Cap-Ex Intersects 235 Metres of 29% Iron
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/12/12 -- Cap-Ex Ventures Ltd (TSX VENTURE: CEV)(OTCQX: CPXVF)(FRANKFURT: X0V) ("Cap-Ex" or the "Company") is pleased to announce that it has received the second set of assay results from its on-going drill program within the Greenbush Zone, located on its wholly-owned Block 103 property in western Labrador. All thirteen holes drilled on this second, approximately 2,500 metre long drill line (Section 9400N), intersected iron taconite mineralization. Intersected intervals ranged from 9.2 to 235 metres in thickness with total iron contents ranging from 27.6% to 32.5%. This second drill line trends northeast/southwest and is located parallel to and 600 metres south of the first drill line (Section 10000N), assay results of which were presented in a news release dated August 13, 2012.
Location maps and a cross section are posted on the Cap-Ex website at: http://www.cap- ex.ca/projects/block-103.
Highlights of assay results from this second drill line include:
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Hole From To Length Total Fe
Number (m) (m) (m) (%)
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DDH103-056 89.3 282.6 193.2 27.6
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including 188.4 215.8 27.4 30.1
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including 249.3 273.7 24.4 30.0
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DDH103-057 16.0 172.2 156.2 27.7
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and 215.8 328.6 112.8 29.3
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DDH103-106 1.8 148.7 146.9 29.4
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and 161.1 292.9 131.8 28.7
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DDH103-107 2.7 145.4 142.7 29.7
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DDH103-133 87.8 255.4 167.6 29.1
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including 106.1 122.6 16.6 31.6
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including 179.2 252.4 73.2 30.7
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DDH103-108 2.1 175.9 173.7 29.1
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including 2.1 20.4 18.3 32.3
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including 90.5 166.8 76.3 30.8
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DDH103-084 8.4 49.4 41.0 30.0
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and 63.4 298.4 235.0 29.0
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including 118.6 136.9 18.3 31.9
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including 264.9 295.4 30.5 32.0
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DDH103-110 63.1 151.5 88.4 29.5
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including 63.1 93.6 30.5 32.2
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and 178.5 206.4 27.9 30.0
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and 230.9 299.5 68.7 30.6
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including 273.4 299.5 26.1 32.5
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"We are extremely pleased with this most recent set of assay results as they continue to confirm the grades and thicknesses we identified in our first set of assay results, as well as the results from our preliminary drilling last year," stated Francois Laurin, President and CEO of Cap-Ex. "The consistent grades identified in the assay results received to date, along with the consistently substantial thicknesses of iron mineralization encountered continue to support our confidence in the incredible potential of Block 103."
True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 70% and 100% of the core interval as reported. All samples were prepared from split BTW-sized half-core sections on-site in Labrador. Split drill core samples have been sent to independent contractor Acme Analytical Laboratories in Vancouver, BC for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. FeO titration analysis permits an estimation of hematite. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
To date, Cap-Ex has four diamond drill rigs operating on the Block 103 property, which have now completed approximately 18,400 metres of a revised 22,000 metre drill program. Due to the assay results and the efficiency of the drill crews, the original budgeted 15,000 metres for this year was significantly increased.
About the Block 103 Project
The Block 103 Iron Ore Project is located in western Labrador and covers roughly 20,000 hectares within the Labrador Trough, approximately 30 km northwest of Schefferville Quebec. Two distinct zones of magnetite mineralization, the Greenbush Zone and the Northwest Zone, were identified on the property as a result of a 6,000 metre drilling campaign conducted in 2011. Mineralization was consistently encountered at shallow depths with thicknesses of up to 260 metres. Laboratory analysis of the samples collected during this 2011 program revealed very consistent grades of mineralization ranging from 28.5% to 34.6 % Total Fe. Sample processing and assaying in 2011 was executed by SGS Canada Labs in Lakefield, ON, using XRF, Satmagan and Davis tube techniques.
Qualified Person
Edward Lyons, P. Geo., a consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Lyons has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Cap-Ex.
About CAP-EX Ventures Ltd.
Cap-Ex Ventures Ltd. is a Canadian listed company, focused on the development of its Block 103 Iron Ore Project in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX VENTURES LTD.
On behalf of the Board
Francois Laurin, President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
Contacts:
Cap-Ex Ventures Ltd.
Konstantine Tsakumis
1-866-683-8030 ext. 232
info@cap-ex.ca
www.cap-ex.ca