Canada Fluorspar Inc. (CFI) Releases Assay Results on Trench #6, #7, #8 and #9, Along the Southern Extension of the Director ...
July 03 2012 - 9:20AM
Marketwired Canada
Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to
announce encouraging progress on its 2012 trenching program along the southern
extension of the Director Vein with fluorspar mineralization within the
structure. These results conclude the trenching program at Director and the
Company plans to test the downward and along strike continuity of the Fluorspar
mineralization exposed at the surface by drilling.
Lindsay Gorrill, President & CEO of Canada Fluorspar Inc. stated that, "we
continue to uncover a vein structure on the south extension of Director Vein.
These findings could indicate an extension of the Director Vein structure of
approximately 1 kilometer to the south of the old mine workings. We look forward
to providing further updates on exploration results as assays results become
available."
Trench Locations
Trenches #6, #7, #8 and #9 are situated along the interpreted trace of the
Director Vein structure, which trends north-northwest and is sub-vertical.
Trench #6 is located at the midpoint (and approximately 65 m) from Trenches #4
and #5. Trench #7 is located 100 m south of Trench #5. Trench #8 is 100 m south
of Trench #7, and Trench #9 is 100 m south of Trench #8. The Trench #6
excavation provided verification of the geological and grade information from
adjacent Trenches #4 and #5. Trenches #7, #8 and #9 extended the Director Vein
structure 300 m along strike to the south. The mineralized interval of this
previously untested section of the Director Vein structure has been traced from
Trench #2 to Trench #8, a distance of over 500 m (Figure 1 -
http://media3.marketwire.com/docs/CFIFig1.pdf).
Assay Results
Assay results from the mineralized fault zone identified in Trenches #6, #7, #8
and #9 are as follows:
-- Trench #6: This trench exposed a fault zone with gouge which includes
fluorspar mineralization of 20.23% CaF2, including a higher grade zone
of 25.7% CaF2 over 5.8 m.
-- Trench #7: The mineralized fault gouge contains fluorspar mineralization
of 10.10% CaF2 over 6 m, including a higher grade zone of 19.10% CaF2
over 2.0 m. The trenching successfully identified the southern extension
of the Director Vein structure in an area that was previously not
tested. Diamond drilling will be required to evaluate the resource
potential of the structure at depth.
-- Trench #8: This trench also exposed the southern extension of the
Director Vein structure with fluorspar mineralization of 14.36% CaF2
over 6 m, including a higher grade zone of 18.50% CaF2 over 2.0 m.
-- Trench #9: The excavation of Trench #9 successfully identified the
Director Vein structure. The structure at this southernmost location
appears to represent a pinch zone and assay results from the structure
indicate fluorspar mineralization including 1.83% CaF2 over 2 m. The
projected strike of the Director Vein structure to the south of Trench
#9 (approximately 1700 m) remains to be evaluated.
Detailed results are presented in the table below with sampling done east to
west along the trenches.
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2012 Trench Assay Results
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Canada Fluorspar Inc. - St. Lawrence, NL
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Trench No. 6
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Sample No. From (m) To (m) Length (m) % Ca F2
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65024 0 1.2 1.2 10.90
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65025 1.2 3.0 1.8 31.31
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65026 3.0 5.0 2.0 21.37
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65027 5.0 7.0 2.0 24.99
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65028 7.0 9.0 2.0 10.40
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Total 0 9.0 9.0 20.33
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Trench No. 7
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Sample No. From (m) To (m) Length (m) % Ca F2
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65032 0 2.0 2.0 5.22
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65033 2.0 4.0 2.0 19.10
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65034 4.0 6.0 2.0 5.99
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Total 0 6.0 6.0 10.10
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Trench No. 8
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Sample No. From (m) To (m) Length (m) % Ca F2
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65044 0 2.0 2.0 18.50
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65045 2.0 4.0 2.0 13.14
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65046 4.0 6.0 2.0 11.45
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Total 0 6.0 6.0 14.36
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Trench No. 9
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Sample No. From (m) To (m) Length (m) %CaF2
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65058 0 2.0 2.0 1.83
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Assays on samples, from these and other trenches collected during the 2012
trench sampling program, are carried out at SGS Minerals Inc. (SGS) laboratory
in Lakefield, Ontario, using the Ion Selective Electrode (ISE) method to
determine the fluorite content in the low-grade samples and the Dual Calcium
method for high-grade samples. Routine internal check assay work is done at SGS,
and results are reviewed and verified by CFI personnel.
Material results of the Director Vein exploration program regarding the Trench
#1, #2, #3, #4, and #5 have been disclosed in the Company's press releases dated
March 1, 13 and 30, 2012 and April 16 and 24, 2012.
The current exploration program is designed to assess the southern extension of
the structure hosting the Director Vein by surface trenching. Nine trenches have
been completed to date. The trenching has successfully traced the Director Vein
structure over a distance of 700 m.
Following the encouraging results of the trench program, CFI plans to have grids
established over the Director South, Grebes Nest and Old Black Duck areas. The
grids will provide control for planned geophysical and prospecting programs
designed to identify extensions of the past producing vein structures in these
areas (Figure 2 - http://media3.marketwire.com/docs/CFIFig2.pdf).
Historic mining operations by Aluminum Company of Canada Limited (Alcan) on the
property produced in excess of 4.2 million tonnes of fluorspar during a 44 year
continuous production from 1942 to 1977. At the time of the mine closure the
Director Vein structure still contained mineralized material. Production resumed
in 1986 and continued until 1991 when St. Lawrence Fluorspar Limited reopened
the nearby Blue Beach North Mine and processed 440,000 tonnes of mineralized
material from a small open pit.
Historic exploration data indicate that there are more than forty mineralized
veins within the CFI property. The three prominent vein structures, however, are
the Director Vein, Blue Beach North Vein, and the Tarefare Vein. Probable
Reserves of the Blue Beach North and Tarefare veins total approximately 5.4
million tonnes at an average grade of 39.8% CaF2. These Mineral Reserves have
been outlined to a vertical depth of 300 m below the surface, but fluorspar
mineralization extends further at depth. The key assumptions, parameters and
methods used to estimate the Mineral Resources and Mineral Reserves, as well as
other relevant information, including data verification, with respect to the
Blue Beach North and Tarefare veins can be found in a NI 43-101 Technical Report
prepared by Roscoe Postle Associates Inc. (RPA) dated April 29, 2011, which has
been filed by the Company on SEDAR (www.sedar.com).
About The Company
Canada Fluorspar Inc. is a specialty mineral resource company engaged in the
development of fluorspar deposits located in St. Lawrence, Newfoundland, Canada,
and is reactivating the existing Blue Beach North and Tarefare underground
fluorspar mines, expanding the existing mill, constructing a new,
environmentally-sound Tailings Management Facility through Newspar, which is a
50/50 joint venture between the Company and with Arkema. The Company is also
building a new deep-water marine terminal in the outer St. Lawrence Harbour for
the export of fluorspar concentrate product.
Mr. James H. Reeves, Senior Geologist with CFI, who is a Qualified Person as
defined in National Instrument 43-101 - Standards of Disclosure for Mineral
Properties, has reviewed and approved the technical content of this news
release. The information regarding historic production has not been verified by
the Company and is provided for reference only.
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to
our strategy, projects, plans or future financial or operating performance and
other statements that express management's expectations or estimates of future
performance, constitute "forward looking statements". Actual results may differ
materially from those indicated by such statements. All statements, other than
historical fact, included herein, including, without limitations statements
regarding future production, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements.
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