Cap-Ex Ventures has awarded a contract to Sunrise Drilling to drill up to 15,000 m at Cap-Ex’s Redmond and Block 103 properties. Sunrise Drilling has moved the workers and drill rigs to a location at Schefferville and will immediately start the drilling program.
Paterson, Grant and Watson, a geophysical consulting firm, has discovered several high magnetic linear anomalies from the airborne magnetic survey analysis that was performed at Block 103 during May 2011. These linear anomalies match with the outcrop edges of the Sokoman Iron structure, which was mapped formerly by the Iron Ore Company of Canada. The company has completed the prospecting and trenching at the property and has indicated that the huge magnetite concentrations are not constrained to the five magnetic horizons outlined at the Block 103, but relatively encompass a much larger area of 3 km x 3 km. Cap-Ex has planned to conduct drill testing at the complete magnetite bearing region, adapting and even extending the drill program depending on the current prospecting and trenching results of additional magnetic targets.
The current airborne gravity survey has found 31 hematite, Direct Shipping Ore (DSO) priority targets at Redmond and Block 103 properties. At present, these targets are outlined by sampling, trenching and mapping. The company will choose high priority targets for drill testing in a separate program. The company expects to begin the drilling program of this season.
Source: http://www.cap-ex.ca/