Cap-Ex Ventures Ltd. (TSXV:CEV,OTCQX:CPXVF,FWB:XOV) announced an Inferred resource of 7.2 billion tonnes at 29.2% total iron (18.9% magnetic iron) based on a cut-off grade of 12.5% magnetic iron, from initial independent National Instrument 43-101 Mineral Resource estimate on its wholly-owned Block 103 Property in Labrador, northeast of Schefferville.
As quoted in the press release:
This Inferred resource covers an area with a strike length of approximately 4 kilometers (km) and a width of 2.5km. Based on the Magnetic Airborne survey previously completed, the Block 103 Property covers a strike length of approximately 12km. Mineralized zones are open towards the northwest and southeast and to depth.
Cap-Ex President and CEO François Laurin said:
We are extremely excited with this initial resource estimate on a portion of Block 103 as we far exceeded our publically stated goals for this first resource. We have clearly demonstrated the long term potential of the project and look forward to continuing to develop it by releasing our Preliminary Economic Assessment later this quarter.