Cavan Ventures Announces High Grade Silver Assays at Arizona Joint Venture Property
July 07 2011 - 9:30AM
Marketwired Canada
Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE:CVN) announced today
that its Joint Venture property with Q-Gold Resources Ltd. ("Q-Gold") near Crown
King in the Peck Mining District of Yavapai County, Arizona (the "Joint
Venture") has encountered "high-grade" silver (Ag) as well as high-grade gold
(Au) assay results in the first batch of 33 samples from a "chip" sampling
program across mineralized vein faces in adits and stopes of the historic Black
Warrior Mine. Significant assay values for lead (Pb), zinc (Zn) and antimony
(Sb) were also obtained. The Black Warrior Mine is under option to the Joint
Venture, along with 3 additional patented mining claims and 22 adjoining U.S.
Bureau of Land Management ("BLM") mining claims (collectively, the
"Properties").
Peck Mining District:
The Peck Mining District is famous for its historic high-grade silver
production, having produced, based on historical records, 1,374,000 ounces from
1875 to 1910, when Arizona was a "territory", before it became a state.
Assay Results:
The sampling program was conducted by Beck Environmental and Remediation Ltd.,
Arizona geologic consultants. Three "chip" samples taken across the face of
three veins in an 1890's era stope on the upper section of the "Nora B" patented
claim, which makes up a part of the historic Black Warrior Mine complex, yielded
the following "high-grade" grade silver assay results, as well as gold in the
one troy ounce per ton ("opt") range:
------------------------------------------------------------
ASSAY PROCESS
------------------------------------------------------------
ME-GRA2 ME-1CP61
---------------------------------------------------------------------------
Sample
Width Au Au Ag Ag Pb Pb Zn Zn Sb Sb
Sample # (m) (ppm) (opt) (ppm) (opt) (ppm) (%) (ppm) (%) (ppm) (%)
---------------------------------------------------------------------------
BM-25 0.3 34.4 1.0 7,300 212.9 98,600 9.86 5,580 0.56 2,310 0.23
---------------------------------------------------------------------------
BM-26 0.5 37.0 1.1 8,140 237.4 126,500 12.65 3,400 0.34 2,670 0.27
---------------------------------------------------------------------------
BM-27 0.5 38.4 1.1 5,850 170.6 101,500 10.15 4,020 0.40 3,850 0.39
---------------------------------------------------------------------------
A second group of six "chip" samples taken from across the face of the hanging
(upper) wall of a vein in a partially mined ore shoot in the Black Warrior Mine.
Samples were obtained from exposed vein widths between 0.1 to 1.0 metre, with an
average of 0.2 metres and yielded the following additional high-grade results:
-------------------------------------------------------------------
ASSAY PROCESS
-------------------------------------------------------------------
ME-GRA21 ME-ICP61
---------------------------------------------------------------------------
Au Au Ag Ag Pb Pb Zn Zn Sb Sb
Sample # (ppm) (opt) (ppm) (opt) (ppm) (%) (ppm) (%) (ppm) (%)
---------------------------------------------------------------------------
BM-1 9.26 0.27 4,150 121.0 185,500 18.55 31,200 3.12 3,290 0.33
---------------------------------------------------------------------------
BM-2 5.99 0.18 3,790 110.5 74,800 7.48 36,200 3.62 greater greater
than than
50,000 5.00
---------------------------------------------------------------------------
BM-3 15.25 0.45 6,240 182.0 187,000 18.70 27,800 2.78 4,710 0.47
---------------------------------------------------------------------------
BM-4 7.39 0.22 4,780 139.4 96,200 9.62 30,100 3.01 23,700 2.37
---------------------------------------------------------------------------
BM-5 3.85 0.11 1,690 49.3 47,300 4.73 21,700 2.17 greater greater
than than
50,000 5.00
---------------------------------------------------------------------------
BM-6 8.18 0.24 5,470 159.5 94,500 9.45 33,800 3.38 39,000 3.9
---------------------------------------------------------------------------
All samples were run by the ALS Chemex lab in Reno, Nevada using both ME-GRA 21
(fire assaying for precious metals) and MI-ICP61 (geochemical/ electrical
analysis for 33 elements) assay processes. Assay results for the remaining 24
samples will be reported when all results are received. ALS Chemex will be
retesting those samples in which lead and antimony values exceeded ME-ICP61 test
limitations for actual metal content percent.
Geology:
The original Pre-Cambrian Volcanogenic Massive Sulfide deposits in the Peck
District have undergone a more recent low-temperature, thermal event via
solution, enriching the silver in the shoots. The mineralized zones are
lenticular and / or podiform (ore shoots) tending to occur in groups of up to 8,
and are separated by less than 200 feet laterally. The silver mineralization
includes argentiferous galena, argentite, pyrargyrite and other antimonial
silver minerals.
Airborne Survey:
The Joint Venture has contracted with Geotech Inc. (Toronto) for a 277
line-kilometer helicopter-borne "VTEM"/magnetic geophysical survey over its
holdings in the Peck Mining District, scheduled for implementation in due
course. After interpretation of the VTEM results, ground SP/ IP geophysical
surveys will be run to more precisely delineate potential drill targets which
are revealed within the extensive gold and silver-bearing vein systems in the
Peck Mining District.
Joint Venture:
The agreement governing the Joint Venture, which remains subject to TSX Venture
Exchange approval, entitles Cavan to earn a 65% participation interest in the
Properties. Cavan President and CEO, Andrew Mah, remarked, "These rich
gold/silver assays from the Black Warrior Mine represent high-grade ore which we
believe was left behind by 19th Century miners using primitive mining methods.
This gives us great encouragement as we apply modern exploration technologies in
looking for gold and silver deposits remaining in the historic producing mines
at Crown King."
Brian A. Beck P. Geo., a principal in Beck Environmental and Remediation Ltd.,
reviewed and has approved the technical content of this release.
Disclaimer:
"Historical records" referred to in this release have been examined but not
verified by a "Qualified Person" under the requirements of NI 43-101 and
therefore should not be relied on for any purpose.
About Cavan
Cavan Ventures Inc. is a Vancouver based TSX Venture Exchange-listed junior
mining company with acquisitions in Canada and Arizona, USA. The Company's
vision is to become a globally diversified resource company with strong focuses
in gold, silver, and rare earth elements. Cavan strives to become a mid-tier
producer through the acquisition and development of domestic and international
mining properties.
On behalf of the Board of Directors:
Andrew Mah, Chief Executive Officer, President & Director
This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation. These forward-looking statements are made as of
the date of this document and Cavan Ventures Inc. (hereinafter referred to as
the "Company") does not intend, and does not assume any obligation, to update
these forward-looking statements. Forward-looking statements relate to future
events or future performance and reflect management of the Company's
expectations or beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves and resources,
the realization of mineral reserve estimates, the timing and amount of estimated
future production, costs of production, capital expenditures, success of mining
operations, commodity prices, environmental risks, unanticipated reclamation
expenses, title disputes or claims and limitations on insurance coverage.
In certain cases, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of resources;
possible variations in ore reserves, grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of development or
construction activities; as well as those factors detailed from time to time in
the Company's interim and annual financial statements and management's
discussion and analysis of those statements, all of which are filed and
available for review on SEDAR at www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements.
BluMetric Environmental (TSXV:BLM)
Historical Stock Chart
From Jun 2024 to Jul 2024
BluMetric Environmental (TSXV:BLM)
Historical Stock Chart
From Jul 2023 to Jul 2024
