Oct 6 2010
Acrex Ventures Ltd. ("Acrex") is pleased to announce that diamond drilling will commence this week on its Grizzly-Kellar Lake gold property (the "Property"). Acrex has an option to acquire a 100% interest on the Property (see news release dated May 18, 2010). Acrex has contracted Forages M. Rouillier Drilling Inc. of Amos, Quebec for the completion of up to 500 metres of drilling.
The Property hosts a new gold discovery and lies completely within the townships of Lamark and Guettard located approximately 45 miles west of the mining town of Chibougamau, Quebec. The Chibougamau region is best known for its copper mining with cumulative production greater than 2.5 billion pounds. However, it has also produced 4.3 million ounces of gold. The Property is comprised of 120 contiguous claims covering approximately 6,270 hectares (approximately 15,490 acres). The Property lies along an east-west trending regional fault zone that marks a major volcanic-sedimentary rock contact. Recent prospecting on the Property discovered widespread alteration (carbonatization-silicification) and mineralization (arsenopyrite, pyrite), occurring in sheared gabbro and feldspar porphyry. Grab samples from the two lithologies returned gold assays up to 5.1 g/t Au.
The principal gold-showing on the Property occurs in a quartz vein cutting volcanic rocks of acidic to intermediate composition which is sideritic in place. This gold-bearing quartz vein varies in width from a few inches to 5 feet and has been traced in the main trench for a distance of approximately 300 feet. It has a vertical or near vertical dip and strikes north 25 degrees to 30 degrees east. In places the quartz vein contains pyrite. This vein suggests that the primary exploration target on the Property is a gold deposit associated with quartz veins in fracture-zones in metamorphosed volcanic rocks.
The drill program is being carried out in follow up to recommendations made by the Company's consulting geologist, Graeme Evans and will test the Grizzly Showing with up to five 100 metre long diamond drill holes.
Malcolm Powell, President of Acrex, comments "We're anxious to begin drilling on the Grizzly-Kellar Lake property. Recent drilling efforts conducted by Eagle Hill Exploration Corporation 100 kilometers to the southwest and Beaufield Resources Inc. 100 kilometers north of the Grizzly-Kellar property have produced some exceptional results. Having already staked over 15,000 acres in this region, we are well positioned to undertake an extensive exploration program and to benefit from continued excitement building regarding this mining region. With approximately $1.3 million in cash available for exploration work and drilling on our properties, we are well-funded for this drill season."
Source: ACREX VENTURES LTD.