January 18, 2012
Cap-Ex Ventures Ltd (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce additional assay results from the 2011 diamond drilling on its wholly owned Block 103 iron property, which is located 30 kilometres northwest of the mining town of Schefferville, Quebec.
Highlights from the eight new drill assay results, located within the southwest area of the Greenbush Zone, include:
- DDH103-40 intersecting 156.0 metres at 30.8% total Fe from 16.8 metres
- DDH103-30 intersecting 164.8 metres at 29.4% total Fe from 9.4 metres
- DDH103-29 intersecting 138.6 metres at 30.1% total Fe from 2.1 metres
- (Refer to Table 1 attached, for all the new results)
It is important to note that drill hole DDH103-26 and DDH103-42 ended in mineralization and consequently the mineralization is open at depth. (Refer to "Greenbush Zone Drill Hole Map" Figure 1 attached, which can also be found at www.cap-ex.ca).
The Company expects to soon receive additional 2011 drill assay results from Block 103's Greenbush Zone and Northwest Zone.
- Based on the currently available 2011 drill results and airborne geophysical programs, the Company has made the following interpretations regarding the Greenbush Zone:
- The Greenbush Zone hosts strong magnetite mineralization that has been identified to cover an area of at least 20 square kilometres. This Zone features strong, coincident magnetic and gravimetric airborne anomalies, which show remarkable reliability as drilling targets. All 25 drill holes have encountered significant mineralization from 45 to 265 metres in thickness.
- The average length of the core intercepts of magnetite mineralization encountered in the 25 holes drilled in the Greenbush Zone is 118 metres. This number is based on assays from 17 holes and the visual estimation of magnetite content in the remaining holes.
- The average grade of the mineralization is 30.5% iron and the Davis Tube concentrate grades average 68.2% iron and 4.7% silica.
- The Company is using a Specific Gravity ("SG") of 3.3 , which is the same used for the surrounding magnetite deposits.
- In most holes, mineralization starts near surface and is open in all directions.
Cap-Ex President and CEO, Mr Francois Laurin comments, "These results are quite encouraging and the Company is looking forward to proceeding with its aggressive 2012 drilling program with an objective of identifying and communicating an initial mineral resource estimate."
TABLE 1 -- Greenbush Zone
TABLE WITH ASSAYS AND CORE INTERCEPTS
The true widths of the reported core intervals are estimated to be between 90 and 100 percent of these intervals.
Note: A recent petrographic study of samples from Block 103 revealed that, aside from magnetite, most samples also contain significant amounts of hematite. That prompted the Company to assay all samples for Fe2+ which is necessary to calculate the amount of iron contained within hematite. The Company has decided to report only the percent of total iron. The specific contents of magnetite and hematite in all drill samples will be reported once the results for Fe2+ have been received.
Quality Assurance/Quality Control
The samples from drilling were processed and assayed by SGS Canada Lab based in Lakefield, ON. The samples were assayed using XRF, Satmagan and Davis tube techniques.
Alex Walus, PGeo., an employee of the Corporation and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the technical and scientific information in this news release.
CAP-EX VENTURES LTD.
President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future drilling programs and budgets, expected mineralization, permitting and title issues, and the interpretation of drill results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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
Figure 1: Greenbush Zone Drill Hole Map