|By Marketwired .||
|February 24, 2014 05:40 PM EST||
LA PRAIRIE, QUEBEC -- (Marketwired) -- 02/24/14 -- The management of Vantex Resources Ltd (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces, following a joint agreement with Exploration Aurtois Inc (TSX VENTURE:EXA), the acquisition of a 100% interest in the Belleterre Extreme-Est property (19 claims adjacent to Vantex Guillet property) in exchange of a cash payment of $10,000 and the issuance to Aurtois, of 1 million common shares of Vantex. Aurtois retaining no royalties.
Also, as part of this new agreement, Vantex Resources Ltd. announces the cancellation of the agreement dated January 16, 2012 regarding an option granted to Aurtois to acquire 75% of the Guillet and Ortona properties, both located in the Belleterre area, Temiscamingue, Quebec. Vantex will also cancel the remaining 445,000 Aurtois common shares that it is holding as part of the 2012 option agreement. This transaction is subject to the approval of the TSX Venture exchange.
The Guillet Property
The Guillet property is located 5 kilometres east of the town of Belleterre, Temiscamingue, Quebec. Comprised of 40 claims covering an area of approx. 609 hectares, the Guillet property contains many gold showings, namely the Lake Expanse showing where important exploration works took place.
The Guillet property covers part of a greenstone belt measuring 50 km by 10 km. The previous Belleterre Mine, located less than 2 km north west of Guillet, produced 2.2 million tons at 10.7 g/t Au (735,000 ounces of gold).
Vantex's work culminated with a bulk sample taken in 2005-2006 from the Lake Expanse gold zone. It returned 11,539 t @ 3.28 g/t Au. In the following year, 2007, Vantex retained Kelly and Gagnon to produce a resource estimate. Results were as follow:
Measured and Indicated: 320,950 t @ 2.62 g/t Au Inferred: 76,570 t @ 2.31 g/t Au.
The Ortona Property
The Ortona property is located in the Guillet township and comprises 17 claims covering an area of 272 hectares. It sits on the north west border of the previous Belleterre Mine mining concession and 3 kilometres north west of the Guillet property, which is 100% owned by Vantex.
The main known showing on this property comprises a gold vein of a maximum width of 2.1 metre and located along a shear zone. A section of this gold vein was sampled on 21 metres and returned gold grades from 5.88 to 48.98 g/t Au (RP190-11). Other channel samplings returned gold grades between 2.18 to 78.9 g/t Au on widths between 0.3 metre and 0.7 metre (GM 10617).
The Belleterre Extreme-Est property
The property is located 3 km east of Belleterre and 60 km east of Ville-Marie, Temiscamingue, Quebec and is adjacent to Vantex 100 % owned Guillet property.
A resource estimate was performed in order to evaluate the gold potential of this project. The estimate resulted in 21,178 tons of ore indicated at 6.37 g/t Au and 33,465 tons of ore inferred at 5.47 g/t Au, for a total of 54,644 tons of ore at 5.77 g/t (0.17 on/t) Au (from 43-101 Technical Report by Mr. Donald Theberge, ing., M.B.A.. in May 2009).
Also, more recent work on the property identified a high grade gold structure. This large structural discontinuity is marked by the presence of a quartz-carbonates veins mineralized fracture system similar to the well known Abitibi orogenic-type deposits like the Sigma and Lamaque mines. The best channel results returned 32.23 g/t Au over 2 m and 21.73 g/t Au over 0.91 m by drilling. (Rapport Geologique - Programme de forages 2002, R. Roy P.Geo, Janvier 2003). The mineralisation is located within a highly sheared corridor.
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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