By Kalwinder KaurJul 16 2012
Cap-Ex Ventures has reported that it is continuing to intercept significant iron mineralization intervals through its current drilling campaign at the Greenbush zone, which is situated at the Block 103 property in West Labrador.
The company encountered mineralized intersections in 12 out of the 13 holes located at its second drill line, which trends towards southwest or northeast. It is expecting the assay results of the initial set of holes in about four weeks.
The potential grade and tonnage are intangible in nature, due to inadequate exploration to outline a mineral resource and it is tentative if additional exploration will result in the target that is being outlined as a mineral resource. These figures are indicated as exploration target areas, depending on the existence of mineralized drill holes and mineralized zones that are exposed in most of the directions, and also on geophysical anomalies.
Comprehensive logging of all drill core gathered so far was examined to demonstrate mineralization continuity between the first and second drill line. Spacing of drill hole along the second drill line ranges from 150 to 270 m. The company has already commenced the drill program at the third drill line, which is situated about 600 m towards the southern part of and analogous to the second drill line.
Four diamond drilling rigs are operating at the Block 103 property, where proposed drilling of about 8,000 m of a minimum 15,000 m has been completed for 2012.
The company plans to complete the NI 43-101 mineral resource calculation together with a preliminary economic assessment, which may be released in Q1 of 2013.
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