Cap-Ex Ventures has reported the preliminary drilling results from its Block 103 property and has identified a fresh high-grade magnetite zone at the Green Bush Lake’s east side. The property includes around 7,000 ha of land present in the Labrador trough, Quebec.
The company has conducted an aerial geophysics program at the Block 103 property and has discovered several magnetic anomalies, which proposes the presence of high magnetite concentrations at the property. 10 drill holes, which have 500 m of spacing, have examined the Green Bush zone that has a strike length of more than 3.5 km and at least 1 km of thickness.
Cap-Ex has obtained the results of seven assay holes at the property, wherein three holes examined further targets at the property’s south end and four holes analyzed the Green Bush zone. It has not encountered any major results from the holes DDH103-2, DDH103-21 and DDH 103-26.
Preliminary drill hole results of the Green Bush Zone show the high grade magnetite zone, which go beyond the adjacent KeMag and LabMag deposits. Cap-Ex has cut 31.30% DTWR over 159.9 m in the hole DDH103-23.
The assays from the southwest and northwest zones and from the additional holes at the Green Bush zone are pending. Cap-Ex has planned to extend and outline the size of this Green Bush zone.
Cap-Ex is continuing the dialogue with Uaashat mak Mani-Utenam or ITUM and it will announce the development once a deal is inked between ITUM and Cap-Ex.