CFI Announces Assay Results From Drill Holes 3, 4 and 5 on Director Vein to the North; DS-13-102, DS-13-103 & DS-13-104 Inclu...
April 24 2013 - 8:34AM
Marketwired Canada
Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to
announce the second set of assay results from three holes on its Phase 1 diamond
drilling program along the northern section of the Director Vein beneath the
Aluminum Company of Canada's ("Alcan") old mine workings. The assay results from
the first two drill holes of the Company's Phase 1 diamond drilling program were
disclosed by press release on March 12, 2013.
One of the three drill holes, DS-13-102, is located approximately 150 metres
north from the old Alcan mine workings of the Director Vein. This drill hole was
collared with an azimuth of 053.4 degrees (GN) and an inclination of -60
degrees, and intersected the Director Vein structure and returned an assay value
of 0.78% CaF2 over 4 metres with one metre of core recovered over four metres.
Drill holes DS-13-103 and DS-13-104 are located approximately 854 metres and 232
metres, respectively, south of drill hole DS-13-102. Both drill holes were
collared with azimuths of 053.4 degrees (GN) and inclinations of -60 degrees,
intersected the Director Vein structure and returned assay values of 49.32% CaF2
over 10.03 metres in hole DS-13-103 and 0.23% CaF2 over 3 metres with 1.5 metres
of core recovered over 3 metres in hole DS-13-104.
Lindsay E. Gorrill, CEO of Canada Fluorspar Inc., stated, "We are encouraged by
the results to date from our drilling program at Director. It is significant to
note that the low grade intersections are actually 1,460 metres apart and we
lost 75-90% of the core which could be the cause of the low grade. We are
currently waiting for assays on one more drill hole to complete this northern
section and have 16 holes drilled in the south extension, as identified on the
enclosed map, awaiting assay results."
The fluorite mineralization in the north-south trending veins at the St.
Lawrence Project and the Company's 100% owned mineral license occur in the form
of massive mineralization and as fault gouge. Historically, core drilling of the
massive mineralization has resulted in good core recovery. The areas of faulted
mineralization generally contain finely ground fluorite and larger fragments of
the harder siliceous material. Drilling through the faulted zones commonly
results in poor core recovery as the fine grained fluorite material in the vein
is washed out by the drill fluid. Both drill holes, DS-13-102 and DS-13-104,
successfully intersected the Director Vein structure, however, due to the fine
nature of the vein material, core recoveries in the structure ranged from 25-30%
and 3-10% in DS-13-102 and DS-13-104, respectively. Past underground mine
operations document the high grade, fine, sandy fluorite mineralization in the
vein structure. It is not known whether the vein opens up again down depth
because there are no drill holes below DS-13-102.
To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/canada_fluorspar_fig01_apr24.pdf
Assay Results
CFI has received assay results for samples collected from drill hole DS-13-102
located along the northern extension of the Director Vein and drill holes
DS-13-103 and DS-13-104 along the southern section of the Director Vein. Drill
hole DS-13-102 was drilled from west to east and 163 metres south of a previous
drill hole, DS-13-101, which was reported in a press release dated March 12,
2013. Drill holes DS-13-103 and DS-13-104 are 124 metres apart and, including
drill hole DS-13-102, all three drill holes were drilled from west to east
intersecting the Director Vein structure, which trends north-northwest and dips
steeply from east to west. Drill hole DS-13-102 intersected the Director Vein at
468 metres (408 metres vertically from surface) and 94 metres below the nearest
old Alcan workings (290m Level). The vein structure was weakly mineralized as
demonstrated in the table below. The drill hole is believed to have intersected
a pinched zone. Drill hole DS-13-103 intersected the Director Vein structure
approximately 244 metres down the drill hole (213 metres vertically from
surface) and 115 metres below the nearest old Alcan workings (120m Level). It
was a strongly mineralized structure, as demonstrated by the 10.03 metre long
intersection carrying a grade of 49.32% CaF2. Drill hole DS-13-104 intersected
the Director Vein structure approximately 261 metres down the drill hole (232
metres vertically from surface) and 135 metres below the nearest old Alcan
workings (120m Level); however, the vein contained minimal fluorite
mineralization and is believed to have penetrated a pinched zone in the ore
body. The drill hole results confirm that the Director Vein extends well below
the old Alcan workings and extends to their north and south.
The following table details the results of the second set of drill holes
completed by CFI on the Director Vein to the north and below the old Alcan
workings and two drill holes on the Director Vein to the south and below the old
Alcan workings.
2013 Diamond-Drill Hole Assay Results
Canada Fluorspar Inc. - St. Lawrence Project, NL
Drill hole DS-13-102
Sample No. From (m) To (m) Length (m) % CaF2
65122 469.00 469.98 0.98 0.45
65123 469.98 471.00 1.02 0.54
65124 471.00 472.00 1.00 0.17
65125 472.00 473.00 1.00 1.98
65126 473.00 473.84 0.84 0.50
Drill hole DS-13-103
Sample No. From (m) To (m) Length (m) % CaF2
65106 243.97 244.97 1.00 64.92
65107 244.97 245.97 1.00 25.58
65108 245.97 247.00 1.03 74.47
65109 247.00 248.00 1.00 67.06
65110 248.00 249.00 1.00 09.12
65111 249.00 250.00 1.00 62.71
65112 250.00 250.60 0.60 71.34
65113 250.60 251.45 0.85 65.03
65114 251.45 252.30 0.85 55.98
65115 252.30 253.00 0.70 15.05
65116 253.00 254.00 1.00 32.36
Drill hole DS-13-104
Sample No. From (m) To (m) Length (m) % CaF2
65129 264.00 265.00 1.00 0.13
65130 265.00 266.00 1.00 0.23
65132 266.00 268.00 2.00 0.51
65133 268.00 269.00 1.00 0.80
65134 269.00 271.00 2.00 0.11
65135 271.00 274.00 3.00 0.13
Assays on these drill holes were carried out at SGS Lakefield Laboratories
("SGS") of Lakefield, Ontario, using the Ion Selective Electrode method to
determine the fluorite content in the low-grade samples and the Dual Calcium
method for samples expected to contain high-grade values (i.e., those with
significant visible fluorspar in the drill core).
Quality Assurance and Quality Control ("QA/QC")
Check assay work by CFI includes insertion of duplicate samples and blanks with
regular batches of mineralized samples of drill core. QA/QC work is also done at
SGS, and results are reviewed and verified by CFI personnel. An independent
geological consultant (Qualified Person) has submitted additional samples
collected from the drill core for analyses.
Phase 1 of the current exploration program is designed to assess the northern
extension of the Director Vein structure. The five drill holes with assay
results to date have shown that the fluorspar mineralization at the Director
Vein extends further along strike and at depth from the old Alcan workings.
Historic mining operations by Alcan on the property produced in excess of 4.2
million tonnes of fluorspar during a 44 year continuous production from 1942 to
1977. 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 fluorspar ore from small open pits, one of which was located
in a surface pillar at the Director Mine near the main shaft.
Initial exploration information regarding the 2013 exploration program at
Director Vein was included in the Company's press releases dated January 16,
2013 and March 12, 2013.
To date, one additional drill hole have been completed in Phase 1 and 16
additional drill holes in Phase 2 (South Extension of the Director Vein) of the
2013 exploration program. Assay results from these holes are pending.
Historic exploration data indicates 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 metres 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 the Roscoe Postle Associates Inc. dated March 6, 2013, which has
been filed by the Company on SEDAR (www.sedar.com).
About the Company
The Company 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 it's a 50/50 joint venture
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, 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.
Material results of the Director Vein exploration program have been disclosed in
the Company's press releases dated March 1, 13 and 30, 2012, April 16 and 24,
2012 and March 12, 2013.
For more information please see: www.canadafluorspar.com.
Cautionary Note and Forward-Looking Statements
This press release contains forward-looking statements which include, but are
not limited to: resource estimates, proposed mining techniques required to
construct and produce at expected levels, anticipated timing for completion of
metallurgical testing, the commencement of the drilling program, current
development and operating objectives and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements of
fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with mining development
including: loss of market, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, ability to access sufficient debt and equity capital from
internal and external sources, ability to generate sufficient cash flow to meet
its current and future obligations, regulatory approvals affecting construction
and mining operations. Such forward-looking statements are also based on a
number of assumptions which may prove to be incorrect, including, but not
limited to, assumptions about the following: the availability of financing for
exploration and development activities, the estimated timeline for the
development of the project at St. Lawrence, the supply and demand for, and the
level and volatility of the price of fluorspar, the assumptions on which
resource estimates are based, the receipt of necessary permit, market
competition, ongoing relations with employees and impacted communities, and
general business and economic conditions. Should one or more of the risks or
uncertainties involved in forward-looking statements materialize, or should the
assumptions prove incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected. Accordingly, readers should not
place undue reliance on forward-looking statements.
Forward-looking statements are qualified entirely by this cautionary statement
and are given only as at the date of this press release. The Company disclaims
any obligation to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as required by
law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canada Fluorspar Inc.
Lindsay Gorrill
President and CEO
1-800-823-8095
lgorrill@canadafluorspar.com
www.canadafluorspar.com
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