La
Prairie, November 12, 2010. The management of Vantex Resources Ltd
(VAX-V) (" Vantex " or the
" company ") is pleased to announce the completion of 6
new drill holes for a total of 1,750 metres, in
the area of the Moriss showing where a new gold
discovery was announced by press release on October 8, 2010 (Drill hole
VPE10-02 - 5.81 g/t Au over 4..75 metres). The first assay results from
the lab indicates that the size of this new gold zone is getting
larger and the grades are getting better. The Moriss
zone is located 600 metres West of the Galloway-Pitchvein zone (GP).
In VPE10-11, the
hole intersected two gold zones with one of the zones showing visible gold.
The initial assay results returned grades of 8.21 g/t Au over 22.50 metres (along the hole) including a section that
returned 18.16 g/t Au over 5.50 metres and 13.93
g/t Au over 6 metres as well as another zone with
1.81 g/t Au over 13.50 metres including a zone
with 3.62 g/t Au over 6.25 metres. Drill hole
VPE10-10, located 20 metres under VPE10-02,
returned 11.6 g/t Au over 5.35 metres ( along the
hole ) including 2.65 metres at 22.73 g/t Au
while hole VPE 10-06 returned 4.548 g/t Au over 10.50 metres
including a zone with 14.646 g/t Au over 3 metres.
The management of the company requested additional assays (metallic sieves)
to confirm those results.
Drill holes
VPE10-12 and VPE10-13 did not return any significant results while results
from VPE10-14 are still pending. Another 3,000-meter drilling campaign will
start very soon in this same area.
Drill hole
|
Showing
|
Intersection
(metres)
|
Width**
(metres)
|
Grade
(g/t Au)
|
Cut-off
grade of 31.1 g/t Au
|
|
Moriss
|
|
10.50
|
4..548
|
4..548
|
|
|
|
3..00
|
14.87
|
14.87
|
|
|
97.50 - 106.50
106.60 - 108.00
|
9..10
0.55
|
5..184
3.53
|
5..184
|
|
|
|
|
|
|
|
Moriss
|
|
5..35
|
11.60
|
10.591
|
|
|
|
2..65
|
22.73
|
20.79
|
Including
Including
Including
VPE10-11*
Including
Including
And
Including
Including
Including
Including
And
|
Moriss
|
102.35
- 103.00
103.00 - 104.00
104.00 - 105.00
84.00
- 106.00
84.00 - 89.50
84.00 - 87.00
100.00 - 106.50
100.50 - 102.00
102.00 - 103.50
103.50 - 105.00
105.00 - 106.50
146.75 � 153.00
|
0..65
1.00
1.00
22.50
5.50
3.00
6.00
1.50
1.50
1.50
1.50
6.25
|
39.26
27.43
7.360
8..21
18.16
31.33
13.93
30.99
1.25
22.22
1.245
3.53
|
7..076
13.52
22.80
|
*
Partial results (metallic sieves assays are pending)
** Along the hole.
Orientation and dip of these zones remains to be confirmed with more drill
holes and geophysics. True width can therefore be subject to changes
depending on future data compilation.
Drill hole
|
Elevation
|
Azimut
|
Inclination
|
UTM East
|
UTM North
|
|
300
|
180
|
-45
|
617125
|
5339050
|
|
305
|
180
|
-50
|
617175
|
5339047
|
|
305
|
220
|
-47
|
617173
|
5339047
|
|
305
|
270
|
-45
|
617172
|
5339050
|
|
304
|
205
|
-45
|
617184
|
5339028
|
|
300
|
214
|
-45
|
617129
|
5339046
|
|
315
|
180
|
-45
|
617280
|
5339060
|
" We are excited and
pleased with these new results. This proves that we are in the presence of
another important gold source and that this new promising showing confirms
the potential of the Galloway property. The full set of results will be
available in the coming weeks. For the GP zone, the initial drill phase is
now completed and we are only starting to receive assay results. These
results will allow us to proceed with an initial
43-101 resource estimate for the GP area
", commented Mr. Guy Morissette, CEO of Vantex.
In order to
protect this asset, the company filed a claim request at Quebec�s Natural
Resources department to secure the north and northwest extensions of the
new zone. A request to transfer claims into cells was also filed at the
same department.
Regarding
drilling of the GP showing, management is pleased that every drill hole
completed so far on this zone, intersected the targeted gold structure. Vantex plans to resume another drilling program on the
north-east extension of this zone, as soon as the compilation of results
from the recent drilling campaigns, is completed. Due to a large amount of
exploration currently taking place in the area, assay results are subject
to longer delays.
Drill
hole
|
Showing
|
Intersection
(metres)
|
Width*
(metres)
|
Grade
(g/t Au)
|
|
GP
GP
|
7.50 -
10..50
220.50 - 271.50
261.00 - 270.00
12 �
96
27 - 51
|
3.00
51.00
9.00
84.00
24.00
|
1.61
0.632
1.267
.563
.792
|
|
|
303 -
337..50
|
34.50
|
.722
|
|
|
330 -
337..50
|
7.50
|
.912
|
|
|
|
|
|
|
GP
|
156 -
175..50
310.50 - 354
|
19.00
43.50
|
.503
.745
|
|
|
310.50
- 322.50
|
12.00
|
1.390
|
|
GP
|
183 -
226..50
210.00 - 226.50
210.00 - 273.00
|
43.50
16.50
63.00
|
0.681
1.09
0.541
|
* along the hole. Orientation and dip of these zones
remains to be confirmed. True width can therefore be subject to changes
depending on future data compilation.
Hendrick Zone
The Company also
started an important drill hole in the area of the Hendrick
gold zone where historical drill holes returned 1.23 gt/Au
over 67.67 m and 1.34 gt/Au over 42.98 m in
KOD86-01 and 1.03 gt/Au
over 49.8 m in KOD86-04, in order to test the potential of this gold
area located 500 metres south-east of the
Galloway zone.
Geophysics
surveys, mag and IP, are also underway in the Hendrick and Moriss areas.
The works are
under the supervision of Mr. Jeannot Th�berge, consulting geologist and Qualified Person
under NI 43-101. Mr. Theberge has read and
approved this press release.
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.
Mr. Theberge has read and approved this press
release.
Financing
Vantex also wishes to
inform its shareholders that it entered into an agreement with Jones
Gable & Company Ltd. (" Jones, Gable ") in respect
of two brokered private placement financings at the following conditions:
A Flow through
financing for a maximum of $1,000,000 consisting of 1,000 Flow through
units (the �FT Units�) at a purchase price of $1,000 per Unit, on a
commercially reasonable effort agency basis. Each FT Units will consist of
4,000 flow-through common shares and 1,000 common shares at a price of
$0.20 per share and 2,500 common share purchase warrants. Each whole
warrant will entitle the holder to purchase one additional common share in
the capital of the company for a period of twelve months from the date of
issuance, at a purchase price of $0..25 per share.
Proceeds of the
Units will be used for the continuation of exploration of the Galloway
property in Quebec. The expenses will constitute Canadian exploration
expenses and flow-through mining expenditures (as defined in the Income Tax
Act (Canada)), which can be renounced to purchasers for the 2010 taxation
year.
A second
financing for a maximum of $499,500 consists of 666 units
(the " Units ") at a purchase price of 750 $ per
Unit, on a commercially reasonable effort agency basis. Each Unit includes
5,000 common shares at a price of $0.15 per share and 2,500 common share
purchase warrants. Each whole warrant will entitle the holder to purchase
one additional common share in the capital of the company for a period of
twelve months from the date of issuance, at a purchase price of $0.25 per
share. These funds will be allocated for cash flow purposes.
The securities
issued will be subject to a hold period of four months and one day and subject
to the approval of the TSX Venture exchange.
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.
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