Vantex Resources Ltd: Galloway Project
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LA PRAIRIE, QUEBEC, Apr 22 (MARKET WIRE) --
The management of Vantex Resources Ltd (TSX VENTURE: VAX) is pleased to
announce that it has completed the acquisition of 100% interest of the
Sandborn, Cadillac and Francoeur mining blocks, part of the Galloway
project, located in the Dasserat township, in Abitibi-Temiscamingue.
Further negotiations are currently underway to complete the acquisition
of 100% of the Ogima North block, also belonging to the Galloway project.
Work in progress
The drilling program begun on the Galloway project. An initial drilling
program of 1,500 meters is underway and initial results should be
available in the coming weeks. These holes will serve to establish a
first evaluation of the gold resource contained in the Galloway deposit.
A program of 10,000 meters of drilling is planned for this purpose.
The Galloway Project
Composed of 3 mineral concessions, 63 claims and 35 lots covering an area
of about 2,750 hectares, the Galloway project is located approximately 25
kilometers west of Rouyn-Noranda and just north of the Cadillac Larder
Lake deformation zone. The geological environment of the Galloway project
is very favorable for the discovery of gold deposits.
The Galloway area, located between two faults, is now identified over a
length of nearly 400m. Gold mineralization is mainly present in the
lapilli tuffs and in the syenite porphyry. However, the Galloway zone
remains open in its northeast (Hurd and Pitchvein Zone) and its
south-west extensions (Zone Perron). Several drill holes in these
extensions demonstrate a continuity of more than 1 kilometer north-west
and 500 meters to the southwest. Other historic drill holes also showed
continuity to depth as the Galloway area has been followed to a depth of
500 meters.
In a 2006 DIVEX report, Diversification of mineral exploration in Quebec,
they describe the Galloway area as follows: "The Cadillac fault
represents an important metallotect in the sub-province of Abitibi. The
absence of known deposit in the immediate area is partly due to the fact
that the corridor of deformation of the Cadillac fault is obscured by a
thick layer of sedimentary rocks of Proterozoic age belonging to the
Cobalt Group. In fact, subsidiary structures uncovered in this area, the
Francoeur-Wasa shear zone, hosts the Francoeur, Arntfield and Wasamac
mines. And further west, near Virginiatown, Ontario, found the Kerr
Addison mine which produced over 10 million ounces in a similar
geological environment. The rocks belonging to the Cobalt Group cover
areas potentially economically interesting."
Exploration work will be carry out under the supervision of consulting
geologist and NI43-101 qualified person Jeannot Theberge. Standards and
blanks are used in the sampling method. Mr.Theberge has read and approved
this press release.
The TSX Venture Exchange has neither approved nor disapproved the content
of this press release.
Contacts:
Vantex Resources Ltd
Guy Morissette
President
514-712-9753
www.vantexressources.com
Francois Marcotte
CFO and Investor Relations
450-536-0279
francois-marcotte@videotron.ca
Copyright 2010, Market Wire, All rights reserved.
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