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Infinex Ventures Inc. (IFNX)
Current Price: 1.50 UP 0.06 (4.17%)
OTC: IFNX.OB
Hot News Out
LAS VEGAS, Jan. 18 /PRNewswire-FirstCall/ - Infinex Ventures Inc. (IFNX:OB
- News; "the Company") and its Board of Directors are pleased to announce that
Infinex has increased its option in the Yew Claims to a 60% interest from the
55% interest originally agreed upon in the Joint Venture and Option Agreement
dated June 14th 2004.
YEW CLAIMS
The Yew Claims are located on Texada Island, B.C. This region has a long
history of mining dating back to 1876. Several high grade copper gold skarns
were mined in the area. The geology of the Yew Claims is set out in MINFILE
092F/516 as follows:
"The area is dominated by Upper Triassic Karmutsen Formation (Vancouver
Group) volcanic rocks consisting of typically fine-grained and/or feldspar
phyric basalts and amygdaloidal basalts with minor intercalated limestone beds.
At the Yew occurrence, stratigraphy is comprised of three rock units of the
Karmutsen Formation. A lower, thick series of green-grey basalt flows that
texturally change from amygdaloidal and non-amygdaloidal sequences, is overlain
by a thin, white-grey fine-grained limestone that rapidly thins and thickens
over short distances. Overlying the limestone is an amygdaloidal basalt breccia
with fragments of amygdaloidal basalt up to 15 centimetres. White zeolites,
epidote, pyrite, quartz and chlorite comprise vesicle fillings within the
basalts. Two hundred metres north of the occurrence, two small diorite plugs
intrude the basalts.
Massive pyrite, magnetite, pyrrhotite, minor chalcopyrite and trace bronite
replaces limestone at the lower contact of the limestone bed. The mineralized
zone is flat-lying, close to surface, thin and tabular, and ranges in thickness
from 0.4 to 1.8 metres. Representative samples of the sulphide layer from a pit
assayed up to 61.29 grams per tonne gold and up to 56.90 grams per tonne silver
(Vancouver Stockwatch, January 19, 1988). A second zone comprising
garnet-epidote skarn within basalt occurs below the massive mineralization and
contains visible native gold. A drill hole intersection over 30 centimetres
assayed 128.92 grams per tonne gold (Assessment Report 1486)."
DRILLING
In July of 2004 Infinex commenced its initial drill program on the Yew
Property. The diamond drill program totalled 1,541.4 metres via 25 drill holes.
Nine (9) of these drill holes contained variable thickness of skarn associated
mineralization carrying appreciable gold and accessory silver and copper values.
The near surface mineral zone continues to be the most prospective zone of
potential exploitation on the property. Gold values of interest were returned
from 5 drill holes. Attached is a table providing assay data related to mineral
intervals within these drill holes.