Vantex Discovers a New Gold-Bearing Structure on Galloway
09 October 2010 - 12:00AM
Marketwired
The management of Vantex Resources Ltd.(TSX VENTURE: VAX) wishes to
announce that Hole VPE10-02 (exploration drill hole) located at
about 600 m west the Galloway-Pitchvein showing intersected a new
and important unknown gold-bearing structure. This drill hole was
targeting a strong magnetic anomaly in this area.
Assays from this area show the presence of a significant gold
structure. The company is currently drilling this new structure to
better define its lateral extension. This structure lies within
felsic to mafic tuffs mineralized with pyrite. Magnetite and
chalcopyrite were also noted in the core.
Hole # Showing Depth Width Grade
(metres) (metres) ( g/t Au )
VPE10-02 Moriss 87.00 - 91.75 4,75 5,81
150.00 - 151.50 1,50 4,41
166.50 - 168.00 1,50 3,46
On the Galloway-Pitchvein showing, the management of the company
is very pleased to mention that all drill holes completed to date
in this area intersected the gold structure. These holes will be
ultimately used to perform a preliminary 43-101 resource
calculation in this area of the project. The 43-101 resource
calculation will only be done on the Galloway-Pitchvein showing.
However, the gold structure on the Galloway project has been traced
with drilling over in excess of 2.5 kilometres.
Furthermore, 3 exploration drill holes were drilled in the
Soaker Hill area, located at about 1 kilometre north of the
Galloway zone. These three drill holes all intersected the gold
structure. Results should be received in a few weeks. Historical
data on Soaker Hill show a significant gold potential in this
area.
"We are very encouraged and excited with the discovery of this
new gold structure. This reiterates that the Galloway project, in
its whole, has a strong gold potential. Our exploration program is
going well and we should complete the drill program towards the end
of November. A new drilling program will be designed to test the
northeast extension of the Galloway zone after integration of the
data of our current work" commented Mr. Guy Morissette, CEO of
Vantex.
The current exploration program is under the supervision of MM.
Jeannot Theberge and Daniel Kelly, both consulting geologists and
QP as per NI 43-101.
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
Consisting of three mineral concessions (Hurd block), 63 claims
and 35 lots covering an area of about 2,750 hectares, the Galloway
project is located approximately 25 kilometres west of
Rouyn-Noranda and just north of the Cadillac Larder Lake
deformation zone. The geological environment of the Galloway
project is very favourable 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 400 metres. 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 southwest extensions (Perron zone). Several drill
holes in these extensions demonstrate a continuity of more than 1.5
kilometres northeast and 500 metres to the southwest. Other
historic drill holes also showed continuity to depth as the
Galloway zone has been followed to a depth of 500 metres.
Hurd zone (northeast extension)
The historic drilling and drilling completed last year by Vantex
have shown that the gold structure continues over 1.5 km in its
northeast extension. The drill hole VHD09-19 had intersected 31.5
metres at 0.75 gram per tonne while drill hole 95H12 gave
respectively 14 metres at 1.08 Au g/t and 12 metres at 1.09 Au g/t
and the KHD87-08 showed a grade of. 0.565 g/t over 38.16 metres and
0.843 Au g/t over 20.03 metres.
Perron zone (southwest extension)
Located about 500 metres southwest, 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 metres of 0.75 g/t (KOD86-01) and 49.37 metres 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 kilometre 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) demonstrate gold continuity in depth.
The Renault Bay block, acquired in 2009, also provides access to
the possible extension of this showing in its northwest.
Mr. Theberge has 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.
Contacts: Vantex Resources Ltd Guy Morissette CEO 514-712-9753
www.vantexressources.com Wayne Carlon VP Business Development
902-402-6264 waynecarlon@eastlink.ca
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