Cavan Ventures Granted Option for New Graphite and Rare Earth Mining Claims in Quebec
March 7, 2013 (Source: Marketwire) Vancouver, BC — Cavan Ventures Inc. (TSX VENTURE:CVN) (“Cavan” or “the Company”) is pleased to announce that it has been granted an option to acquire four prospective new mining properties covering graphite occurrences and with a potential for rare earth elements.
The four properties are located in Quebec, Canada, and are all easily accessible by paved or gravel roads and close to infrastructures.
The Pierre Riche North and South claims are located at about 130 km southwest of Saguenay-Chicoutimi, and about 70 km north-northwest of La Tuque. The Trans Canadian railroad line used by the Canadian National Railroad passes just 45 km south of the claim groups.
Pierre Riche North comprises 31 map-staked claims covering 1,705 hectares (4,213 acres). The property covers granitic gneiss, anorthosite, calcsilicate rocks, paragneiss and metasediment. Mafic gneisses contain disseminated sulphides and pockets of pyrite and graphite. Historically, the graphite flakes were mistaken for molybdenite. Anomalous values of copper, nickel, zinc, vanadium and manganese were obtained from a 0.80 m long channel sample.
Pierre Riche South comprises 11 map staked claims covering 605 hectares (1,495 acres), with the same lithologies as on the North claims. Anomalous values in copper, nickel, manganese, strontium and barium were obtained from one-meter long channel samples. This property presents an excellent potential for graphite in flakes and rare earth elements in pegmatite and mafic gneiss.
Two additional mining properties are located in the Upper Gatineau River region in the western part of Quebec, and about 70 km south of the Company’s Pythonga Lake Rare Earth Element project.
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The Cawood and Saint-Marie properties are located at about 65 km north of Ottawa, and accessible by paved roads. Infrastructure in this region is excellent for a mining operation. Cawood comprises 10 map staked claims covering an area of 550 hectares (136 acres). This property has potential for graphite, mica, apatite and rare earth elements. It is located in the Maniwaki Metasedimentary Basin, well known for its graphite deposits and base metal occurrences (Pb-Zn) associated to calcitic and dolomitic marbles. In the past, numerous small graphite occurrences were mined by open-pits which are still accessible.
The Sainte-Marie property comprises 11 map staked claims covering an area of 605 hectares (1,495 acres). Several graphite occurrences exist on the property and there is also potential for rare earth elements. Six graphite occurrences were studied during a mapping program. Most have returned values higher than 3% graphite in quartz-feldspar gneisses of the H Unit. One occurrence returned 25% graphite over one meter in a shear zone.
The four mining properties were acquired from three well-renowned prospectors. CAVAN can earn a 70% interest in the four mining properties by issuing the optionors a total of 1,500,000 shares over a period of two years and making two cash payments totalling $35,000 of which $15,000 is payable upon signing. The Company must spend a minimum of $60,000.00 during the first year of the agreement. Claims are subject to a 2% net smelter return of which the Company may buy back 1% for the sum of $1,500,000 and has the first right of refusal to purchase the balance of the royalty as well as the remaining 30% interest. The acquisition of the claims is subject to acceptance by the TSX Venture Exchange.
The technical contents of this release were approved by Dr. Christian Derosier, P.Geo., a qualified person as defined by National Instrument 43-101.
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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