VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/18/13 -- Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE: CVN) announces it has completed a first phase ground program on its 100% owned Cawood, Sainte-Marie, Big Flake and Buckingham graphite properties, located in southwest part of Quebec.
On May 13, 2013, the Company announced that a prospecting and exploration work program was started on four of the five prospective graphite projects, located in the Buckingham area and Gatineau Valley area, Quebec. At the end of May 2013, the field work was completed and the assay results are now received and compiled.
Several days were spent on the Buckingham property which consists of three colonial lots located in Range IX, Buckingham Township and covering an area of 900 hectares (2,224acres). The property is adjacent to the old Walker Mine which is located in the south half of lot 20.
In Range VIII historic reports mention that the graphite deposit was worked between the 1860's to 1910. Disseminated graphite flakes, up to 25% were mined. At the time Buckingham was part of the Walker mine. In the 1980's an airborne electromagnetic survey was conducted by the Quebec Government. Two linear conductors were picked up on the Buckingham Property.
Those conductors are at 200 m spacing and measure 200 m and 1,000 m in length respectively. With the help of a Bipmat, the prospecting team found the main linear INPUT conductor on surface and followed it over several 1000 m,. A total of 14 grab and channel samples were taken on this long conductor. Carbon values of grab samples range from 0.46% C to 11% C. This last value was found in a 4m wide banded paragneiss. Numerous angular blocks were discovered, scattered along the electromagnetic conductor.
A second parallel conductor was found at about 400 m north of the major one. Sample 264186 corresponding to a large schistozed paragneiss band with large flakes of graphite, returned 21.70% organic C. About 250m NW, a third short conductor coinciding with a 2m wide outcrop returned a value of 8.67% C. Finally, a second long INPUT conductor was verified at 500m north of conductor #3. Four grab samples were taken at regular intervals along this axis. They returned values lower than 1% C (0.46% to 0.96% C).
Prospecting was also conducted along trails and gravel roads in the east part of the property, at about 7 km of the main NE-SW oriented conductor. A total of 12 grab and channel samples were taken in that area. Results range from 0.5% to 9.31% C.
Sainte Marie Property:
The Sainte Marie property consists of 11 map staked claims covering an area of 605 hectares (1,495 acres). Several graphite occurrences have been reported on the property and there is also potential for REE (Rare Earth Elements). Six graphite occurrences were studied during a regional mapping program. Most have returned graphite values higher than 3% graphite in quartz-feldspar gneisses. One occurrence returned 25% graphite over one metre in a shear zone. During the field trip, the prospecting team took 9 samples on outcrops showing graphite flakes in white coarse grained marble. The flakes are well disseminated and measure between 1 and 10 mm. They are found in banded layers up to 50 m in width. Organic carbon values of the grab samples obtained range from 0.25% to 5.04%.
The Big Flake Property
The Big Flake property is located adjacent to the TIMCAL's (Stratmin) producing flake graphite mine of Lac des Iles, near Mont-Laurier, Quebec. It covers a total area of 2,400 ha (5,930 acres). The project covers historic drill holes (1968) with reports of graphite intersection. Those holes are located approximately 8 km east-south-east from the TIMCAL's mine site. Only three outcrops were sampled. Most of the bedrock is covered by the vegetation and only diamond drilling through geophysical anomalies can provide good assay results. The best values from the grab samples obtained range from 0.20 % C to 2.04% C in schistozed paragneiss. This property may also present an economic potential for REE (Rare Earth Elements).
The Ashbury project was not visited, primarily due to poor weather conditions. This property covers an area of 900 hectares (2,224 acres) and hosts two historic drill holes bored by the Quebec Department of Natural Resources (1965). In the first hole, graphite was noted from 18.29 m to 30.48 m in a biotite paragneiss. A second intersection was noted from 30.48 m to 54.86 m. The second hole intersected graphitic mineralization over 1.52 m from 62.48 m to 64.00 m. The two holes are approximately 4 km apart.
Samples from the prospecting and exploration program were assayed by ALS Minerals in Val d'Or, Quebec and Vancouver, BC., by the Leco method (organic carbon, C-IR06) and the whole rock package (ME-ICP61a), including ICP-AES (Lithium metaborate fusion) and ICP-MS ( lithium borate fusion and Aqua regia). Grab samples are selective by nature and are unlikely to represent average values of the graphite mineralization.
"Results of this preliminary prospecting campaign are very encouraging and our geological team highly recommends an exploration program on the Buckingham property and more prospecting on Big Flake and Ashbury. We look forward to an exciting second half of 2013!" states Peter Swistak, President of Cavan.
The technical contents of this release were approved by Dr. Christian Derosier, P.Geo, a qualified person as defined by National Instrument 43-101.
Cavan Venture's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. For more information visit the website at www.cavanventures.com.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. 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.
Cavan Ventures Inc.
Peter P. Swistak
(604) 683-3995 or Toll Free: 1-888-945-4770
Most Popular Stories
- Neighbor Warns Chris Brown to Stay Off His Property
- Venezuelan Officials Banned From Traveling in U.S.
- Homeowners More Satisfied With Mortgage Servicers
- Ford Tremor: Easy to Park, Hard to Pay For
- WWE Showing Off Its Muscles
- As Jobs Market Strengthens, Many Don't Feel It
- What Hamas and Israel Hope to Gain in Gaza
- Adrienne Bailon Disses Ex-Lover Rob Kardashian
- Target Taps Pepsi Exec as New CEO
- Hispanic Arts Leaders Unite Across the Border