Some impressive gold grades from the Guillet property in Temiscamingue, Que., sent shares of Vantex Oil, Gas & Minerals (VTX-V) soaring on Feb 25.
Hole no. 70 returned 13.3 metres (from 7 metres below surface) grading 40.75 grams gold per tonne, including a 1.15-metre section (from 13.7 m) of 127.3 grams.
The hole was designed to test a zone of gold mineralization about 100 metres south of the property’s BC gold zone. It encountered a sheared breccia containing 10-25% semi-massive sulphides, mostly pyrrhotite and pyrite with traces of sphalerite, galena and free gold.
Vantex plans a program of stripping and drilling aimed at determining the strike and dip of the new structure.
The company has sent some of the drill core to Laboratoire Expert in Rouyn-Noranda for check assaying. The lab will aim to prevent any nugget effect caused by the visible gold.
Earlier this month, Vantex extended the BC zone to a depth of 135 metres. Hole 61 yielded the deepest intersection, a 4.2-metre interval (from 130.8 m) running 7.1 grams gold. That was included in a larger 87.2-metre section averaging 1.1 gram gold. The hole also returned 3.5-3.8 grams gold over three intervals measuring 2,3, and 9 metres respectively.
The three remaining holes generally returned between 0.4 and 10 grams gold over widths of 1-20 metres, at depths from 20-110 metres. Hole 56 included a 2-metre stretch of 17.9 grams, beginning at 65.3 metres.
The 13-hole, 1,182-metres drill program also tested the continuity of the B and C gold zones. Four holes on the B zone returned 0.4-15 grams gold over 1-22.4 metres, from surface to a depth of about 85 metres. Hole 62 surrendered 1.3 metres (from 8 m) of 14.9 grams.
Three of four holes on zone C failed to cut significant mineralization. Hole 54 did manage to find 6.1 metres (from 17.8 m) of 2.2 grams gold, including 1.2 metres (from 22.7 m) of 10 grams.
The Guillet property, 5 km from the town of Belleterre, is centred on the main Lake Expanse zone. So far, some 5,500 metres of drilling in 76 holes has identified five gold zones (AB, B, BC, C and D).
Late last year, Vantex picked up the 2-sq. km Gervais Sud property, adjacent to the south, by issuing 25,000 common shares and granting a 2.5% net smelter return royalty to the vendor.
Shares in Vantex ended 53, or 165% higher, at new 52-week high of 86 with about 5.4 million shares traded in Vancouver.
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