Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (“Cap-Ex” or the “Company”) is pleased to announce the drilling has begun on the Company’s Later Property, 50 kilometres (km) northwest of the Mt. Milligan Copper-Gold mine in Central British Columbia.
The Property encompasses two distinct targets areas approximately 6 kilometers apart, each with the potential to host significant copper-gold mineralization. Recent geophysical surveys outlined two chargeability anomalies with the larger being at least 3 kilometres across. The chargeability anomalies are coincident with two separate resistivity anomalies which are each approximately 2 kilometres across.
Cap-Ex plans to complete 1,500 – 2,000 metres of NQ diamond drilling in 3 – 4 holes as part of the initial phase one program. Drilling will test target areas with coincident magnetic, resistivity, and chargeability anomalies within the larger (greater than 3 kilometre) chargeability anomaly. The entire area is under a blanket of glacial cover and has no outcrop exposure.
The Later Property is within the prolific Quesnel Terrane in Central BC, consists of 16 mineral claims covering approximately 5,700 hectares, is accessible by vehicle year round and lies within 50 km of hydroelectric power and railway. Cap-Ex can earn up to a 70% interest in the Property over a five year period by completing certain work commitments and making certain cash and share payments to Pacific Empire Minerals Corp. over the term of the option.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
For additional information please visit the Company’s website at www.cap-ex.ca. You may also email
CAP-EX IRON ORE LTD.
“Andrew Bowering”
Andrew Bowering
Chairman
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.
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”
Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (“Cap-Ex” or the “Company”) announces that it will proceed with a non-brokered private placement (the “Private Placement”), of up to 10,000,000 units of the Company (the “Units”) at a price of $0.06 per unit with each unit comprised of one common share and one half of one common share purchase warrant (a
“Warrant). Each such Warrant will entitle the holder to purchase one common share of the Company for a period of 2 years from the closing date at a price of $0.09 per common share.
Proceeds from the financing will be used for exploration of the Company’s Later Property and general working capital.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
For additional information please visit the Company’s website at www.cap-ex.ca. You may also email
CAP-EX IRON ORE LTD.
“Andrew Bowering”
Andrew Bowering
Chairman
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.
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”
Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (“Cap-Ex” or the “Company”) is pleased to announce it has entered into a mineral property option agreement dated July 12, 2016 (the “Agreement”) with Pacific Empire Minerals Corp. (the "Optionor") whereby Cap-Ex is granted the option (the "Option") to acquire up to a 70% interest in the Later Property (the “Property”), 50 kilometres (km) northwest of the Mt. Milligan Copper-Gold mine in Central British Columbia.
The Later Property consists of 16 mineral claims covering approximately 5,700 hectares within the prolific Quesnel Terrane in Central B.C. The Property is accessible by vehicle and within 50km of hydroelectric power and railway. Interest in the region has been renewed by increased metal prices and the recent acquisition of the Mt. Milligan mine by Centerra Gold Inc.
The Property encompasses two distinct targets areas approximately 6 kilometers apart, each with the potential to host significant copper-gold mineralization. Recent geophysical surveys outlined two chargeability anomalies with the larger being at least 3 kilometres across. The chargeability anomalies are coincident with two separate resistivity anomalies which are each approximately 2 kilometres across and are interpreted to represent intrusive centers or clusters of multiple phases of intrusions. Recent drilling by the Optionor in 2015 tested the highest chargeability area on the outskirts of one of the interpreted intrusive centers and intersected a pyrite dominated, lower temperature portion of a large hydrothermal system. The 2015 drilling included DD15ELB001 which intersected 94 meters grading 0.34 grams per tonne gold (BC Assessment Report # 35824).
Cap-Ex plans to use the alteration patterns identified in the recent drilling, paired with the geophysics, to vector towards higher temperature mineral assemblages commonly associated with copper –gold mineralization. This new target zone, covered by a thin veneer of glacial material, is represented by coincident IP chargeability, moderate resistivity and magnetic highs, and is approximately 1,000 metres to the east of the previous drilling.
Terms of the Agreement
Under the terms of the Agreement Cap-Ex can earn a 51% interest in the Property over a four year option term by completing $2,000,000 in exploration expenditures on the Property and issuing 1,000,000 common shares of Cap-Ex as follows:
- Exploration Expenditures
- $150,000 on or before the first anniversary of the approval of the TSX Venture Exchange (the “Approval Date”);
- a further $250,000 on or before the second anniversary of the Approval Date;
- a further $600,000 on or before the third anniversary of the Approval Date; and
- $1,000,000 on or before the fourth anniversary of the Approval Date.
- Issuance of common shares
- 200,000 common shares in the capital of Cap-Ex on or before the second anniversary of the Approval Date;
- 300,000 common shares in the capital of Cap-Ex on or before the third anniversary of the Approval Date; and
- 500,000 common shares in the capital of Cap-Ex on or before the fourth year anniversary of the Approval Date.
Upon completion of the 51% earn-in, Cap-Ex can earn an additional 19% interest in the Property, bringing the total interest to 70%, by issuing an additional 500,000 common shares and incurring a further $3,000,000 in property expenditures within two years.
If and when Cap-Ex earns an interest, either 51 or 70 percent, Cap-Ex and the Optionor will enter into a joint venture on standard industry terms.
All securities issued pursuant to the Agreement are subject to a four month hold period from the date of issuance. The Agreement is subject to the acceptance of the TSX Venture Exchange. This news release has been reviewed by Adrian Smith, Director, and a Qualified Person as that term is defined in NI 43-101.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
For additional information please visit the Company’s website at www.cap-ex.ca. You may also email
CAP-EX IRON ORE LTD.
“Andrew Bowering”
Andrew Bowering
Chairman
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.
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”
Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (“Cap-Ex” or the “Company”) is pleased to announce it has entered into an agreement (the “Agreement”) to acquire a 90% interest (the “Interest”) in the Aspen Gold Property in central British Columbia. The 12 mineral claims comprising the Aspen Gold Property cover an area of 5,537 hectares and are located 25 kilometres northeast of New Gold Inc’s 9.5 million ounce Blackwater gold deposit in the Nechako Plateau. The purchase price for the Interest is $100,000 with the Vendor retaining a 10% interest in the Aspen Gold Property ("Aspen"). The 10% interest is carried to the point at which a bankable feasibility study, if any, is completed. Upon completion of a bankable feasibility study, the Company and the Vendor have agreed to enter into a joint venture agreement. There are no royalties on the Aspen Gold Property. The Agreement is subject to its approval by the TSX-Venture Exchange.
The Aspen Gold Property is strategically located within the “Nechako Uplift” block identified by New Gold Inc. Recent airborne magnetic geophysical surveys completed by Geoscience BC (2014) have identified distinct ovoid magnetic response halos (~5km in diameter) representing granitic porphyry stocks proximal to both the Blackwater deposit and Aspen. Given the proximity of these stocks to the Blackwater, Capoose, and Chu deposits in the region, they are interpreted to have a first order control on the mineralization within the district. Aspen is ideally located on the margin of one of these two distinct halos, where the Blackwater deposit sits on the margin of the other. The property has high potential to host significant Au-Ag mineralization in a similar structural and geological setting as Blackwater.
Changes in Management and Directors
The Company announces that Mr. Adrian Smith, P.Geo., B.Sc., has been appointed as President. Mr. Smith has been a board member since 2015, is a Professional Geologist and the Company’s qualified person pursuant to NI 43-101. He has worked with mining and exploration companies since 2007, and worked as an underground mine geologist in the Shasta Gold-Silver Mine in Northern BC from 2008 until 2010. He then began work for North American Tungsten Corp. at the Cantung Mine where he was involved in successfully identifying, modelling, and producing ore in addition to known reserves. Since then Mr. Smith has taken his mining and exploration experience from underground and applied it to exploration projects across Canada. Mr. Smith graduated from Simon Fraser University with a Bachelor of Science degree specializing in Geology, and has been a member of APEG BC since 2008.
The Company announces the resignation of Mr. Brett Matich as President and Director of the Company effective today, to pursue other professional interests. The Company wishes to thank Mr. Matich for his contributions to the Company and wishes him all the best in his future endeavors.
Andrew Bowering, Chairman comments “We welcome Mr. Smith as President of Cap-Ex. We are pleased to see him taking a more active role in the management team at this time, and note in particular that we are confident that Mr. Smith’s professional experience, expertise and knowledge will prove to be valuable as the Company moves to acquire and advance new mineral properties. I also wish to thank Mr. Brett Matich for his contributions to Cap-Ex and wish him the best in his next projects.’’ The proposed acquisition of a 90% interest in the Aspen Gold Property is a non-arm's length or related party transaction as the issued and outstanding shares of the Vendor are controlled by two directors of the Company. The transaction is exempt from the valuation and minority shareholder approval requirements of Ml 61-101 by virtue of the fact that the Company is listed only on the TSX Venture Exchange and by virtue of the small fair market value of the acquisition relative to the Company's market capitalization. The acquisition is not a business combination as that term is defined in Ml 61-101. The Company's Board of Directors, when considering a non-arm's length or related party transaction, requires the interested parties to fully disclose their interest and to abstain from voting on any such transaction.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada.
For additional information please visit the Company’s website at www.cap-ex.ca. You may also email
CAP-EX IRON ORE LTD.
“Andrew Bowering”
Andrew Bowering
Chairman
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.
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”