November 08, 2011
Cap-Ex Ventures Ltd. (TSX-V:CEV) ("Cap-Ex" or the "Company") is pleased to announce the discovery of a second high grade magnetite zone on the Company's wholly owned Block 103 iron ore property, located 30 kilometres northwest of the mining town of Schefferville, Quebec. This new zone is located approximatley 3 kilometres west of the Green Bush Zone, in the northwest region of Block 103. Refer to Northwest Zone map on Company website (www.cap-ex.ca).
The newly discovered Northwest Zone was diamond drill tested by 6 holes over 5.3 kilometres of strike, with drill spacing ranging from 300 metres to 2,100 metres. This zone is completely open along strike to the south. The presumed width of the Northwest Zone between Kivivic Lake and the western boundary of Block 103 is between 0.5 and 1.5 kilometres. The western and northern extensions appear to continue onto ground held by Tata Steel/New Millennium Iron Corp. The Northwest Zone is striking NW-SE, dipping gently to the northeast. The thickness increases from 107 metres at the northern end, in hole DDH 103-11, to over 153 metres at the southern end as shown in Hole DDH103-17.
To date, assay results for the Northwest Zone were obtained only for the most northern drill hole DDH 103-11, from 1.22 metres, intersected 107.90 metres (true thickness) averaging 31.8% iron, with 31.6% Davis Tube Weight Recovery ("DTWR"). This initial DTWR assay result is significantly higher than the nearby LabMag (average of 25.8% DWTR) and KeMag (average 27% DWTR) deposits.
Assay results from the remaining five holes are pending; these drill intercepts of magnetite bearing Sokoman Formation are presented in the table below. It is important to note that in holes DDH 103-16 and 17, significant intervals of magnetite have been converted to hematite.
|
Hole No.
|
From
|
To
|
Core Interval
|
True Thickness of Magnetite
|
|
(m)
|
(m)
|
(m)
|
Bearing Interval (m)
|
|
| DDH103-12 | 1.52 | 108.81 | 107.29 | 106.70 |
| DDH103-13 | 1.22 | 102.56 | 101.34 | 100.78 |
| DDH103-15 | 1.52 | 101.65 | 100.13 | 99.58 |
| DDH103-16 | 24.69 | 151.49 | 126.80 | 126.10 |
| DDH103-17 | 43.59 | 196.60 | 153.01 | 152.17 |
The Company is also awaiting additional assay results from the recently discovered Greenbush Zone, also located on Block 103.
Fourteen Reverse Circulation ("RC") drill holes have now been completed on the Company's Redmond properties, located 10 kilometres southeast of Schefferville, Quebec. The Company is awaiting assay results. Eleven holes intersected hematite/limonite mineralization with intervals ranging from 10 to 73 metres in thickness.
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.
The Company also reports the grant of 600,000 incentive stock options (the "Options") to certain directors, officers, employees and consultants of the Company. The Options have a term of five (5) years and are exercisable at a price of $0.81 per common share. The Options are subject to their acceptance for filing with the TSX Venture Exchange.
Alex Walus, PGeo., a qualified person pursuant to National Instrument 43-101, has reviewed and approved of the contents of this news release.
For additional information please visit the Company's website at www.cap-ex.ca. You may also email This email address is being protected from spambots. You need JavaScript enabled to view it. or call investor relations at (604) 669-2279.
CAP-EX VENTURES LTD.
"Brett Matich"
Brett Matich
President and CEO
"Neither the 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."