An old news release that says it all.
marketwire.com
Nov 19, 2010 16:27 ETVantex Cancels Ongoing Financings
LA PRAIRIE, QUÉBEC--(Marketwire - Nov. 19, 2010) - Following the recent discovery of the Moriss zone, the management of Vantex Resources Ltd (TSX VENTURE:VAX) (« Vantex » or the « company ») feels it would be inapropriate to complete current financings at a discounted price to the market. Therefore, in order to avoid excessive dilution for its shareholders, management has decided to cancel the 2 ongoing financings. Despite the cancelled financings, the company has sufficient funds to continue the current exploration campaigns as well as the 3,000-meter drilling program that will take place on the Moriss zone.
Galloway zone
Drilling on the Galloway zone was completed and 4,000 meters of drill cores are being prepared for shipment to Laboratoire Expert of Rouyn-Noranda, to be assayed. The results will be announced as soon as they become available.
Hendrick zone
An 800-meter drill hole is underway on the Hendrick zone. This gold zone is located 500 meters south-west of the Galloway zone and could be its possible extension. Historical drill results from Kerr Adddison Mines intersected, along the hole, grades of 1.23g/t Au over 67.70 meters as well as 1.34 g/t Au over 42.98 meters ( KOD86-01 ) and 1.03 g/t Au over 49.80 meters ( KOD86-04 ).
Moriss zone
As soon as the current drilling on the Hendrick zone is completed, drilling will resume on the Moriss zone in order to test the lateral and in-depth extensions of this new gold structure. Meanwhile, the company is finishing a Mag and IP geophysics survey. The data gathered will enable the company to have a better understanding of this gold zone.
The metallic sieves analysis show little variation between total analysis and gravimetric analysis. As shown in the following table.
Drill
hole Zone Intersection
(metres ) Width (metres ) Grade
(g/t Au ) Grade*
(g/t Au)
Metallic
sieves Grade
**
g/t Ag
VPE10-10 Moriss 102.35 - 105.00 2.65 22.73 22.37 ---
Including 102.35 - 103.00 0.65 39.26 42.34 52.2
103.00 - 104.00 1.00 27.43 25.14 32.2
104.00 - 105.00 1.00 7.44 6.61 8.2
VPE10-11 Moriss 84.00 - 89.50 5.50 18.18 19.06 ---
Including 84.50 - 85.50 1.50 14.50 18.29 1.9
85.50 - 87.00 1.50 48.17 48.65 4.4
87.00 - 88.00 1.00 3.81 2.60 ---
88.00 - 89.00 1.00 1.44 1.22 ---
And 100.50 - 102.00 1.50 30.99 29.68 2.9
102.00 - 103.50 1.50 1.30 pending ---
103.50 - 105.00 1.50 22.22 pending ---
105.00 - 106.50 1.50 1.23 1.32 0.50
* Grades resulting from metalllic sieves analysis. More metallic sieves tests are pending.
** Grade in silver. More silver assays are pending.
Since the Moriss zone is located near the Kanasuta protected area, management of the company filed with the Quebec Mining department, a request to add 7 claims covering an area of 112 hectares as well as an initial request to convert claims into cells. This will automatically increase the size of the property in the area. The company considers this request as important since it will protect a possible north-west extension of the Moriss zone.
Current works are under the supervision of Mr. Jeannot Théberge, Qualified Person under NI 43-101. Mr. Théberge also read and approved the content of 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 |
