Oct 11 2010
The management of Vantex Resources Ltd.(TSX VENTURE:VAX) has announced 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.
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 Théberge 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.