Vantex Resources Ltd.

Vantex Resources Ltd.

December 05, 2006 09:20 ET

Vantex Starts a New Drilling Program on Lake Expanse


A new 3,000-meter drilling program started a few days ago on the Lake Expanse showing, Guillet property. This property comprises 123 claims covering an area of 1,900 hectares and is located in Temiscamingue, Quebec.

This drilling is part of an exploration program that will test different gold showings. Some of the showings were identified byway of previous drilling or by geological surveys coupled with geochemical and geophysical surveys and are located within a mineralization corridor oriented NW-SE, in possible extension of the Lake Expanse zone. Other targeted showings within the drilling program are located north-east of the Lake Expanse deposit.

Lake Expanse evaluation

Also, the Company should receive the resource evaluation of the Lake Expanse deposit in the coming weeks. In order to get a proper evaluation of the number of metric tons by vertical metre, this calculation is being carried out using level plans (5 metre spacing). Since the Company is considering an open pit exploitation rather than a conventional underground operation, level plans were favoured to polygons as a calculation method.

This method of evaluation has the advantage to better define available resources and will also be used to design the open pit. As the data coming from the Lake Expanse deposit (drilling and striping) is rather complex geologicaly speaking, it is now obvious that the interpretation of the available resources is more time consuming and requires a more accurate outlining.

An initial inventory, completed in February 2006 byway of the polygons method on longitudinal sections (internal report), returned a satisfying resource estimate but couldn't be used due to the fact that, following drilling and striping of the spring and summer of 2006, many veins, associated to the gold mineralization of the Lake Expanse area, turned out to have different orientations.

The Lake Expanse known gold-bearing zones consists of a package of folded and/or boudinaged gold-bearing veins, cut by many mineralized schists exhibiting various orientations (main veins and remobilized mineralization along tension zones), located within an important NW-SE striking mineralized corridor.

Current works is being supervised by Mr. Daniel Kelly, consulting engineer and Qualified Person under NI 43-101. Samples are assayed by fire assay (backchecked by gravimetry when grades are higher than 1 gmt / Au) at Laboratoire Expert Inc., of Rouyn-Noranda.

Opinaca project

Management of the Company is also preparing a grass root exploration campaign on the Opi, Black Dog (in partnership with Arianne Resources Inc) and Mitsumi properties, located in the Opinaca mining camp. This program will include line cutting as well as a geophysical survey that should start in January 2007. Depending on results, management plans to follow up with drilling of the best targets.

This press release was verified and approved by Mr. Daniel Kelly, consulting engineer and Qualified Person under NI 43-101.

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

Contact Information