Stock still halted-good news-VTX-VFEBRUARY 27, 2007 - 11:13 ET Show Text
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Vantex Makes Important Gold Discovery in Guillet
LA PRAIRIE, QUEBEC--(CCNMatthews - Feb. 27, 2007) - The management of Vantex (TSX VENTURE:VTX) is very pleased to announce that drill hole LE07-206 has cut 62 g/t Au over 3.3 metres. True width is not yet known. This new gold discovery is located some 850 metres to the north of the Lake Expanse deposit.
Drill hole LE07-206 was testing a low magnetometric anomaly related to the Lake Guillet Fault and which extends for approximately 4 kilometres. In the Kelly showing, as it is called, gold is found at the contact between a felsic tuff and a sheared basaltic unit, close to the northern contact of the Lake Guillet Fault.
As observed in drill hole LE07-206, the core of the Lake Guillet Fault hosts at least two talc-chlorite schist horizons. "Ultramafic horizons are commonly observed close to gold bearing faults in Abitibi as demonstrated by the Cadillac-Larder Lake Break. From a structural perspective, the presence of such soft rock units within fault systems favours movements along the faults and create opening which can channel gold bearing hydrothermal fluids." The geological environment of this new discovery appears highly prospective according to the company's consulting engineer Mr. D. Kelly.
Drill Hole From/To Width Grade (metres) (metres) (g/t Au)--------------------------------------------------------------LE07-206 206.40-206.85 0.45 439.56(i) 206.85-208.20 1.30 0.21 208.20-209.70 1.50 3.62
(i) Average of 4 tests (FA, gravimetric finish). The sample contained approximately 20 visible gold grains associated with sphalerite
Following this important discovery, the company has decided to concentrate its actual drilling effort around the new showing.
"The current drilling program was aimed at testing the gold potential of certain geophysical and geochemical targets. This result is an important step forward in the exploration of the Guillet Property as this discovery, which is located 850 metres to the north of the Lake Expanse deposit, demonstrates well the potential of the rest of the property. Further north of the low mag axis, the gold potential of that area has been confirmed by gold intercepts mentioned in historical reports (Audrey and Mudlake showings) and by the presence of the former Belleterre producer. The latter is located less than two kilometres from the Kelly showing, in a similar geological environment" according to M. Guy Morissette, president of Vantex.
Samples were prepared and assayed at Laboratoire Expert of Rouyn-Noranda. Core is stored at the company's facility in Belleterre. Current program is being supervised by qualified person Daniel Kelly (pro. Ing.) and consultant to Vantex. The latter also reviewed and approved the present press release.
The Guillet Property
The property is made up of 123 claims covering 1,960 hectares. It is found within a greenstone belts that is located approximately 5 kilometres to the east of the town of Belleterre, in the Temiscamingue region of Quebec.
The property is mainly overlain by felsic to ultramafic volcanic rocks (flows and tuffs), locally sheared and intruded by sills and dykes of diorite and gabbro which are occasionally magnetic. Several shear zones cut all geological units. Main gold showings are: Lake Expanse, Mudlake, Frontiere, Gervais, Jolette, Audrey and now Kelly.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release