- Argex hires Paradox for Investor Relations
MONTREAL, Feb. 11 /CNW Telbec/ - Argex Silver Capital Inc. (TSX-V:RGX) ("Argex") reports that it is commencing its diamond drilling on its titanium, vanadium and iron ore properties in the Lac La Blache region on the North Shore of Quebec.
A 16-hole, 3,400 metre drill program is set to begin on Friday, February 12, 2010 on the Hervieux Ouest Zone of the Lac La Blache region. This program has been designed to confirm and expand the historic titanium, iron, vanadium, magnesium and chromium non-compliant resources in order to produce a compliant resource with respect to NI 43-101.
Below are excerpts from the December 4, 2008 NI 43-101 Technical Report covering the Mouchalagane and La Blache Properties. This report is available for review at www.sedar.com under the company profile for Argex Silver Capital Inc., and filed on April 15, 2009, as well as at www.argex.ca.
"In 1954, three claim blocks held by the Bersimis Mining were visited by the Ressources naturelles et de la Faune du Québec (MNRFQ) (GM03107). The MRNFQ published a report and map jointly with Bersimis Mining that located and described the East Hervieux and West Hervieux occurrences (RP374) revealing the presence of medium to coarse grained magnetite in anorthosite. According to estimates made by Bersimis Mining at the time "these deposits contained 135,000,000 tons of ore up to a depth of 300 feet. It is reported that the average content of the ore is of 49 percent iron and 21 percent of TiO2." This estimate is historical in nature, non-compliant to NI 43-101 Mineral Resources and Mineral Reserves, and therefore should not be relied upon, but should only be considered as an indication of the iron-titanium mineral potential and not necessarily indicative of the mineralization on the La Blache Property.
A ground magnetic survey was completed by Prospecting Geophysics in 1959 (GM08681). Bersimis Mining completed 20 drill holes in 1964 (GM15462, GM15667 and GM15992) intersecting significant iron and titanium (more than 45% Fe and 15% TiO2.). The MRNFQ examined approximately 300 metres of drill core sampling holes 4, 7, 8, 10, 11, 13 and 17 as well as two outcrops for petrographic and chemical analyses. Three lenses were identified and were apparently aligned over a distance of 6 kilometres. The lenses vary from 100 metres to 1,130 metres in length and 45 metres to 215 metres in width (RG2002-01 and GM37408). Geochemical analyses tend to be consistent from one lens to the other (GM37408) averaging 50.4% Fe, 20.1% TiO2, 0.36% V2O5, 0.70% SiO2, 7.41% Al2O3, 1.26% CaO, 4.05% MgO 0.19% Cr, 0.03% P and 0.02% S.
The mineral resource estimate reported by Bersimis Mining in 1964 (GM37408) is 79 million tons grading 48% Fe, 20.5% TiO2, 0.19% Cr and 0.36% V2O5. This estimate is historical in nature, non-compliant to NI 43-101 Mineral Resources and Mineral Reserves, and therefore should not be relied upon, but should only be considered has an indication of the iron-titanium mineral potential and not necessarily indicative of the mineralization on the La Blache Property.
In 1980, three concession blocks totalling nine claims were staked by Les Ressources Camchib (GM37408) covering the West Hervieux, East Hervieux and Schmoo Lake occurrences. They concluded that the titaniferous magnetite occurrences at La Blache represented an important source of titanium, iron and possibly of chrome and vanadium. In 1982, the three claim blocks were explored by Services Exploration (GM39253, GM39254, GM39255 and GM39256) who completed a geological and dip needle surveys at Schmoo Lake without the discovery of any massive titaniferous magnetite. At East Hervieux a geological survey uncovered 25 metres to 30 metres of massive magnetite. At West Hervieux, ten samples of titaniferous magnetite contained between 49.20% Fe and 50.58% Fe, and between 18.40% TiO2 and 21.86% TiO2.
Metallurgical studies of the ilmenite mineralization was performed in 1992 (GM51848) at the West Hervieux occurrence as part of the concession then owned by Gaspésie société d'exploration pétrolière et minière. The testing was completed by BHP-UTAH and produced a heavy mineral concentrate of ilmenite containing 46% TiO2 to 50% TiO2."
The drilling program was planned and is being supervised by Jean-Sébastien Lavallée, P.Geo, Vice-President Exploration, Consul-Teck Exploration Inc., of Val d'Or, Québec, Argex's consulting geologist, as well as reviewing and approving this release. The drilling is being completed Major Drilling Group International Inc, with crews being based out of the Val d'Or, Québec office.
Argex is also pleased to announce, subject to approval of the TSX-V, the hiring of Paradox Public Relations Inc. ("Paradox") to handle investor relations activities. In consideration of the services to be provided, Paradox will receive a $5,000 per month fee for a two-year contract. In addition, subject to the approval of the Argex shareholders at its next annual general meeting and regulatory consent, Paradox shall be granted 300,000 incentive stock options at a strike price of $0.325 vested quarterly over the first year of the contract.
Argex is a junior titanium, iron, vanadium and magnesium explorer with projects in Quebec, Canada. Headquartered in Montreal, Quebec, the Company with plans to rapidly advance towards titanium production at the 100% owned La Blache deposit located near Baie-Comeau, Quebec. For additional information please visit our website at www.argex.ca.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Argex Titanium Inc.
For further information: For further information: Roy Bonnell, VP Business Development, Argex Silver Capital Inc, (514) 788-8923, firstname.lastname@example.org