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Symbol"AKV": TSX Venture Exchange
SEC Form 20F Registration CIK: 1194506
Symbol "AXVEF": Pink Sheets
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VANCOUVER, Oct. 23 /CNW/ - Acrex Ventures Ltd. ("Acrex") is pleased to
announce that diamond drilling is progressing on its optioned Spanish Mountain
property, located near Likely, BC. The Spanish Mountain Property is located
immediately adjacent to and along strike from Skygold Ventures Ltd. and Wild
Rose Resources Ltd., Spanish Mountain, joint venture gold project.
The Skygold Ventures Ltd. and Wildrose Resources Ltd. joint venture
Spanish Mountain property has been described as a Sediment Hosted Vein deposit
(hosting significant bulk mine-able zones of gold mineralization). Grades of
1.5 g/t gold to 2.5 g/t gold over widths of 50 metres to over 100 metres have
been reported by the joint venture.
Acrex initiated diamond drilling on its Spanish Mountain property on
September 1, 2006. Drilling was designed to test zones of elevated gold in
soil that were defined by grid sampling within the Hepburn Lake grid (see news
release dated July 20, 2006). A total of 8 diamond drill holes were completed
within the grid area. The bedrock intersected in these drill holes indicates
that the geologic trend continues to the west from the Skygold-Wildrose joint
venture property. Acrex is currently waiting for final assay results from
samples sent to Acme Laboratories in Vancouver, BC from the initial 8 diamond
drill holes.
Continued drilling is designed to test a broad zone of argillaceous
mudstones in contact with siltstones to the north of the initial 8 diamond
drill holes (06SpM-01 to 06SpM-08). Interpretation of drill core extracted
from drill holes 06SpM-09 and -10 indicates that this zone hosts elevated
levels of pyrite and quartz veining, with geology similar to that described by
P. Klipfel whom is a recognized authority on Sediment Hosted Vein deposits, as
having the potential to host Sediment Hosted Vein gold deposits, including
numerous shear zones with associated hydrothermal alterations.
Sediment Hosted Vein deposits have been described by Paul Klipfel, Ph.D.
of Mineral Resources Services Inc. on the Skygold Ventures Ltd website. These
type of deposits are hosted in extensive belts of shale and siltstone
sedimentary rocks. One attractive characteristic of Sediment Hosted Vein
deposits from the mining standpoint is that they can be gold-only systems with
simple metallurgy.
Acrex is currently extending the drill program to the north and west to
more thoroughly test the favourable geologic units intersected in drill holes
06SpM-09 and 10. Drill holes 06SpM-11 and -12, once completed, will test a
strike length of 300 metres. An additional 3 diamond drill holes are planned
for completion in November, 2006, to test the zone to the north and south of
the area tested in holes -09 to -12.
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.
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The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this Release.
ACREX VENTURES LTD.
Per:
T.J. Malcolm Powell,
President
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