Cavan Begins 2nd Phase of Exploration on the Buckingham Graphite Property in Quebec
July 8, 2013 (Source: Marketwired) — CAVAN VENTURES INC. (TSX VENTURE:CVN) (“Cavan” or “the Company”) is starting a second-phase ground exploration program on its 100%-owned Buckingham graphite property, covering an area of 900 hectares (2,224 acres) in the Buckingham Valley area of southwestern Quebec.
The Buckingham property is adjacent to, and historically a part of the old Walker Mine that was worked from the 1860’s to 1910. Disseminated graphite flake grab samples, reported to be up to 25% by volume were recovered at the Walker Mine. A geophysical survey by the Quebec Government in the 1960’s identified two linear conductors identified on the Cavan property, measuring 200m and 1,000m in length, respectively. As reported previously (see news release, June 19th, 2013), the larger anomaly was located with a Beepmat (EM) and followed over several 1000m. Fourteen grab and channel samples collected from this long conductor returned carbon values from 0.46% C to 11% C, with the greater value in a 4m-wide banded paragneiss. Numerous angular blocks of float of similar lithology are scattered along this conductor.
A grab sample from the second parallel conductor, located roughly 400m north of the larger conductor, returned 21.70% organic C from schistose paragneiss containing large flakes of graphite. About 250m northwest of this conductor, a grab sample from a third shorter conductor coinciding with a two-meter wide outcrop returned a value of 8.67% C. Twelve grab and channel samples were also collected along trails and gravel roads in the eastern part of the property, about seven kilometers from the main conductor, and returned assays from 0.5% to 9.31% C.
Grab samples are selective by nature and are unlikely to represent average grades of mineralization.
Based on these excellent results, an exploration program is now proposed and will be executed soon. The program will consist of line cutting in anticipation of geophysical surveys, stripping and channel sampling, followed by drilling the best anomalies and geological targets. The budget for this second phase of exploration is estimated to be $365,000.00 and includes 1,000m of diamond drilling. This program will begin in July 2013 and should be completed before the end of summer.
The technical contents of this release were approved by Dr. Christian Derosier, P.Geo. a qualified person as defined by National Instrument 43-101.
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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.cavanventuresinc.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.
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