ST. JOHN'S, NEWFOUNDLAND -- (Marketwired) -- 07/11/13 -- Canada Fluorspar Inc. (TSX VENTURE: CFI) ("CFI" or the "Company") is pleased to announce first assay results from three holes drilled under the Company's Phase 3 diamond drilling program at its Grebes Nest property. This new mineralized structure is situated approximately 4 kilometers from the former Tarefare mine and less than 6 kilometers from the former Blue Beach North mine (see location map below). All three drill holes are located on the western part of the Grebes Nest grid area. Ground geophysical (magnetometer and EM) survey results indicate that the mineralized structure has potential to extend for more than 4,000 metres along strike. The drill holes completed identified as GS-13-08, GS-13-03, and GS-13-07, with one hole (GS-13-08) intersecting 48.68% CaF2 over 16.85 m.
All three drill holes are inclined at -55 degrees and oriented at Azimuth 034 degrees.
A map is available at the following address: http://media3.marketwire.com/docs/n711cfi1.pdf.
Drill hole GS-13-08 tested the down-dip extension of the Grebes Nest Vein at an old exploration shaft (GN Shaft) approximately 20 metres below the surface. This shaft, which was sunk in the 1940s, is located within an existing open-cut that was mined by a previous operator during the early 1990s. Drill hole GS-13-08 intersected a significant vein structure, with an average grade of 48.68% CaF2over 16.85 m.
Drill hole GS-13-03 intersected two vein structures, the first vein structure intersection had an average grade of 46.57% CaF2 over 1.90 metres, and the second vein structure intersection had an average grade of 68.08 CaF2 over 6.23 m.
Drillhole GS-13-07 intersected the Grebes Nest Vein structure with an average grade of 41.67% CaF2 over 5.58 m.
A map is available at the following address: http://media3.marketwire.com/docs/n711cfi2.pdf.
"This is very exciting news", stated Lindsay Gorrill, President & CEO of Canada Fluorspar Inc., "Based on the 21 holes we have drilled to-date on the Grebes Nest property we have identified fluorspar mineralization along a strike length of approximately 1.5 kilometers and extending to more than 170 metres at depth. We have received assays for only three of the 21 holes, but based on visual observations on drill core by our qualified persons, we are optimistic about the assay results. We look forward to releasing the assays on the remaining drill holes as they become available and plan to continue drilling to confirm the richness of this vein at depth and along strike."
CFI has received assay results for samples collected from drill holes GS-13-08, GS-13-03, and GS-13-07 located along the western part of the Grebes Nest target area. These holes are spaced approximately 100 metres apart, cover a strike length of approximately 425 metres of the total approximately 4,000 metres long Grebes Nest mineralized structure. These holes intersected the Grebes Nest Vein at depths ranging from 90 metres to 110 metres vertically below the surface. In addition, hole GS-13-08, intersected the vein below the old shaft and recent trenching, and has revealed mineralized vein material which is interpreted to be the projection of the Grebes Nest Vein intersected in drill hole GS-13-03.
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