Vantex Resources Ltd.
TSX VENTURE : VTX

Vantex Resources Ltd.

March 09, 2009 06:00 ET

Vantex Acquires a Major Gold Project

LA PRAIRIE, QUEBEC--(Marketwire - March 9, 2009) - The management of Vantex Resources Limited (TSX VENTURE:VTX) is very pleased to announce the acquisition of an important gold project located in Dasserat Township, less than 30 kilometres from the Rouyn-Noranda mining district in the Abitibi. (Regional Maps, http://vantexressources.com/fichiers/galloway/)

Consisting of 3 mining concessions, 52 claims and 35 lots covering a total area of 2,285 hectares, the "Galloway" project is the results of the amalgamation of the Hurd, Ogima Nord, Sandborn, Perron, Cadillac and Francoeur claim blocks.

With this important acquisition, Vantex has positioned itself in a favourable geological environment for the development of an open pittable, large tonnage gold resource of the type being developed by Mines Osisko (Canadian Malartic) or Mines Aurizon (Joanna Project).

Hurd-Perron Block

The Hurd-Perron block consists of 3 mining concessions and of 26 mining claims covering a total area of 616.27 hectares. Several significant gold showings are known on this block including the Galloway-Pitchvein, Soaker Hill, Hurd and Fayolle indices.

Galloway-Pitchvein

Found within a syenite porphyry, the Galloway-Pitchvein showing is located along ENE striking faults originating from the Cadillac-Larder Lake deformation zone. Anomalous gold values are returned from lithologies such as acid and basic tuffs, feldspath porphyries, basic dykes and andesites. Pyrite, chalcopyrite and molybdenite mineralization were observed. The latter is directly related to ductile shear zones hosting quartz-carbonate veins. According to Vantex' interpretation and based on historical data from Kerr Addison Mines, Minnova (both subsidiaries of Noranda at the time) as well as Silver Century (subsidiary of Agnico Eagle at the time), the potential of the Galloway-Pitchvein area for an open pittable large tonnage resource is excellent. The former operators traced the showing over almost 1,200 meters (1.2km) laterally, down to almost 1,000 meters vertically and over widths of up to 396 meters along the hole.

As example, drill Hole KOD86-01, located on the Perron block, approximately 900 metres to the SSW of the Galloway shaft, cut the auriferous structure over a core length of 395.8 meters and returned an average grade of 0.75 g/t Au (Kerr Addison internal report). This section includes 1.23 g/t au over 67.67 m and 1.34 g/t Au over 42.98 m. Some 200 metres to the west, drill hole KOD86-4 intersected the same structure which returned 1.0 g/t Au over 53.64 metres (Kerr Addison internal report) while hole KHD87-7 gave 1.1 g/t Au over close to 87 metres (GM 46760). Drill hole KHD-24 returned 0.7 g/t Au over 133.5 metres (GM 49129) and hole 93-H-5, located approximately 120 metres to the north of the Galloway shaft, gave 1.03 g/t Au over 100.55 metres (GM 53650).



Hitorical Data

Drill Hole From To Length(i) Grade
(m) (m) (m) g/t Au

KOD86-01 429.01 824.79 395.78 0.75
including 496.95 500.60 3.66 5.00
including 619.96 687.63 67.67 1.23
including 713.84 756.82 42.98 1.34
including 735.90 748.17 12.27 2.15
KOD86-04 646.18 699.82 53.64 1.00
KHD87-7 486.80 573.63 86.83 1.10
including 517.25 549.25 32.00 2.09
including 544.68 549.25 4.57 7.86
KHD87-9 80.01 240.27 160.26 0.54
including 160.32 196.90 36.58 1.00
including 160.32 163.37 3.05 6.51
KHD88-1 662.50 676.50 14.00 1.53
including 667.50 670.50 3.00 5.51
KHD-21 10.00 22.00 12.00 1.80
including 12.70 17.00 4.30 2.94
and 105.00 273.00 168.00 0.72
including 151.00 166.00 15.00 1.03
including 264.00 270.00 6.00 3.90
KHD-23 21.50 108.00 86.50 0.58
KHD-24 114.50 248.00 133.50 0.71
including 237.50 248.00 10.50 1.71
93H-05 4.27 47.40 43.13 0.972
including 44.60 47.40 2.80 3.70
and 157.85 258.40 100.55 1.03
including 185.70 210.95 25.25 1.41
including 196.50 208.90 12.40 2.32
and 253.90 258.40 4.50 3.48
94H-08 9.50 82.40 72.90 0.62
and 143.00 163.00 20.00 0.74

(i)Core length


In order to certify historical drilling data and make an initial resource estimate over the Galloway-Pitchvein mineralization, the management of Vantex is considering equity financing sufficient for a minimum program of 20,000 metres of drilling.

Mr Guy Morissette, president of Vantex states "The geological environment of the Galloway-Pitchvein showing coupled with the historical drilling data clearly demonstrates the potential for an open pittable significant gold resource. As a matter of fact, conclusions of an internal report by Silver Century dating back to 1994 indicate the potential for a near surface low grade gold and copper deposit in the Galloway indices area..."

It should be noted that this showing has been studied by less than 20 holes since its discovery. It remains open laterally and vertically.

Soaker Hill

Located approximately 1 km to the north of Galloway-Pitchvein, the Soaker Hill showing hosts a gold mineralization related to quartz-carbonate-pyrite veins within faults zones (GM 62744). Sulphide mineralization consists of pyrite and chalcopyrite. Numerous holes returned gold values and some visible gold was noted



Historical data

Drill Hole From To Length(i) Grade
(m) (m) (m) g/t Au

PV-57-01 5.58 11.89 6.31 2.68
PV-57-02 3.38 4.51 1.13 9.60
and 5.52 6.22 0.70 26.40
and 8.05 9.57 1.52 2.40
PV-57-03 2.96 8.990 6.03 7.18
PV-59-05 73.00 74.22 1.22 4.85
PV-59-06 128.93 132.59 3.66 2.57
and 222.81 228.39 4.82 1.22
PSR-03-06 224.80 226.60 1.80 4.77
PSR-04-06 15.00 18.00 3.00 2.07

(i) Core length


Hurd showing

It is hosted in a phonolitic alkaline lapilli tuff. Surface work demonstrated the presence of quartz veins mineralized in molybdenite, copper and gold (GM 47673). A bulk sample returned 0.49% MoS2, 0.36 % Cu 0.70 g/t Au and 5.83 g/t Ag (MB-86-14).

Fayolle showing

Fayolle is located appproximately 1.4 km from the Galoway shaft. The showing is hosted in a syenite porphyry (Bay Renault Syenite) intruding a rhyolite of the Blake River Group. Since 1929, the showing has seen sporadic exploration and numerous veins and shear zones have been uncovered on outcrops, trenches, exploration shaft and drill holes. The mineralization is disseminated and fine grained and consists of chalcopyrite, pyrite, gold, galena, hematite, molybdenite with quartz, carbonates and tourmaline. Numerous gold and copper values have been reported historically.

Furthermore, numerous drill holes, away from the mineralized indices, show values above 1 g/t Au. For example, hole 95-H-12 (Silver Century) returned 2.25 g/t Au over 4.0 m between 92 and 96 m and 1.09 g/t Au and 0.14% Cu over 2 m between 143 and 145, hole 95-H-18 returned 2.23 g/t Au over 4 m between 47.40 and 51.40, hole KDH-87-7 gave 2.28 g/t Au over 6.10 m and 8.49 g/t Au over 4.57 m (GM 46760).

Sandborn -Ogima Nord- Cadillac- Francoeur Blocks

Consisting of 48 claims and 35 lots, these blocks make up the eastern and south eastern portions of the "Galloway project". Numerous gold, silver and copper showings have been found on that part of the property.

Sandborn showing

Chalcopyrite mineralization (Cu) associated with a shear zone. A selected grab sample returned 2.39% Cu, 1.47 g/t Au and 6.79 g/t Ag (RP-390, page 36). A value of 1.12 % Cu over 2.74 meters was intersected in a historical drill hole (hole 82-2, GM40427).

Payrock

The mineralized zone is contiguous to a NE striking shear zone. Three quartz-carbonate veins form the main showing. One grab sample by Noranda returned 24.7 g/t Au (GM 53294).

Côté-Laporte

A drill hole by Kerr Addison in 1987, just north of the Cadillac Break, returned 1.78 g/t Au (hole CLD-86-1, GM 44428). An other one, located 500 meters further north, gave 2.7 g/t Au over 3 m while several holes located to the south of Lac Desvaux returned values ranging from 1.4 to 3.9 g/t Au over widths from 1.2 to 2.1 metres.

Local Geology

The geology of the Dasserat area is characterized by the presence of a syenitic intrusion which covers the northern portion of the claim group and extends under Dasserat Lake. This syenitic intrusive complex intruded volcanics of the Balke River Group at the contact with sediments pertaining to the Timiscaming Group. The Bay Renault syenite exhibits gradual contacts with alkaline lapillis tuffs showing angular fragments suggesting a comagmatic origin. Both, the syenite and the tuffs are strongly altered in iron carbonates, sericite and pyrite which render identification somewhat difficult. Stability fields for metallic minerals suggest a zoning centred on the molybdenite field in the southwestern part of the syenite where the best gold anomalies have been identified to date. The presence of molybdenum in the central portion of the syenite may indicate the presence of another gold anomalous area under Bay Renault (RP-2007-03). The syenite intrusion and the Cadillac Break appear to have been the main controls over the alteration and the mineralization in the area.

Acquisition

Terms of the acquisitions from local independent prospectors are listed below:



Block Cash(i) Shares(ii) Work(iii) Interest Royalty
Name $ $ % NSR

Hurd 145,000 2,437,500(i) 0 90% 2%
Ogima-Nord 80,000 575,000(i) 100,000$ 90% 2%
Sandborn 25,000 170,000(i) 50,000$ 100% 2%
Perron 0 0 250,000$ 40% 2%
Francoeur 25,000$ NIL NIL 100% 2%
Cadillac 25,000$ NIL NIL 100% 2%

(i) To be paid over three years.
(ii) Maximum number of shares to issue at a minimum price of 0.10$
per share
(iii) Work commitment to be spent over three years.


This press release was reviewed and approved by Mr J Theberge, P. Geologist and qualified person as per NI 43-101.

The TSX Venture Exchange has neither approved nor disapproved the content of this press release.

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