Vantex Intersects 160.5 m at 0.78 g/t Au, Including 55.5 m at 1.01 g/t Au on Galloway
11 August 2010 - 9:00PM
Marketwired
VANTEX RESOURCES LTD (TSX VENTURE: VAX) - Having announced in its
press release of July 7, 2010 a grade of 1.05 g/t Au over 24.25
meters, the management of Vantex Resources Ltd. is now very pleased
to announce that it has intersected on the Galloway-Pitchvein zone,
in hole VHD10-31, over 250.50 meters (along the hole) a grade of
0.59 g/t Au Including 160.5 m grading 0.78 g/t Au, also including a
section of 36 meters at a grade of 1.06 g/t Au and another section
of 55.50 meters at a grade 1.01 g/t Au. The Pitchvein-Galloway
zone, located in a favorable gold horizon of nearly 2.5 km long,
has been traced over approximately 400 meters long and intersected
over 200 meters wide. This area is known to be over 300 meters deep
and is located on one of three mining concessions comprising the
mining block Hurd.
In the north-east extension of the Pitchvein-Galloway zone, is
the Hurd zone at over 1.5 kilometers, while the Perron zone is
located about 500 meters in the southwest extension. The potential
gold corridor is now known on nearly 2.5 km and remains open in its
lateral extensions and at depth. The company believes that the
entire gold structure is in combination with different magnetic
anomalies along the gold corridor (NE-SW).
Management of the company will be focusing its summer drilling
campaign on the Galloway-Pitchvein zone. The company estimates that
it will need 10,000 meters of additional drill holes in order to
complete an initial assessment of the resource according to NI
43-101. The company intends to get there very quickly, with the
drilling currently underway, using two drills to accelerate the
work.
"With all the historical data, our recent drilling results and
those that will come from the next drilling campaign, we are
confident to confirm the presence of a major open pit gold deposit
in the coming months. If we compare our data with those of other
mining companies, I think we can be very enthusiastic about our
results" said company President, Mr. Guy Morissette.
From - To Length Grades
Drill holes (metres) (metres)(i) Au g/t
VHD10-28 43.50 - 67.50 24.00 0.64
Including 52.50 - 61.50 9.00 0.76
And 121.50 - 124.50 3.00 1.13
And 147.00 - 214.50 67.50 0.56
Including 199.50 - 208.50 9.00 1.01
VHD10-29 85.50 - 97.50 12.00 1.07
Including 90.00 - 91.00 1.00 6.45
VHD10-30 16.50 - 84.00 67.50 0.51
Including 75.00 - 84.00 9.00 0.85
And 136.50 - 144.00 7.50 0.82
And 160.50 - 178.50 18.00 0.70
Including 160.50 - 162.00 1.50 2.81
Including 177.00 - 178.50 1.50 2.19
And 226.50 - 234.00 7.50 1.10
Including 226.50 - 228.00 1.50 3.91
VHD10-31 1.50 - 252.00 250.50 0.59
Including 1.50 - 162.00 160.50 0.78
Including 9.00 - 52.50 43.50 0.99
Including 16.50 - 28.50 12.00 1.74
Including 16.50 - 21.00 4.50 2.94
Including 16.50 - 52.50 36.00 1.06
Including 96.00 - 151.50 55.50 1.01
Including 96.00 - 100.50 4.50 6.33
And 223.50 - 225.00 1.50 2.23
(i) Along the hole
Mr. Jeannot Theberge, consulting geologist and Qualified Person
under NI 43101, has supervised the field work. All samples were
tagged, bagged and shipped to Laboratoire Expert Inc.,
Rouyn-Noranda, where 30 gram pulp samples are prepared and assayed
for gold (FAA). New gravimetric analysis (FA) are performed on all
the samples with levels higher than 1.0 g/t Au. A strict QA/QC
program including random insertion of blanks, standards, and
duplicate samples has been followed throughout the sample
preparation. The NQ-size core is logged, sampled and split in two
at the company's core shack in Rouyn-Noranda.
The Galloway Project
Composed of 3 mineral concessions (Hurd Block), 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. Several gold occurrences are
known on the Galloway project including the Galloway-Pitchvein
showing, the Hurd showing, the Perron showing and the Soaker Hill
showing. Other gold showings are also known in the western portion
of the property (North Ogima, Sandborn and Francoeur blocks).
The Galloway-Pitchvein zone
This important gold showing, located between two faults, is
identified over a length of nearly 400m. 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.
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 20.03 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 (northern part)
The company plans to drill the Soaker Hill area, located about
one kilometer north of the Galloway zone. This area also contains a
very interesting potential for gold 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 Renault Bay block, acquired in 2009, also provides access to
the possible extension of this showing in its north-west.
Mr. Theberge has read and approved this press release.
The TSX Venture Exchange has neither approved nor disapproved
the content of this press release.
Contacts: Vantex Resources Ltd. Guy Morissette President
514-712-9753 Vantex Resources Ltd. Francois Marcotte CFO and
Investor Relations 450-536-0279 francois-marcotte@videotron.ca
www.vantexressources.com Wayne Carlon VP Business Development
902-402-6264 waynecarlon@eastlink.ca
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