Vantex Resources Ltd.

Vantex Resources Ltd.

July 07, 2010 08:00 ET

Vantex Intersects 24.25 Meters at 1.05 g/t Au on Galloway

LA PRAIRIE, QUEBEC--(Marketwire - July 7, 2010) - The management of Vantex Resources Ltd.(TSX VENTURE:VAX) announces that it has completed 1,500 meters of its initial drilling program of 10,000 meters on the Galloway-Pitchvein area, located in the Dasserat township, in Abitibi-Témiscamingue.

All drill holes carried out on the Galloway-Pitchvein gold zone intersected the gold structure over widths ranging from 34 to 232 meters (along the hole), depending on the length of the hole and will serve as an initial assessment of the gold resource in that area of the Galloway project. The first results remain very positive and confirm the potential of the Pitchvein Galloway area.

"We are very pleased with these results obtained in this new drilling program and we strongly believe that the Galloway Pitchvein area alone provides an excellent potential for a low grade open pit deposit but with very high volume. The gold structure of the Galloway project is now known for more than 2 km, however, our current work focuses primarily in the area of the Pitchvein-Galloway showing, an area 400 meters long by 200 meters wide. The company's strategy is to define as soon as possible a 43-101 gold resource. All discussions conducted with potential partners have been positive, however, the company management feels it is better to establish the correct settings before joining forces with a partner '" said company President, Mr. Guy Morissette.

Drill Holes From-To Length Grades
  meter meter* Au g / t
VHD10-24 8.80 - 69.00 60.20 0.540
Including 30.35 - 31.50 1.15 3.45
Including 30.35 - 55.50 25.15 0.710
Including 49.50 - 55.50 6.00 0.88
VHD10-25 6.35 - 80.00 73.65 0.670
Including 36.00 - 80.00 44.00 0.810
Including 36.00 - 51.00 15.00 0.970
Including 73.50 - 80.00 6.50 1.59
VHD10-26 9.00 - 52.70 43.70 0.840
Including 9.00 - 33.25 24.25 1.05
Including 10.50 - 25.20 14.70 1.32
Including 15.95 - 25.20 9.25 1.49
VHD10-27 10.00 - 44.14 34.14 0.530
Including 10.00 - 27.00 17.00 0.730
Including 12.00 - 15.50 3.50 1.08
Including 12.00 - 22.50 10.50 0.770
Including 21.00 - 27.00 6.00 0.810
* along the hole

Results from drill holes VHD10-28 to VHD10-31 should be available in the coming days. The company considers its work to pick up soon and plans to use two additional rigs to accelerate the work.

Mr. Jeannot Théberge, consulting geologist and Qualified Person under NI 43101, has supervised the field work. All samples are tagged, bagged ans shipped to Laboratoire Expert Inc., Rouyn-Noranda, where 30 gram pulp samples are prepared and assayed for gold (FAA). Gravimetric assay repeats (FA) have been completed on samples with grades over 1,0 g/t Au. A strict QA/QC program including random insertion of blanks, standards, and duplicate samples has been followed throughout the sample preparation. The NQ-size core is logged, sampled and split in two at the company's core shack in Rouyn-Noranda.

Hurd Zone (north-east extension)

The historic drilling and drilling completed last year by Vantex have shown that the gold structure continues over 1.5 km in its north-east extension. The drill hole VHD09-19 had intersected 31.5 meters at 0.75 g / t while drill hole 95H12 gave respectively 14 meters at 1.08 Au g / t and 12 meters at 1.09 Au g / t and the KHD87-08 showed a grade of. 0.565 g / t over 38.16 meters and 0.843 Au g / t over 3.20 meters.

Perron Zone (southwest extension)

Located about 500 meters south-west, the Perron zone lies partly below the sediments of Cobalt. However, the historical data mentioned two drill holes (conducted by Kerr Addison Mines in the 1980s) giving 401 meters 0.75 g / t (KOD86-01) and 49.37 meters at 1.03 g / t. This area will possibly become part of a drilling program in more depth.

Soaker Hill Zone

Also, depending on financing, the company plans to drill the Soaker Hill zone, located about one kilometer north of the Galloway area. This area also contains a very large gold potential and a first drilling program in this sector will provide a better understanding of the gold structure. The stripping and channel sampling program completed last year in this area intersected several gold values and the historical data (drilling) demonstrates gold continuity in depth.

The Galloway Project

Composed of 3 mineral concessions, 63 claims and 35 lots covering an area of about 2,750 hectares, the Galloway project is located approximately 25 kilometers west of Rouyn-Noranda and just north of the Cadillac Larder Lake deformation zone. The geological environment of the Galloway project is very favorable for the discovery of gold deposits.

The Galloway area, located between two faults, is now identified over a length of nearly 400m. Gold mineralization is mainly present in the lapilli tuffs and in the syenite porphyry. However, the Galloway zone remains open in its northeast (Hurd Zone) and its south-west extensions (Perron Zone). Several drill holes in these extensions demonstrate a continuity of more than 1.5 kilometer north-east and 500 meters to the southwest. Other historic drill holes also showed continuity to depth as the Galloway zone has been followed to a depth of 500 meters.

In a 2006 DIVEX report, Diversification of mineral exploration in Quebec, they describe the Galloway area as follows: ¨The Cadillac fault represents an important metallotect in the sub-province of Abitibi. The absence of known deposit in the immediate area is partly due to the fact that the corridor of deformation of the Cadillac fault is obscured by a thick layer of sedimentary rocks of Proterozoic age belonging to the Cobalt Group. In fact, subsidiary structures uncovered in this area, the Francoeur-Wasa shear zone, hosts the Francoeur, Arntfield and Wasamac mines. And further west, near Virginiatown, Ontario, found the Kerr Addison mine which produced over 10 million ounces in a similar geological environment. The rocks belonging to the Cobalt Group cover areas potentially economically interesting.¨

Mr. Théberge has read and approved this press release.

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

Contact Information