Cavan Acquires Tetepiska Graphite Property in Quebec
December 4, 2013 (Source: Marketwire) — CAVAN VENTURES INC. (TSX VENTURE:CVN) (“Cavan” or “the Company”) is pleased to announce that it has acquired the Tetepiska graphite property in northeastern Quebec, located 24 kilometers southwest of the Lac Guéret graphite project that is presently under advanced exploration by Mason Graphite.
The 100%-owned Tetepiska property includes 54 mining claims covering 2,925.72 hectares. Two timber roads provide good access to the eastern part of the property, and the western part is accessible by boat or by gravel road. Graphite was first discovered at Tetepiska on a small cliff overhanging the eastern shore of Tetepiska Lake, with a historical grab sample returning 58.1% Cg. Graphite mineralization in the area is controlled by the Nault Formation, the equivalent of the Menihek Formation of the Knob Lake Group that is part of the Grenville Metamorphic Province. The Nault formation is composed of meta-sedimentary rocks, largely as paragneisses. Three types of graphite have a particular distribution within the Nault Formation. A macrocrystalline type is associated with quartz-feldspar schist, whereas microcrystalline and amorphous vein-type graphite are found in meta-mudstone (M. Giroux, 2008, Contrôle stratigraphique et qualité minéralurgique des gîtes de graphite des Lacs Guérêt et Guinecourt, Terrane Gagnon, Province de Grenville, UQAM M.Sc., 138p.).
In November 2013, due diligence reconnaissance was carried out by Magnor Exploration Inc. on behalf of the Company. Several graphite mineralized layers were observed on the property, and ranged from 5-10 meters in width in outcrop. Twenty-one channel samples were collected and sent to ALS Minerals (Val d’Or, Quebec) for graphite assays. Results are expected in the coming weeks, at which time the details of the sampling will be presented in conjunction with graphite assays.
Under the terms of the agreement, Cavan will pay $12,234, and issue a total of two million shares over a 48-month period. A 2% royalty is also included, of which 1.5% can be purchased back for $1,500,000.
The technical contents of this release were prepared and approved by Dr. C. Derosier, P. Geo., independent consultant to Cavan and a qualified person as defined by National Instrument 43-101.
Cavan’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.cavanventuresinc.com.
Get our daily investorintel update
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.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.