Cap-Ex Ventures has declared the assay results for three holes from the Northwest Zone on the Block 103 iron property situated roughly 30 km northwest of Schefferville’s mining town in Quebec.
All the holes intercepted substantial iron mineralization. The holes DDH103-17, DDH103-16 and DDH103-12 intercepted 30.6% of total iron from 48.2 m, 31.0% of total iron from 29.6 m, and 31.5% of total iron from 4.9 m, respectively.
The Northwest Zone is situated 2 km towards the Greenbush Zone’s west. A total of six holes were diamond drill tested at the Northwest Zone over 5.3 km of strike, and drill spacing varied from 200-2,100 m. These six holes encountered mineralization with a total iron grade of over 31%. The Northwest Zone is slightly plunging northeast, striking northwest to southeast and remains exposed to the south from where the width increases from 90.6 to 148.4 m. The Block 103's north boundary has confined the northern strike extension. The supposed width ranges from 0.5 to 1.5 km and contacts the Kivivic Lake to the east. The Block 103’s west boundary confines this width. The mineralization in DDH103-17 hole is exposed at depth.
The Northwest Zone is on strike between the KeMag and LabMag deposits on the adjoining properties owned by New Millenium Iron, which had earlier stated that the ore bodies represent a continuous zone of mineralization. The identification of mineralization at the Northwest Zone may support this notion.
In the coming season, Cap-Ex Ventures has planned to drill test the Northwest Zone’s southern strike extension till the property boundary. The company anticipates receiving further 2011 drill assay results for the Greenbush Zone located in Block 103.
Francois Laurin, Cap-Ex President and CEO, informed that the company has developed an exploration program and plans to release a preliminary mineral resource estimate by 2012 end as well as a preliminary economic evaluation by Q1 of 2013.