|By Marketwired .||
|October 7, 2013 09:44 AM EDT|
LA PRAIRIE, QUEBEC -- (Marketwired) -- 10/07/13 -- Due to the presence of free gold and a possible "nugget effect" in previous assays, Vantex (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) management is taking the necessary steps to obtain a permit to carry out a bulk sample on the Moriss zone, from the Quebec's Natural Resources Department, Office of mining titles and systems. These works will allow the company to verify the continuity of the high-grade mineralization as well as to better understand the different gold structures intersected in the past years.
The Moriss showing is located 500 metres West of the GP deposit which contains 18.14 million mt of an indicated resource grading 0.41 g/t and 2.51 million mt of an inferred resource grading 0.39 g/t for a total of 240,000 and 32,000 ounces of gold, respectively. (See NI 43-101 Technical Report by SRK - September 19, 2012 press release).
The management of the company also announces that it plans to resume its drilling campaign in the coming days, in this same area. The goal being to verify the continuity west of the Moriss showing.
Comprised of 3 mining concessions, 80 mining claims and cells, covering an area of more than 2,600 hectares, the Galloway project is one of the most important project in the Rouyn-Noranda mining camp. This project contains more than 10 gold showings including the Moriss, GP and Hendrick. These 3 showings were drilled extensively in the recent past. The management believes that the Moriss, GP and Hendrick zones (forming the Golden Triangle) can be connected. If this is the case, the gold potential will be significant.
The Hurd zone, located 1.5 kilometre east of the GP zone also offers an interesting gold potential for a heap leaching operation. The initial tests performed by URSTM of Rouyn-Noranda, showed a recovery of 45.3 % to 92.5 %, depending on the granulometry used. Management plans to do a striping campaign on this zone in order to test the competence of the host rock as well as to proceed with additional lab tests (column tests) to have more data to evaluate the gold recovery potential by heap leaching.
The Galloway project is located along one of the most prolific fault associated to gold deposits : the Cadillac-Larder Lake Fault. In the immediate surroundings of the Galloway project, lies many gold deposits associated with this fault, namely Wasamac, Francoeur and Kerr Addison. Also present in the area are the Heva, Hosco, Lapa, La Ronde, Westwood, Doyon, Osisko and Goldex deposits as well as all the gold deposits from the Kirkland Lake- Virginiatown area, in Ontario.
This important fault allowed the emergence of numerous gold deposits and the production of many million ounces of gold in the last decade. We can still find many producing mines along this fault.
The managemeent of the company also announces the interim appointment of Mr. Charles Beaudry as Chairman of the board in replacement of Mr. Andre Brosseau.
The works will be under the supervision of Daniel Kelly, consulting geological engineer and Qualified Person under NI 43-101. He read and approved this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.