MONTREAL, QUEBEC -- (Marketwire) -- 05/07/12 -- Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(FRANKFURT:X0V)(OTCQX:CPXVF) ("Cap-Ex" or the "Company") is pleased to announce that the 2012 drilling program has commenced at its 100% owned Block 103 Property in northwestern Labrador, approximately 35 km northwest of Schefferville, Quebec.
The fully-funded, $10 million (CAD) program has been designed to consist of four rigs drilling a minimum of 15,000 metres and is primarily focused on the continued investigation and definition of mineralization in the Greenbush Zone, which covers an area of 26 square kilometres (Figure 1) and is part of the Company's Block 103 property. In particular, the program will focus on the central portion of this zone, which Cap-Ex expects to host the targeted initial mineral resource estimate which represents approximately 4 square kilometres or 15% of the Greenbush Zone.
The current drill program will target an initial resource of approximately 800 million to 1 billion tonnes with an average grade between 29% and 32% iron. The potential tonnage and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. These figures are reported as exploration targets based on the presence of mineralized drill holes, mineralized zones which are open in most directions, and geophysical anomalies from data received by Cap-Ex. The program will also focus on outlining the continuation of 259 metres of folded mineralization encountered in 2011 drill hole DDH103-44.
The 2012 exploration program has been designed to include a minimum of 15,000 metres of diamond drilling and additional surface sampling, focused primarily on the continued investigation and definition of mineralization in the Greenbush Zone. Drilling has commenced and will be completed using four diamond drills over an estimated five month period.