and 5 grab samples, returning an average of 40.01% iron.
The Company conducted in house microscopic studies on the hematite bearing rocks from Lac Connelly. These preliminary studies indicate that the quartz and hematite grains are not intergrown, but form separate grains which are substantially coarser than mineral grains in typical magnetite iron ore. These results indicate that the Lac Connelly hematite could be economically beneficiated to >60% iron. Based on these successful findings the Company has now commenced metallurgical studies to test beneficiating the Lac Connelly hematite ore.
The Lac Connelly metallurgical work will be conducted by Inspectorate Lab based in Richmond, British Columbia under the supervision of metallurgist Frank Wright.
Alex Walus, P.Geo., a Qualified Person pursuant to National Instrument 43-101, has reviewed and approved of the contents of this news release.
CAP-EX VENTURES LTD.
President and CEO
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