News release
Micrex completes drilling at St. Charles, awaits assays
Ticker Symbol: C:MIX
Micrex completes drilling at St. Charles, awaits assays
Micrex Development Corp (C:MIX)
Shares Issued 52,756,757
Last Close 3/26/2012
.125
Tuesday March 27 2012 - News Release
Mr. Perry Meszaros reports
MICREX DEVELOPMENT CORP.: DRILL RESULTS FROM THE QUEBEC MAGNETITE APATITE DEPOSIT
Micrex Development Corp. has completed the 14-hole initial drilling program on its wholly owned St. Charles magnetite project.
Micrex also decided to proceed with additional holes aiming to test the northward and southward extension of the "Grand Saguenay" apatite-ilmenite bearing magnetite mineralization, and to test some new magnetic anomalies. The late completion of the initial program was to the result of the strategic decision to use a small drilling rig in order to minimize environmental impact on privately owned forest. This, coupled with drilling water freezing, delayed the drill program this past winter, but it had no effect on Micrex's overall planning. Micrex only requires the drilling to update its 43-101 resources. Currently known resources are more than adequate to meet anticipated demand for magnetite from Quebec and the Atlantic seaboard, which is estimated to be over 100,000 tons of finished product annually.
The initial program successfully evaluated the geometry of the "Grand Saguenay" magnetite mineralization, as suggested by the broad aeromagnetic anomaly indicated on the 2011 survey . The preliminary results suggest the existence of continuous mineralization over a minimal length of 300 metres, a consistent thickness of 20 to 30 metres, and trending at 160 degrees and dipping at 50 - 65 degrees. Table 1 presents a summary of the mineralization intersected in course of the initial program and the map below shows the position of the holes. The mineralization remains open laterally, to the north and to the south, and at depth.
Core samples are currently processed in the IOS laboratory for magnetite recovery by Davis tube testing and density measurement, while assaying is currently being done at ALS-Mineral, an ISO-17025 accredited laboratory.
Table 1-Summary of massive to semi-massive magnetite intersection from DDH of the initial program.
----------------------------------------------------------------------------Hole Azimuth Dip Intersection ----------------------------------------------------------------------------SB-11-01 081 -45 The main intersection from 66.5-94.17 metres. Several submetric mineralization intersections. ----------------------------------------------------------------------------SB-11-02 081 -45 Two mineralization zone intersected from 14-34.9 metres and 58.63-77.55 metres ----------------------------------------------------------------------------SB-11-03 081 -45 Main intersection from 69.94-83.48 metres. Several other submetric mineralization intersections. ----------------------------------------------------------------------------SB-11-04 081 -45 Main intersection from 54.84-70.19 metres. Several other submetric mineralization intersections. ----------------------------------------------------------------------------SB-11-05 081 -45 Two mineralization intersection more than 20 metres : 1.75-25.1 metres and 132-154.65 metres plus two intersections with width of almost 10 metres : 84.6-93.35 metres and 109.7-119 metres. Several other submetric mineralization zone. ----------------------------------------------------------------------------SB-11-06 081 -45 One single intersection from 1.12 to 28.64 metres. ----------------------------------------------------------------------------SB-11-07 081 -45 The main intersection from 30.75 to 56.75 metres. ----------------------------------------------------------------------------SB-11-08 000 90 A main intersection from 48.95 to 86 metres. ----------------------------------------------------------------------------SB-11-09 261 -45 A main intersection from 49.15-96.65 metres. ----------------------------------------------------------------------------SB-11-10 261 -45 Two intersections from 57.7-78.75 metres and 119- 147.9 metres. ----------------------------------------------------------------------------SB-11-11 081 -45 The main mineralization intersection from 115.35- 128.25 metres. ----------------------------------------------------------------------------SB-11-12 081 -45 The main mineralization intersection is from 52.75- 80.05 metres with an other 10 metres-width zone from 11.45-21.7 metres. ----------------------------------------------------------------------------SB-11-13 081 -45 Weakly mineralized. ----------------------------------------------------------------------------SB-11-14 081 -45 Weakly mineralized. ----------------------------------------------------------------------------
Further news will be forthcoming on laboratory results from Quebec and Newcastle, England.
Other Matters
The recent Quebec Budget tabled on Tuesday, March 20, 2012 calls for increased investment in the mining sector which bodes well for the future development of the St Charles magnetite ilmenite apatite property in the Saguenay region. Also, the previously announced helicopter geophysical survey has been competed at the Deadwood gold and silver mine in New Mexico and results are currently being evaluated.
This press release has been reviewed by M. Rejean Girard, geologist and head director of IOS Services Geoscientifiques Inc. and the Company's Qualified Person for this project under the meaning of NI 43-101.
We seek Safe Harbor.
© 2012 Canjex Publishing Ltd.