Cap-Ex Ventures Ltd.

Cap-Ex Ventures Ltd.

November 23, 2011 08:00 ET

Cap-Ex Ventures Ltd.: Drill Results Continue to Support New Iron Ore Discovery on Block 103

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2011) - Cap-Ex Ventures Ltd (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:X0V) ("Cap-Ex" or the "Company") is pleased to announce additional results from diamond drilling completed in 2011 on its wholly owned Block 103 iron ore property, located 30 kilometres northwest of the mining town of Schefferville, Quebec.

Drill hole DDH103-35, intersected 70.1 metres at 29.7% Fe and 33.75% DTWR from 5.18 metres. The Company also received the DTWR results for DDH103-28, intersecting 125 metres at 30.4% Fe and 30.84% DTWR from 2.13 metres. (Refer to Figure 1 attached, which can also be found at

The Greenbush Zone currently averages 30.23% Fe and 30.36% DTWR. This is higher than the head grade iron and DTWR figures of other similar multi-billion tonne magnetite deposits in the Labrador trough. The resultant Davis Tube Concentrate estimates grade an average of 66.98% Fe and 5.06% SiO2.

This year's drilling on Block 103's Greenbush Zone has enabled the Company to outline an area that could host a significant magnetite deposit. The outlined area called the Greenbush Zone, is underlain by a continuous magnetite bearing horizon (Sokoman Formation). (Refer to Figure 1 attached, which can also be found at

Based on the results of the 2011 drilling and airborne geophysical programs, the following interpretations can be formulated regarding the Greenbush Zone:

  • The area with strong magnetite mineralization is at least 16 square kilometres in size. This Zone features very strong, coincident magnetic and gravimetric airborne anomalies, which show remarkable reliability as drilling targets. All 17 drill holes within the Greenbush Zone, publicly disseminated, have encountered a sequence of ore grade mineralization from 45 to 265 metres. (See Table 1)

  • The average length of the core intercepts of magnetite mineralization encountered in the 17 holes drilled in the Zone is 128 metres. This number is based on assays from 10 holes and the visual estimation of magnetite content in the remaining holes. The average true width of the magnetite mineralization is estimated at 110 metres.

  • Specific Gravity ("SG") of 3.3 is used at this time, which is the same used for the surrounding deposits.

  • The western limb of the Greenbush Zone exhibits a folded sequence as observed in Hole 44. This 265 metre hole goes through the Sokomon Formation, exits the formation, and then re-enters in a reverse formation sequence.

  • The mineralization starts near surface in most of the holes and is open in all directions

Cap-Ex President and CEO Mr Brett Matich comments, "The Board is pleased with the initial results from the Greenbush Zone discovery. Block 103 appears to host a multi-billion tonne near surface iron ore deposit."

TABLE 1 - Greenbush Zone
Hole From To Core interval Total Fe DTWR Concentrate
number (m) (m) (m) (%) (%) Fe
DDH103-7 6.08 164.94 158.86 31.2 30.57 70.1 2.3
DDH103-8 2.74 121 118.26 28.6 29.29 67.53 5.55
DDH103-9 83.57 157.89 74.32 29.5 32.61 67.06 6.12
DDH103-23 1.52 161.39 159.9 31.3 31.97 68.51 4.42
DDH103-25 0 87.37 87.37 29.9 27.95 69.18 3.51
DDH103-27 2.13 129.24 127.11 29.6 26.14 68.08 5.1
DDH103-28 2.13 127.26 125.13 30.4 30.84 55.48 10.65
DDH103-32 59.73 143.78 84.05 31.9 30.08 69.88 2.79
DDH103-35 5.18 75.29 70.1 29.7 33.75 Results pending
DDH103-18 21.33 186.54 165.21 Results pending
DDH103-19 21.48 66.88 45.4 Results pending
DDH103-20 1.22 130.99 129.77 Results pending
DDH103-34 32.61 178.918 146.3 Results pending
DDH103-38 2.44 92.05 89.61 Results pending
DDH103-39 2.13 194.16 192.03 Results pending
DDH103-43 37.49 178.92 141.43 Results pending
DDH103-44 2.13 267.31 265.18 Results pending

The Company is also awaiting additional assay results from the recently discovered Northwest Zone, also located on Block 103. The Northwest Zone was tested by 6 holes over 5.3 kilometres of strike.

The samples from drilling were processed and assayed by SGS Canada Lab based in Lakefield, ON. The samples were assayed using XRF, Satmagan and Davis tube techniques.

Alex Walus, PGeo., a qualified person pursuant to National Instrument 43-101, has reviewed and approved the contents of this news release.


Brett Matich, President and CEO

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

To view the map associated with this release, "Figure 1," please visit the following link:

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