Cavan Receives New Calculation of Average Grades on its Buckingham Graphite Property
July 17, 2014 (Source: Marketwired) — Cavan Ventures Inc. (“Cavan” or the “Company”) (TSX VENTURE:CVN) announces it has received from its geological team a new calculation of the average grades obtained from the assay results of a stripping and channel sampling program executed at the end of May 2014 on its prospective Buckingham graphite property.
Trench 22C was dug over an outcrop which previously returned 22% organic Carbon (“organic C”). Overburden was removed over 24 metres in a northwest direction, with a second trench cut at its southeast end for 20.5 metres. Graphite-rich bands were exposed in both excavations and sampled with a rock saw.
Trench 22C returned 21.6 % organic C over 14.5 metres in its NW part and 16.8% org C over 3.9 metres in its SE part. The mineralization is open to the NW and extends under a small creek and for few additional meters to the SE. Based on all assays obtained on the NW branch, the geologists’ calculation gives a grade of 20.5 org C over 21 metres. The mineralized zone is still open on the NW and SE sides.
The SW branch returned 17.8 % org C over 5.5 metres and two additional channel samples on the southwest extension returned respectively 1.21 % org C and 1.57% org C over 1.25 metres each. The calculation of composite samples for this branch now gives 15.55 % org C over 19.50 metres, including one short channel sample (0.50 metre long) which retuned 19.5% org C, two other samples which gave respectively 17.9 % and 4.53% org C over 1.25 metres each and the third channel returned 22.8% org C over 5.4 metres.
These excellent results confirm the economic potential of the Buckingham property and encourage the Company to undertake the second phase of its exploration program which will comprise the investigation at depth by diamond drilling of what was found on surface.
The technical contents of this release were prepared and approved by Dr. C. Derosier, P. Geo. a qualified person as defined by National Instrument 43-101.
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Graphite assays were obtained at ALS Minerals (North Vancouver, B.C.) using protocol C-IR06 (Leco method).
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.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
Forward-Looking Statement: Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s plans with respect to its existing graphite interests, future financings, and the analysis and investigation of the medical marijuana sphere. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future and statements concerning the anticipated drilling programs, future financings, and the Company proceeding with any transactions in the medical marijuana sphere. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. In particular, the Company cautions that any financings or potential transactions cannot be predicted with certainty, and there can be no assurance at this time that all required or desirable approvals and consents to affect future financings or proposed transactions will be achieved at all. These forward-looking statements reflect management’s current views and are based on certain expectations and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>