Cap-Ex Iron Ore Ltd. ("Cap-Ex" or the "Company") is pleased to provide an update on its initial drilling program at the Later Property, located 50 kilometres (km) northwest of the Mt. Milligan Copper-Gold mine in central British Columbia. To date, Cap-Ex crews drilled 3 holes totaling 1,107 metres and focused on one of two "blind" massive (2-3 kilometres wide) chargeability anomalies on the property.
In this initial program, drill holes were successful in intersecting porphyry style alteration and veining with rare visible gold, further confirming the presence of a large robust hydrothermal system. The hydrothermal system and associated porphyry style alteration encountered spans a distance of at least 1,600 metres and could span over 3,000 metres, as indicated by the open ended chargeability anomaly that is still open to the north and west. The geology and alteration encountered at Later is comparable to the Kwanika Copper-Gold deposit of Serengeti Resources, approximately 32km to the Northwest. At Later, the propylitic alteration encountered within the large chargeability anomaly is analogist to the halo that occurs as close as 50 metres from the high grade copper-gold core zones at the Kwanika deposit.
Drill core is being logged, split, and sent for assay analysis at Met-Solve Laboratories Inc, Langley, BC. Two holes have been sent for analysis and the third hole expected to be shipped this week. Assay analysis includes a rigorous QA/QC procedure with in-house blank and duplicate samples inserted into the sample sequence as well as independent duplicate and blank samples.
The Later property is located within the prolific Quesnel Terrane in Central BC and consists of 16 mineral claims covering approximately 5,700 hectares. It is accessible by vehicle year round and lies within 50 km of hydroelectric power and railway. Cap-Ex can earn up to a 70% interest in the Property over a five year period by completing certain work commitments and making certain cash and share payments to Pacific Empire Minerals Corp. over the term of the option.
This news release has been reviewed by Adrian Smith, Director, and a Qualified Person as that term is defined in NI 43-101.