Vantex Resources Ltd.

Vantex Resources Ltd.

September 29, 2005 09:00 ET

Vantex Resources Ltd.: Promising Results from Lake Expanse

LA PRAIRIE, QUEBEC--(CCNMatthews - Sept. 29, 2005) - Following exploration work on the Lake Expanse project in recent months, the management of Vantex Resources Ltd. (TSX VENTURE:VTX) is pleased to announce the initial results from the first phase of the bulk sample campaign.

The assays from random samples extracted from the stockpile, under the supervision of Mr. Daniel Kelly, independent consulting engineer, returned an average uncut grade of 5.4 grAu/mt, a higher grade than the previous tests from the URSTM, in 2003. From the 36 samples extracted from the stockpile and tested at Laboratoire Expert Inc. of Rouyn-Noranda, 31 returned values ranging from 1.34 grAu/mt to 32.16 grAu/mt. The remaining 5 samples returned grades lower than 1 grAu/mt.

The management views these results as very encouraging and tends to confirm the surface exploitation potential of this important gold structure. This data also validates all the surface drilling and sampling results performed during the last two years.

"These excellent results combined with higher gold prices is a strong incentive to continue our development towards an open pit exploitation. Promines Inc., a mining consulting firm from Val D'or, was mandated to evaluate the measurable resources exploitable between 0 and 40 metres deep. Furthermore, discussions were initiated with many financial and political speakers of the Temiscamingue area, for the possible construction of an ore treatment plant in Belleterre." declared Mr. Guy R. Morissette, president of the Company.

In addition, assay results from the drilling to test if the secondary zones are exploitable by thermal fragmentation showed very good gold grades, which brings the management to reevaluate this type of extraction and believes that the gold could be extracted by conventional surface extraction methods.

The best grades intersected by shallow drill holes range from 1.02 grAu/tm to 58.42 grAu/tm and again, shows the gold potential for this gold showing.

Historical data

The Lake Expanse showing is located in the centre of the Guillet property, which is located 5 km from the town of Belleterre, Temiscamingue, Quebec and some 2 kilometres South of the former Belleterre mine, which produced more than 2 million tons at 10 gr/t Au.

Guillet comprises more than 120 claims covering an area of 4,800 acres. This property is 100 % owned by Vantex and includes numerous other very interesting gold showings. In 2004, the Company mandated Mr. Francois Roy, independent consulting geologist, to do a complete geological survey of the Guillet property. The geological works initiated the discovery of many additional gold showings, namely the Frontiere showing where a chosen sample assayed more than 97 grAu/mt . Also identified was the Jolette showing, located on the border of Lac Guillet, where a chosen sample returned more than 8 grAu/mt, 7 ounces of silver and 1,09% copper. No less than ten additional showings were identified on the entire property and exploration work will take place on some of these, in the coming weeks.

For more than 2 years now, Vantex focused on the evaluation of the Lake Expanse gold zone. More than 125 drill holes were completed in order to define the potential contained gold resource. The management of the Company is going for a surface exploitation and the exploration work is geared towards that goal.

Heva Project

As previously announced, Vantex Resources Ltd granted an option to Stellar Pacific Ventures Inc. (TSX VENTURE:SPX), from Vancouver, in order to acquire a 50% interest in the Heva project, located in the Rouyn-Noranda mining camp, in Abitibi. To date, Stellar drilled 12 holes for a total of 2,500 metres, exceeding by 500 metres its initial drill plans. The results from the first nine holes confirm that the Heva property bears an important gold potential and also validates previous results obtained by other companies on this property (see September 19 and September 27 press releases). The remaining drill results will be announced in the coming days.

To gain its 50 % interest, Stellar must invest 500,000$ in exploration and issue 500,000 common shares to Vantex before the end of 2006.

The technical information contained in this news release has been prepared by Mr. Daniel Kelly, independent consulting engineer, a qualified person as per National Instrument 43-101.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Source :
    Vantex Resources Ltd.
    Guy R. Morissette, Executive president
    (514) 712-9753
    For info:
    Norman Forrest
    (450) 736-0453
    Echoes Public Relations Inc.
    Dominic Sicotte
    (514) 842-9551, ext: 236
    Echoes Public Relations Inc.
    Martin Lavoie
    (514) 842-9551, ext: 231