"AKV": TSX Venture Exchange
VANCOUVER, June 1 /CNW/ - Acrex Ventures Ltd. ("Acrex") is pleased to announce commencement of the 2010 exploration program on its Cariboo Region property located near Likely, British Columbia. Acrex has received the necessary permits to allow for road access construction, trenching and drilling on the property.
A work program consisting of soil geochemical sampling and ground magnetometer surveys is planned for May, 2010. Following this ground work, a trenching and drilling program is planned to commence in June. Acrex has contacted Atlas Drilling Ltd. of Kamloops, B.C. for the completion of an initial drill program consisting of 1,500 metres of drilling from 5 drill stations to test various targets.
The incentive for continued exploration on the Acrex claims is supported by positive results from both Spanish Mountain Gold Ltd. and Tiex Inc. (see Acrex March 2, 2010 news release). The Tiex property lies directly to the west, and the Spanish Mountain Gold deposit lies directly to the east of the proposed area of work to take place on the Acrex Property (please refer to map). The regional geology that hosts the gold mineralization on the Tiex and Spanish Mountain Gold properties trends northwest to southeast, passing through both the southeastern and northwestern claim blocks that make up the Acrex property.
On May 18, 2009, Spanish Mountain Gold released an updated 43-101 compliant resource for its Spanish Mountain Gold project. The updated measured and indicated gold resource is reported at 102.26 million tonnes at an average grade of 0.785 g/t (2.58 million ounces gold) and an inferred resource of 11.65 million tonnes at an average grade of 0.787 g/t (290,000 ounces gold), at a cut-off grade of 0.50 g/t gold. The Main Zone mineralization is located within 1.5 kilometers of the Acrex claims.
On the west side of the Acrex claims, Tiex Inc reported results from its 2008-2009 drilling program that intersected wide widths of elevated gold (0.25 to 0.5 grams/tonne) containing higher grades over shorter widths (eg. 6.04 g/t over 1.07 m).
Acrex has successfully completed diamond drilling of 26 holes on the property to date. The highest gold value of 2.42 g/t gold returned from a sample taken between 279 m to 280.5 m depth in hole 07SpM-01 (see Acrex March 25, 2008 news release). This hole was drilled to intersect the down-dip extension of a gold bearing horizon intersected in 2006, drill hole 06SpM-15. Hole 06SpM-15 returned two gold intersections grading 2.54 g/t over 1.51 m and 2.29 g/t over 1.52 m. Wider intercepts of low grade gold values, interpreted to be similar to the Main Zone mineralization reported by Spanish Mountain Gold Ltd., were also intersected during the 2006 and 2007 drilling programs.
Acrex Ventures is looking forward to continued exploration on its Spanish Mountain Property. Being adjacent to Spanish Mountain Gold Ltd's advanced stage project with excellent leverage to gold price, excellent location and infrastructure within a mining friendly jurisdiction, the Acrex property is well positioned for gold potential.
Mr. Perry Grunenberg, P.Geo. of P&L Geological Services is the Company's supervisor for the Spanish Mountain Project and "Qualified Person" for the purpose of National Instrument 43-101.
ACREX VENTURES LTD.
T.J. Malcolm Powell,
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SOURCE ACREX VENTURES LTD.
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