From the Wires
Cap-Ex Announces 7.2 Billion Tonne Inferred Iron Resource
By: Marketwired .
Feb. 4, 2013 06:01 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/04/13 -- Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:XOV) ("Cap-Ex" or the "Company") is pleased to announce the results of the initial independent National Instrument (NI) 43-101 Mineral Resource estimate on its wholly-owned Block 103 Property in Labrador, northeast of Schefferville. Watts, Griffis and McOuat Limited ("WGM"), Consulting Geologists and Engineers of Toronto, Ontario, estimated an Inferred resource of 7.2 billion tonnes at 29.2% total iron (18.9% magnetic iron). This resource estimate is based on a cut-off grade of 12.5% magnetic iron (magFe%).
"We are extremely excited with this initial resource estimate on a portion of Block 103 as we far exceeded our publically stated goals for this first resource," says Francois Laurin, President and CEO of Cap-Ex. "We have clearly demonstrated the long term potential of the project and look forward to continuing to develop it by releasing our Preliminary Economic Assessment later this quarter."
This Inferred resource covers an area with a strike length of approximately 4 kilometers (km) and a width of 2.5km. Based on the Magnetic Airborne survey previously completed, the Block 103 Property covers a strike length of approximately 12km. Mineralized zones are open towards the northwest and southeast and to depth.
Resource Estimate Details
The Mineral Resource estimate for the Block 103 Property is based on results from 81 diamond drillholes totaling 23,735 meters and is effective as of February 4, 2013. Mr. Michael Kociumbas, P.Geo., and Mr. Rick Risto, P.Geo., both with independent firm WGM, are Qualified Persons as defined by NI 43-101. WGM has visited the site, collected independent core samples and reviewed the QA/QC data received to date. Mr. Risto has reviewed and approved the underlying sampling, analytical and test data used for the estimate and Mr. Kociumbas is responsible for auditing the in-house Mineral Resource estimate as supplied by Cap-Ex and has approved the technical data contained in this news release. WGM is satisfied that the exploration and analytical programs carried out to-date by Cap-Ex follows Industry Best Practice Guidelines and that the database is appropriate for Mineral Resource estimation purposes. WGM is of the opinion that the iron mineralization delineated on the property will be amenable to open pit mining. The estimate is classified as an Inferred Mineral Resource, consistent with the CIM definitions referred to in NI 43-101.
This NI 43-101 compliant estimate will be filed in a Technical Report on SEDAR within 45 days of this news release. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Cap-Ex is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of Mineral Resources.
The geological and Mineral Resource modelling parameters consisted of:
-- 3-D wireframes created from the drillhole intersections on a cross sectional interpretation combining assay intervals and major lithological units. -- A block model procedure (block sizes of 30 m x 100 m x 10 m) was used with grades interpolated utilizing an Inverse Distance estimation technique (ID2); Total Iron (TFe%) and Iron in magnetite (magFe%) were modelled. -- A density model was created based on a best fit regression line from selected pycnometer data measurements based on TFe% grade, therefore each block in the block model has a unique specific gravity. -- Inferred Mineral Resources are estimated for blocks with a maximum of 600 m along strike and a maximum of 400 m on the ends/edges and at depth when supporting information from adjacent cross sections was available. -- A cut-off grade of 12.5% magFe was used for the purpose of reporting this initial resource estimate. This cut-off grade was chosen based on comparison with other similar taconite deposits in the Labrador Trough.
Complete assay results are posted on the Cap-Ex website at: http://www.cap-ex.ca/images/maps/2012Complete/2012_Composites_Complete.pdf.
Location maps and cross sections are posted on the Cap-Ex website at: http://www.cap-ex.ca/projects/block-103.
Split drill core samples were sent to independent contractors Acme Analytical Laboratories in Vancouver, BC and SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis was performed using X-ray fluorescence (XRF) and the magnetic component was determined by Satmagan magnetic analysis and Davis Tube analysis on selected samples. Standards, blanks, and duplicate assays were included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
Cap-Ex's exploration work on the Block 103 Property is supervised by Edward Lyons, P.Geo., a consultant to the Company and a Qualified Person as defined by NI 43-101. Mr. Lyons has verified that the results used for the resource estimate were accurate from the official assay certificates provided to Cap-Ex.
About CAP-EX Ventures Ltd.
Cap-Ex Ventures Ltd. is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX VENTURES LTD.
On behalf of the Board
Francois Laurin, President and CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms "reserves", "resources", "proven reserves", "probable reserves", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred Resources are in addition to Measured and Indicated Resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
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.
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