Vantex Resources Ltd./Galloway: 361 Metres Grading 0.403 g/t Au
* Press Release
* Source: Vantex Resources Ltd.
* On Monday June 22, 2009, 8:00 am EDT
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LA PRAIRIE, QUEBEC--(Marketwire - June 22, 2009) - The management of Vantex (TSX VENTURE:VTX - News) is very pleased to release new results coming from the Galloway project located near the town of Rouyn-Noranda.
Drill hole VHD09-14, located some 100 metres to the north of VHD09-01 on section #1, cut 361 metres grading 0.403 g/t Au (core length), including 0.545 g/t Au over 81.5 metres and 0.955 over 19.5 metres.
As noted in other drill holes completed in this area, the gold is distributed fairly homogeneously within the host rock. Based on such satisfying results, the management of Vantex has decided to extend its drilling program for several months.
All NQ core size samples have been described, split in two, collected, and bagged by Vantex staff at the company's Rouyn-Noranda core shed and then taken to Laboratoire Expert of Rouyn-Noranda for assaying. Samples have been assayed by FAA using 30 gram pulps. All samples grading 1 g/t Au and over were re-assayed by FA with gravity finish. A rigorous QA/QC program, which includes the insertion of blanks, duplicates and gold standards, is being followed.
Exploration work on Galloway is being carried out under the supervision of consulting geologist and NI43-101 qualified person Jeannot Theberge. The latter has read and approved the current press release.
Work in progress
The drill rig has been moved approximately 175 metres to the east of section #1 and drilling is in progress. Prospecting work is also being done along the north-eastern extension of the Galloway-Pitchvein area and on the Soaker Hill showing area.
The TSX Venture Exchange has neither approved nor disapproved the content of this press release.gemäß § 34 WpHG darf der Autor zu jederzeit Short- oder Long-Positionen in der/den behandelte(n) Aktie(n) halten.
VANTEX RESOURCES LTD. Symbol : VTX-TSX
FOR IMMEDIATE DIFFUSION
Exploration on Galloway: 31.5 meters at 0,750 g/t Au
La Prairie, August 27, 2009 - The management of Vantex Resources announces that it intersected in hole exploration VHD09-19, located approximately 900 meters northeast of the central zone Pitchvein Galloway, a grade of 0.339 g / t Au over 228 meters with a 31.50 meters at 0.75 g / t Au including 3 meters at 2.99 g / t Au.
This hole was designed to test a geochemical anomaly identified during earlier work by Silver Century and verify the historical data from hole 95H12 done in the same area by the same company which intersected 118.60 meters grading 0,489 g / t Au, including a section of 12 meters grading 1.09 g / t Au and another section of 1.08 g / t Au over 14 meters.
Another hole (KHD87-08 - Kerr Addison), located in north-eastern extension at about 400 meters from VHD09-19, also intersected a 20 meter section grading 0.843 g / t Au and a section of 1.21 g / t Au over 6.25 meters. All intersections are along the hole.
The geology encountered in the survey VHD09-19 corresponds very well to that described in other holes located in the Galloway-Pitchvein area. Taking into account the historical data and ongoing work, the gold potential of the Galloway-Pitchvein area now appears to extend over more than 1.4 km north-east and more than 2.4 kilometers in light of its extension to the south - West (KHD86-01-Kerr Addison).
Work in progress
The company has resumed its drilling program in the Galloway Center area to supplement the information to assess the potential of the gold resource in the sector.
Two other holes are also planned outside the main zone to test two other targets located approximately 800 meters north of Galloway - Pitchvein.
Moreover, the surface channel sampling work on the Soaker Hill showing are ongoing. Over 200 samples were collected up to now of the approximately 400 samples. The results from this work will not be available until mid-September. The Soaker Hill showing is located about one kilometers north of the Galloway-Pitchvein showing. According to historical data, this showing has a very interesting gold potential in a geological context different from it. Several former drill holes intersected interesting gold values (see press release dated March 9, 2009).
Galloway Project
Consisting of three mining concessions, 52 claims and 35 lots covering a total area of 2,285 hectares, the Galloway project is the results of the amalgamation of the Hurd, Ogima Nord, Sandborn, Perron, Cadillac and Francoeur claim blocks.
Through this important acquisition, Vantex Resources Ltd has positioned itself in a favourable geological environment for the development of an open-pittable, large-tonnage gold resource of the same type as those currently being developed in Abitibi.
Hurd-Perron block
The Hurd-Perron block consists of three mining concessions and of 26 mining claims covering a total area of 616.27 hectares. Several significant gold showings are known on this block including the Galloway-Pitchvein, Soaker Hill, Hurd and Fayolle indices.
Galloway-Pitchvein
Found within a syenite porphyry, the Galloway-Pitchvein showing is located along east-northeast striking faults originating from the Cadillac-Larder Lake deformation zone. Anomalous gold values of this showing are returned from different lithologies such as acid tuff and lapilli tuff, feldspath porphyries and basic dikes . Pyrite, chalcopyrite and molybdenite mineralization were observed. The latter is directly related to ductile shear zones hosting quartz-carbonate veins. According to Vantex's interpretation and based on historical data from Kerr Addison Mines, Minnova (both subsidiaries of Noranda at the time) as well as Silver Century (subsidiary of Agnico Eagle at the time), the potential of the Galloway-Pitchvein area for an open-pittable large-tonnage resource is excellent.
Exploration work is being carried out under the supervision of consulting geologist and NI43-101 qualified person Daniel Kelly. Mr Kelly has read and approved this press release.
The TSX Venture Exchange has neither approved nor disapproved the content of this press release.
Vantex Resources Ltd. will acquire 100 per cent of the Renault Bay property located in Dasserat townships, Quebec. The property, consisting of 11 mining claims, is well located along the north-west extension of the Galloway project and is a geological extension of the Soaker Hill gold showing, north of the Galloway area.
Following the agreement with Teck Resources Limited, Vantex will issue to Teck 150,000 units, each unit shall consist of one postconsolidation common share in the capital of Vantex and one non-transferable share purchase warrant, each warrant entitling Teck to purchase one share for a period of 24 months from the date of issue of the units at the price per common share equal to 125 per cent of the weighted average trading price of Vantex shares for the 10 trading days immediately prior to the date of issuance, or such greater price as dictated by the exchange. The shares and warrants consisting of the units, and the common shares issuable on exercise of the warrants, will be subject to the minimum hold period permitted by the Toronto Stock Exchange.
Also, Teck reserves out from the sale of the property a 2-per-cent net smelter returns royalty from the property.
Galloway project
Consisting of three mining concessions, 52 claims and 35 lots covering a total area of 2,285 hectares, the Galloway project is the result of the amalgamation of the Hurd, Ogima Nord, Sandborn, Perron, Cadillac and Francoeur claim blocks.
Through the acquisition of the Renault Bay property, Vantex Resources continues to improve its position in a geological environment favourable for the development of an open-pittable, large-tonnage gold resource of the same type as those currently being developed in Abitibi.
VANTEX RESOURCES LTD.-GALLOWAY: 39 METERS AT 0.729 G/T AU
Vantex Resources Ltd. has released results of the first two holes from the last drilling campaign on the Galloway project located in Dasserat, near Rouyn-Noranda.
During the last drilling campaign, the company has completed four drill holes for a total of 1,002 metres. Three holes were drilled in the Galloway area and another one in the Hurd area, located about 800 m northeast of the Galloway area.
The survey VHD09-21 intersected a zone of 13.50 m grading 1.22 grams per tonne gold, within a gold zone of 243 m along the hole grading 0.49 g/t Au. Survey VHD09-20, located approximately 175 m northeast of VHD09-21, gave a grade of 1.28 g/t Au over three m and a content of 0.56 g/t Au over 15 m.
Hole No. From To Length (i) Grade
(m) (g/t Au)
VHD09-20 34.50 42.00 7.50 0.778
Including 37.50 40.50 3.00 1.278
and 148.50 163.50 15.00 0.562
VHD09-21 7.00 250.00 243.00 0.490
Including 7.00 37.50 30.50 0.726
Including 18.00 30.00 12.00 0.924
Including 187.50 226.50 39.00 0.729
Including 195.00 208.50 13.50 1.227
Including 204.00 208.50 4.50 2.650
(i) Along the drill hole
All samples are tagged, bagged and shipped to Laboratoire Expert Inc., Rouyn-Noranda, where 30-gram pulp samples are prepared and assayed for gold (FAA). Gravimetric assay repeats (FA) have been completed on samples with grades over one g/t Au. A strict QA/QC program, including random insertion of blanks, standards and duplicate samples, has been followed throughout the sample preparation. The NQ-size core is logged, sampled and split in two at the company's core shack in Rouyn-Noranda.
The Galloway project is a major gold project located in Dasserat, less than 30 kilometres from the mining camp of Rouyn-Noranda, Abitibi. Composed of three mining concessions, 52 claims and 35 lots, with a total area of 2,285 hectares, the project covers more than three kilometres in length of the Cadillac-Larder Lake deformation zone. The western extension of the Francoeur shear (Francoeur mine, Richmont) also crosses much of the property.
The Galloway area is now identified over a distance of about 400 m, a thickness of up to 250 m and a depth of 300 m. Efforts will be made in future drillings to join the Perron showing 500 m to the west and the Hurd showing 800 m to the east, into the Galloway area. The disseminated mineralization is contained in blocks and lapilli tuffs, and also in the Renault Bay syenitic intrusion.
Jeannot Theberge, consulting geologist and qualified person under NI 43-101, has supervised the field work. Mr. Theberge has read and approved this press release.
VANTEX RESOURCES LTD.-GALLOWAY : 244.5 METERS AT 0.405 G/T AU
Vantex Resources Ltd. has intersected 1.02 grams per tonne gold over 10.5 metres in hole VHD09-22 within a gold zone of 244.5 metres, along the hole, grading 0.405 gram per tonne gold. This hole is located approximately 150 metres northeast of the hole VHD09-21, in the Galloway area.
During the last drilling campaign, the company has completed four drill holes for a total of 1,002 metres. Three holes were done in the Galloway area and another one in the Hurd area, located about 800 metres northeast of the Galloway area.
The hole VHD09-21 intersected a zone of 13.5 metres grading 1.22 grams per tonne gold within a gold zone of 243 metres along the hole, grading 0.49 gram per tonne gold, while hole VHD09-20, located approximately 175 metres northeast of VHD09-21, gave a grade of 1.28 grams per tonne gold over three metres and a grade of 0.562 gram per tonne gold over 15 metres.
Nov 30, 2010 09:00 ET Vantex Intersects 1.39 g/t Au Over 15 Metres on Galloway
LA PRAIRIE, QUEBEC--(Marketwire - Nov. 30, 2010) - Vantex Resources Ltd. (TSX VENTURE:VAX) (« Vantex ») is pleased to announce an intersection of 1.39 g/t Au over 15 meters in drill hole VHD10-34, located in the GP zone ( Galloway-Pitchvein ), along the hole. This same drill hole cut another zone over 22.50 meters grading .783 g/t Au, along the hole.
Dec 13, 2010 15:30 ET Vantex Announces Common Share Units and Flow-Through Units Offering for a Maximum of CDN$2,000,000
LA PRAIRIE, QUÉBEC--(Marketwire - Dec. 13, 2010) - Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX) has entered into an agreement with Jones, Gable & Company Limited ("Jones, Gable") in respect of two brokered private placement financings, for accredited investors, at the following conditions:
A Flow-Through financing for a maximum of $1,000,000 consisting of a maximum of 800 Flow-Through units (the "FT Units") at a purchase price of $1,250 per FT Unit, on a commercially reasonable effort agency basis. Each FT Units will consist of 4,000 flow-through common shares and 1,000 common shares at a price of $0.25 per share.
Proceeds of the FT Units will be used for the continuation of exploration of the Galloway property in Quebec. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2010 taxation year.
The second financing, for a maximum of $1,000,000 in common shares, consists of a maximum of 1,000 units (the « CS Units ») at a purchase price of 1,000 $ per CS Unit, on a commercially reasonable effort agency basis. Each CS Unit consists of 5,000 common shares at a price of $0.20 per share and 2,500 common share purchase warrants. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the company for a period of twelve months from the date of issuance, at a purchase price of $0.25 per share. These funds will be allocated for general working capital purposes.
The prices of these private placements were determined under a price protection request filed with the TSX Venture Exchange on December 8, 2010, when the Company's shares were trading at $0.235 per share. The securities issued as part of these placements are subject to a minimum hold period of four-month-and-one-day period and subject to the approval of the TSX Venture exchange.
Dec 29, 2010 16:01 ET Vantex Shareholders Approve the 3 Propositions Submitted at the Special Shareholders Meeting
LA PRAIRIE, QUEBEC--(Marketwire - Dec. 29, 2010) - Vantex Resources (TSX VENTURE:VAX) management is pleased to announce that Company shareholders approved all 3 propositions submitted by management at the Special shareholders meeting that was held on December 23.
For the proposition regarding the implementation of a Shareholder rights plan (poison pill), 69.9 % of the votes cast were in favor of the proposition;
For the proposition regarding the modification to the Stock option plan that increases to 7,400,000 the maximum number of shares that can be issued within the Plan, 65.8 % of the arm's length votes cast were in favor of the proposition;
For the proposition for the plan of arrangement regarding the sale of the Santa Anna property and distribution of 90.1 % of the Animiki Resources shares received (3,378,750 shares), to Vantex shareholders, 70.2 % of the votes cast were in favor of the proposition.
The approval of the modification to the stock option plan validates the 3,800,000 stock option grant at $0.25 that was announced on November 4, subject to the final approval of the TSX Venture exchange.
Dec 30, 2010 09:00 ET Vantex Raises $1,640,000 in Common Share Units and Flow-Through Units
LA PRAIRIE, QUÉBEC--(Marketwire - Dec. 30, 2010) - Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX) is pleased to announce the completion of a $1,640,000 brokered financing.
The Company sold 732 Flow-Through units (the "FT Units") at a purchase price of $1,250 per FT Unit, for a total amount of $915,000. Each FT Units consists of 4,000 flow-through common shares and 1,000 common shares at a price of $0.25 per share.
Proceeds of the FT Units will be used for the continuation of exploration of the Galloway property in Quebec. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2010 taxation year.
The Company also sold 725 Common Shares Units (the « CS Units ») at a purchase price of 1,000 $ per CS Unit, for a total amount of $725,000. Each CS Unit consists of 5,000 common shares at a price of $0.20 per share and 2,500 common share purchase warrants. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of twelve months from the date of issuance, at a purchase price of $0.25 per share. These funds will be allocated for general working capital purposes.
In connection with the private placement, Jones Gable & Company Ltd. will receive a cash commission of $161,000 as well as 292,800 Agent's warrants. Each Agent's warrant shall be exercisable into one common share at a price of $0.25 for a period of 16 months from the closing date.
Following this financing, Mr. Robert McEwen now owns more than 10 % of the issued shares of Vantex.
The securities issued as part of these placements are subject to a minimum hold period of four-month-and-one-day period and subject to the approval of the TSX Venture exchange.
Jan 04, 2011 09:00 ET Vantex Provides an Update on the Moriss Zone of the Galloway Project
LA PRAIRIE, QUEBEC--(Marketwire - Jan. 4, 2011) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX) announces that it has now completed 8 drill holes on the Moriss zone for a total of 2,000 metres. These holes were located in the new Moriss gold zone that was discovered last fall on the Galloway project. This zone is located 600 metres west of the GP gold showing (Galloway-Pitchvein).
From the 8 drill holes, five (VPE10-17,18,19,20 and 21) were performed in order to test the down dip extension of drill holes VPE10-02, VPE10-06 and VPE10-13. These intersected important mineralized zones where they were expected to be found. Drill hole VPE10-19 located west of drill hole VPE10-13, showed visible gold in many areas.
Drill hole VPE10-22 was done 50 metres east of VPE10-06 while VPE10-23 was done under VPE10-14, at 100 metres to the east of VPE10-06. Both of these holes were located in a way to intersect the mineralized zones down dip.
The drilling campaign for the remaining 1,000 metres on the Moriss zone will resume as soon as all the results from the current drilling are received, compiled and interpreted. The assay results will be released as soon as they become available.
« We are pleased to see that we intersected the mineralized zones where we expected them to be. This shows good lateral and in-depth continuity. Visible gold was also observed on one of the drill holes. We are also progressing with our request with Quebec's Natural Resources department to increase the property north of the Moriss zone. » commented Mr. Guy Morissette, CEO of Vantex.
Geophysics
Many IP anomalies were outlined and according to Mr. Gérard Lambert, writer of the geophysics report, an IP anomaly that is 250 metres long would correspond to the Moriss zone. Another anomaly of similar dimension, located 150m east of Moriss, is described as being potentially linked to the east extension of the Moriss zone. The east extremity of this second anomaly is located on the north-west corner of the Galloway-Pitchvein zone. Two more anomalies were also outlined more to the south, close to the Hendrick showing.
The description, preparation and shipping of the samples from the Moriss and GP zones are underway. The works are under the supervision of Mr. Jeannot Théberge, geologist and Qualified Person under NI 43-101. This press release was read and approved by Mr. Théberge.
Jan 05, 2011 16:47 ET Corrections on Vantex January 4 Press Release
LA PRAIRIE, QUEBEC--(Marketwire - Jan. 5, 2011) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX) announces that it has now completed 8 drill holes on the Moriss zone for a total of 1,600 metres. These holes were located in the new Moriss gold zone that was discovered last fall on the Galloway project. This zone is located 600 metres west of the GP gold showing (Galloway-Pitchvein).
From the 8 drill holes, five (VPE10-17,18,19,20 and 21) were performed in order to test the down dip extension of drill holes VPE10-02, VPE10-06 and VPE10-13. These intersected important mineralized zones where they were expected to be found. Drill hole VPE10-19 located west of drill hole VPE10-13, showed visible gold in many areas.
Drill hole VPE10-22 was done 50 metres east of VPE10-06 while VPE10-23 was done near VPE10-14, at 100 metres to the east of VPE10-06. This latter hole was located in a way to test a geophysics anomaly.
The drilling campaign for the remaining 1,400 metres on the Moriss zone will resume as soon as all the results from the current drilling are received, compiled and interpreted. The assay results will be released as soon as they become available.
« We are pleased to see that we intersected the mineralized zones where we expected them to be. This shows good lateral and in-depth continuity. Visible gold was also observed on one of the drill holes. We are also progressing with our request with Quebec's Natural Resources department to increase the property north of the Moriss zone. » commented Mr. Guy Morissette, CEO of Vantex.
Geophysics
Many IP anomalies were outlined and according to Mr. Gérard Lambert, writer of the geophysics report, an IP anomaly that is 250 metres long would correspond to the Moriss zone. Another anomaly of similar dimension, located 150m east of Moriss, is described as being potentially linked to the east extension of the Moriss zone. The east extremity of this second anomaly is located on the north-west corner of the Galloway-Pitchvein zone. Two more IPanomalies were also outlined more to the south of the Moriss zone.
The description, preparation and shipping of the samples from the Moriss and GP zones are underway. The works are under the supervision of Mr. Jeannot Théberge, geologist and Qualified Person under NI 43-101. This press release was read and approved by Mr. Théberge.
Jan 20, 2011 08:30 ET Vantex Intersects Five Gold Zones on Moriss
LA PRAIRIE, QUEBEC--(Marketwire - Jan. 20, 2011) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX) is very pleased to announce that it intersected in drill hole VPE10-18, five gold zones, including a new zone located north of the initial discovery, that returned 7.97 g/t Au over 9 metres, along the hole. This zone includes a section of 3 metres grading 22.69 g/t Au.
Drill hole VPE10-19, located west of VPE10-02, intersected 2 gold sections. The Moriss zone, that contained visible gold, returned 18.43 g/t Au over 4.15 metres between 103.5 and 107.65 metres while a new deeper gold zone between 193.5 and 205.5 metres, returned 2.8 g/t Au over 12 metres, including a section at 6.24 g/t Au over 4.5 metres, along the hole.
Drill hole VPE10-17 intersected the Moriss zone between 106.3 and 112.20 metres, outlining a section of 5.9 metres grading 5.06 g/t Au. In drill hole VPE10-21, the North zone was intersected between 124.5 and 135 metres and returned 1.85 g/t Au over 10.5 metres including a section at 3.07 g/t Au over 3 metres. The Moriss zone was intersected between 145.5 and 150 metres, returning 1.86 g/t Au over 4.5 metres including 5.05 g/t Au over 1.5 metres. A third zone returned 1.39 g/t Au over 1.5 metres. An intersection of 3 metres returned 16.32 g/t Au in VPE 10-23, located 250 metres east of VPE 10-02. This zone is interpreted as also being part of the Moriss zone and confirms a possible extension towards the GP zone.
« We are pleasantly surprised and very pleased to note that the Moriss zone is now generating many gold zones in a relatively confined area. In order to better understand the context of this new gold environment, we will probably proceed with additional geophysics surveys, namely 3D. This will enable us to better outline the in-depth mineralized zones and to define our future drill targets. We are very anxious to resume the drilling of this important gold area. » stated Mr. Guy Morissette, CEO of the Company.
Drill hole Zone Intersections Width* Grade
(metres) (metres) (g/t Au)
VPE10-17 Moriss 106.3-112.20 5.9 5.06
VPE10-18 North 48.00-57.00 9.0 7.97
Including 48.00-51.00 3.0 22.69
And Dyke 78.00-84.00 4.50 1.95
And Moriss 120.0-127.5 7.50 0.70
And New 174.0-177.0 3.00 1.72
And New 192.0-193.5 1.5 2.97
VPE10-19 Moriss 103.5-107.65 4.15 18.83
Including 103.5-106.65 3.15 24.23
And New 193.5-205.5 12.00 2.82
Including 198.0-202.5 4.5 6.24
VPE10-20 Moriss 119.0-127.0 8.0 0.93
Including 119.0-120.6 1.6 2.69
VPE10-21 North 124.5-135.0 10.50 1.85
Including 126.0-133.5 7.5 2.35
Including 126.0-129.0 3.0 3.07
And Moriss 145.5-150.0 4.5 1.86
VPE 10-22 New 154.5-156.0 1.5 1.32
VPE 10-23 Moriss 54.0-57.0 3.0 16.32
Including 55.0-56.5 1.5 32.63
* Width along the hole.
The gold zones seem to continue down dip as well as laterally. More drilling will be necessary in order to investigate this zone as soon as the Company receives the required approvals from Quebec's natural resources department and that the compilation and analysis of the latest data are completed.
GP Zone ( Galloway-Pitchvein )
Even if the drilling campaign on the GP zone has been completed for some time, more than 3,000 metres of drilling assays are still pending. This delay is due to the Holidays and priority that was given to the Moriss results. Management expects those results to be available by the end of February 2011. The GP zone is located 600 metres east of the Moriss zone and 500 metres north of the Hendrick zone. This gold zone offers excellent potential for an open pit exploitation. Following the compilation of current and upcoming results, the Company will begin a first gold resource estimate.
All samples were tagged, bagged and shipped to Laboratoire Expert Inc., Rouyn-Noranda, where 30-gram pulp samples are prepared and assayed for gold (FAA). New gravimetric analysis (FA) are performed on all the samples with levels higher than 1.0 g/t Au. A strict QA/QC program including random insertion of blanks, standards and duplicate samples has been followed throughout the sample preparation. The NQ-size core is logged, sampled and split in two at the company's core shack in Rouyn-Noranda.
The work program is being supervised by Mr. Jeannot Theberge and Mr. Daniel Kelly, Geologists and Qualified Persons under the NI 43-101 guidelines. Mr. Kelly has read and approved this press release.
Jan 24, 2011 10:35 ET Vantex Receives $489,000 From Warrants Exercised
LA PRAIRIE, QUEBEC--(Marketwire - Jan. 24, 2011) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX) would like to emphasize that the recent drop in its share price could mainly be attributed to previously issued warrants being exercised as well as the recent drop in the price of gold.
The previous rise in the share price that followed good drill results from the Moriss zone seems to have prompted investors to exercise their warrants. The Company received to date $489,000 from such warrants and broker warrants exercises.
« Most of the people who exercise their warrants tend to realize their gains quickly. This adds downward pressure to the share price. » stated Mr. Guy Morissette, CEO of the Company.
Moriss zone
15 drill holes were performed on the recently discovered Moriss zone. 11 of those drill holes returned significant gold intersections. The following highlights emerge:
1. Many gold zones were intersected by drilling (up to 5 zones)
2. Many IP anomalies correspond to the gold zones
3. In-depth and lateral extensions remain open
4. Easy access by secondary roads
5. Proximity of the GP zone (open pit potential)
6. Presence of silver in most of the drill holes
7. Presence of visible gold in many areas (can create a nugget effect)
8. Presence of IP anomalies that were not drilled yet, south of Moriss
9. Gold zone known over a strike of more than 200 metres and 150 vertical metres down dip.
The Moriss, GP and Hendrick zones remain prime gold zones and we believe that they can be linked together given their relative proximity. » commented the Company's CEO, Mr. Guy Morissette.
SUMMARY OF PREVIOUSLY ANNOUNCED RESULTS FROM THE MORISS ZONE
Feb 09, 2011 09:00 ET Vantex Completes the Acquisition of the Galloway Project
LA PRAIRIE, QUEBEC--(Marketwire - Feb. 9, 2011) - The management of Vantex Resources Ltd (TSX VENTURE:VAX) is pleased to announce that the last required payment in order to finalize the acquisition of the Galloway project was made to the sellers of the property. Vantex paid an amount of $65,000 and issued 360,000 common shares to fulfill all of the obligations included in the agreement disclosed in the March 9, 2009 press release. The new shares are subject to a 4-month minimum hold period.
Comprised of 3 mining concessions, 63 claims and 35 lots covering an area of 2,461 hectares, the Galloway project is the result of the amalgamation of the Hurd, Ogima North, Sandborn, Perron, Cadillac, Francoeur and Renault Bay claim blocks. Following this payment, Vantex now owns 100 % of the Sandborn, Perron, Cadillac, Francoeur and Renault Bay blocks as well as 90 % of the Hurd and Ogima north blocks. A 10 % carried interest is retained by the sellers of the Hurd and Ogima north blocks, as well as a 2 % NSR on the 7 blocks.
Apr 05, 2011 09:00 ET Vantex Resumes Drilling on Moriss
LA PRAIRIE, QUEBEC--(Marketwire - April 5, 2011) - The management of Vantex Resources Ltd (TSX VENTURE:VAX) is pleased to announce the start of a new drilling program on the Moriss discovery. Located in the west part of the Galloway project, this new gold area was discovered during the Fall 2010 drilling campaign. It is located 500 metres west of the GP zone (See 2010 press releases).
The Moriss environment is known on a strike of 250 metres and 150 metres deep with 5 gold-bearing structures containing economical gold grades. Located in a very potent geological context, mainly in volcanic rocks and felsic to intermediary tuffs, the gold structures are located near the north contact of an important magnetic anomaly and follow many IP anomalies.
This 3,000-meter drilling program will test the lateral extensions of this new area and will also attempt to link this zone with the GP zone, located in its east extension. Additional drilling is also planned for the Hendrick zone, located in the south-west extension of the GP zone. This press release was read and approved by Daniel Kelly, consulting geological engineer and Qualified Person under the NI 43-101 guidelines.
The Company has sufficient funds to complete this exploration phase.
LA PRAIRIE, QUEBEC -- (Marketwire) -- 05/12/11 -- The management of Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) is pleased to announce the hiring of SRK Consulting (Canada) Inc. ("SRK"). SRK will produce a first 43-101 mineral resource estimate for the GP showing (Galloway project) located in the Dasserat township near Rouyn-Noranda. The works will be performed by the Toronto SRK office, under the supervision of Dr. Jean-Francois Couture, P. Geo.
SRK is an international consulting firm that employs more than 1,000 professionals in 40 offices across 6 continents. The SRK Group offers different specialized consulting services in mining engineering. The independence of the group is guaranteed by the fact that SRK is privately owned by its employees and that it does not own any financial interest in the projects they are associated with. This enables SRK to provide objective and conflict-free solutions. SRK specializes in the realisation of independent mandates for mineral resource and reserve estimate, the evaluation and due diligence of mining projects, technical report preparation and bankable feasibility studies for mining companies and financial institutions across the world.
The management is pleased to have come to an agreement with SRK Consulting in order to proceed with this first gold resource estimate of the GP showing. The conclusions and recommendations of this study should be available near the end of August 2011.
"We are very pleased to have come to an agreement with SRK. This firm is recognized around the world and together, we hope to have a better understanding of this important gold area comprising the GP, Hendrick and Moriss showings. This first resource estimate will focus strictly on the GP showing, in an area 300 metres in length. The number of drill holes completed in the east extension of the GP showing is not yet sufficient to be included in this first evaluation. As for the Hendrick zone, located 500 metres in the south-west extension of the GP showing, we will need to do many more drilling to connect these two zones." commented Guy Morissette, CEO of the Company.
Galloway Project
The Galloway project is located 30 kilometres West of the Rouyn-Noranda mining camp (more than 19 million ounces of gold produced) and 25 kilometres east of the former Kerr Addison mine that produced more than 10 million ounces of gold. The Galloway project comprises 101 mining claims and cells as well as 3 mining concessions covering a total area of 2,700 hectares.
Many gold showings are known on this property, namely the GP, Hendrick and Moriss showings. The Hendrick and GP showings offer a potential of large mineral volume with low grades while the Moriss showing presents a potential for high grade exploitation (see previous press releases). Many more showings were documented on the project namely the Soaker Hill, Renault Bay, Hurd and de l'Ile showings. Copper showings are also known on the Sandborn block, located in the east portion of the project.
The Company is currently completing a 3,000-meter drilling program on the Moriss showing. Some drill holes will also target structural targets during this program.
The works are done under the supervision of Mr. Daniel Kelly, geological engineer and Qualified Person under the 43-101 guidelines.
LA PRAIRIE, QUEBEC -- The Board of directors of Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) approved yesterday the grant of 250,000 stock options to Mr. Nil Leblanc that was newly appointed during the Company's annual shareholders meeting. The options are priced at $0.30 and are a valid for a period of 5 years.
Mr. Leblanc was a top performing financial advisor with Scotia McLeod and Desjardins Securities for more than 25 years.
Shareholders voted in favor of the nominees presented for the board of directors as well as for the Company auditors, with more than 98 % of the votes cast at the Company's annual shareholders meeting that took place on May 19.
Vantex Modifies Stock Option Plan and Grants Options
Jun. 17, 2011 (Marketwire) --
LA PRAIRIE, QUEBEC -- (Marketwire) -- 06/17/11 -- Vantex (TSX VENTURE:VAX) board of directors approved modifications to the Company's Stock Option Plan. The new Plan will now reserve 10,300,000 common shares of the Company for option purposes, compared to 7,400,000 shares for the previous Plan. The options are available for officers, directors, employees and consultants of the Company and account for less than 20 % of the Company's outstanding shares. This modification is subject to the approval of the TSX Venture Exchange and the approval of Vantex arm's length shareholders at the next Annual meeting of shareholders.
In addition, under the new stock option plan, departing option holders will be able to keep their stock options for a period of 12 months before they expire. The previous expiration delay was 60 days following departure. This modification is subject to the approval of the TSX Venture Exchange.
The Board of directors also approved the grant of 675,000 stock options at a price of $0.22 valid for 5 years. This grant is done within the previous stock option plan.
LA PRAIRIE, QUEBEC -- Vantex Resources Ltd. (the "Company") (TSX VENTURE:VAX)(FRANKFURT:UD7A) is pleased to announce the completion of a $260,000 non-brokered financing.
The Company sold 260 Flow-Through units (the "FT Units") at a purchase price of $1,000 per FT Unit, for a total amount of $260,000. Each FT Units consists of 5,000 flow-through common shares at a price of $0.20 per share and 5,000 common share purchase warrants. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of 24 months from the date of issuance, at a purchase price of $0.25 per share.
Proceeds of the FT Units will be used for the continuation of exploration of the Galloway property in Quebec. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2011 taxation year.
6 Company insiders participated to this financing for a total amount of $95,000.
The securities issued as part of this placement are subject to a minimum hold period of four-month-and-one-day period and subject to the approval of the TSX Venture exchange.
Vantex Intersects 1.01 g/t Au Over 144 Metres on Galloway's Hendrik Zone
Jul. 26, 2011 (Marketwire) --
LA PRAIRIE, QUEBEC -- (Marketwire) -- 07/26/11 -- The management of Vantex Resources Ltd (TSX VENTURE:VAX) (FRANKFURT:UD7A) (ALPHA:VAX) is pleased to announce that it has intersected in drill hole VPE11-36, 558.70 metres of mineralization, along the hole, grading 0.56 g/t Au and 1.11 g/t Ag including a section of 144 metres that returned 1.01 g/t Au and 1.23 g/t Ag. This drill hole was done 125 metres east of drill hole KHD84-01 (hole done by Kerr Addison Mines) and is located in the Hendrik zone.
"We are very pleased with these results. It appears that the Hendrik zone, although deeper, offers great potential for gold. Many smaller zones within this drill hole, returned grades between 2 g/t Au up to more than 11 g/t Au." mentionned Mr. Guy Morissette, CEO of Vantex.
The management of the Company plans to do more deep drill holes in this area in order to test its lateral extensions and verify the continuity of the richest gold zones. The next drilling campaign will start in August. Additional drilling will also take place to test exploration targets in the north sector of the property (Soaker Hill showing) as well as in the north east extension of the GP zone.
All samples were tagged, bagged and shipped to Laboratoire Expert Inc., Rouyn-Noranda, where 30-gram pulp samples are prepared and assayed for gold (FAA). New gravimetric analysis (FA) are performed on all the samples with levels higher than 1.0 g/t Au. A strict QA/QC program including random insertion of blanks, standards and duplicate samples has been followed throughout the sample preparation. The NQ-size core is logged, sampled and split in two at the company's core shack in Rouyn-Noranda. The currents works are supervised by Mr. Daniel Kelly, independent geologist and Qualified Person under NI 43-101 guidelines. This press release was read and approved by Daniel Kelly.
Acquisition in 32G10
Management also announces the acquisition of 20 cells, by map designation, in the 32G10 area. Many gold deposits are known in this area namely the Philibert, Chevrier and Joe Man deposits. The Company intends to partner with other companies to develop this new property. These cells are pending approval.
Vantex Receives $1,060,012 From Exercise of Warrants
LA PRAIRIE, QUEBEC--(Marketwire - Aug. 2, 2011) - The management of Vantex Resources Ltd. (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces that it received $1,060,012 during the last two months, following the exercise of 7,066,750 warrants. The exercise price of the warrants was $0.15 and expired at the end of July 2011.
M. Robert R. McEwen exercised 1,500,000 of these warrants. He now holds 7,300,000 common shares of Vantex for a total of 12.05 % of the issued shares of the Company (see July 29, 2011 press release).
The Company will resume its works on the Galloway project in mid-August where a drilling campaign will take place on the Moriss and Hendrik showings.
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.
LA PRAIRIE, QUEBEC--(Marketwire - Aug. 3, 2011) - The management of Vantex Resources Ltd. ( Vantex )(TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX) announces the sale of a 50 % interest of its recently acquired Cookie Monster property, to Amseco Exploration Inc. ( Amseco ) (TSX VENTURE:AEL).
With this agreement, Amseco acquires a 50 % participation in the 28 cells held by Vantex in the Monster Lake area, on properties directly adjacent to those of Stellar Pacific Ventures Inc. where an extensive drilling campaign is taking place.
The Monster Lake area is also known for its numerous gold deposits, namely the Joe Mann, Chevrier and Philibert deposits.
In exchange of the sold interest, Vantex will receive a $5,000 cash payment at signing and 400,000 common shares of Amseco, when regulatory approvals are obtained. Amseco and Vantex are planning a joint exploration program on the property. The exploration budget for the joint-venture agreement plans for a minimum of $100 000 in works for the first year.
This agreement is subject to the approval of regulatory authorities and confirmation of titles by the government.
Vantex Resumes Drilling on the Moriss Zone-Galloway Project
LA PRAIRIE, QUEBEC--(Marketwire - Aug. 26, 2011) - The management of Vantex Resources Ltd (TSX VENTURE:VAX)(FRANKFURT:UD7A)(ALPHA:VAX)announces the start of a drilling program on the Moriss showing of the Galloway project, located in Rouyn-Noranda. This campaign will start in early September 2011.
This drilling campaign will test the West extension of the Moriss zone as well as the dip of the 5 different gold zones that were previously discovered by drilling in 2010 and 2011.
Also, to better understand this new and very important gold showing, the company is planning a surface stripping campaign. As a reminder, previous drilling on the Moriss zone returned many high grade gold intersections ( See previous press releases ). The Moriss showing is a top priority for management and could be followed by a resource estimate as soon as the results of the current drill program are obtained.
With regards to the current resource estimate being performed on the GP zone, SRK Consulting of Toronto, plans on completing the report this Fall. URSTM of Rouyn-Noranda will also proceed with different tests on the ore of the GP zone. These tests will evaluate the GP gold resource for its recovery, by cyanidation and gravimetry, its grindability and ore density. A sample of 3 metric tons will be sent to the University lab and results will be available this Fall.
The Hurd zone, located one kilometre from the GP zone in its North-east extension, will also be the site of a surface stripping campaign. Historical data shows the presence of gold, silver and molybdenum on surface as well as in previous drill holes.
These works will be supervised by Mr. Daniel Kelly, consulting geological engineer and Qualified Person as per NI 43-101. This press release was read and approved by Mr. Kelly.
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.
