CFI Announces Discovery of a New, High-Grade, Fluorspar Vein Close to Former Fluorspar Mines in St. Lawrence NL
July 11 2013 - 10:39AM
Marketwired Canada
Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to
announce first assay results from three holes drilled under the Company's Phase
3 diamond drilling program at its Grebes Nest property. This new mineralized
structure is situated approximately 4 kilometers from the former Tarefare mine
and less than 6 kilometers from the former Blue Beach North mine (see location
map below). All three drill holes are located on the western part of the Grebes
Nest grid area. Ground geophysical (magnetometer and EM) survey results indicate
that the mineralized structure has potential to extend for more than 4,000
metres along strike. The drill holes completed identified as GS-13-08, GS-13-03,
and GS-13-07, with one hole (GS-13-08) intersecting 48.68% CaF2 over 16.85 m.
All three drill holes are inclined at -55 degrees and oriented at Azimuth 034
degrees.
A map is available at the following address:
http://media3.marketwire.com/docs/n711cfi1.pdf.
Assay Results
Drill hole GS-13-08 tested the down-dip extension of the Grebes Nest Vein at an
old exploration shaft (GN Shaft) approximately 20 metres below the surface. This
shaft, which was sunk in the 1940s, is located within an existing open-cut that
was mined by a previous operator during the early 1990s. Drill hole GS-13-08
intersected a significant vein structure, with an average grade of 48.68%
CaF2over 16.85 m.
Drill hole GS-13-03 intersected two vein structures, the first vein structure
intersection had an average grade of 46.57% CaF2 over 1.90 metres, and the
second vein structure intersection had an average grade of 68.08 CaF2 over 6.23
m.
Drillhole GS-13-07 intersected the Grebes Nest Vein structure with an average
grade of 41.67% CaF2 over 5.58 m.
A map is available at the following address:
http://media3.marketwire.com/docs/n711cfi2.pdf.
"This is very exciting news", stated Lindsay Gorrill, President & CEO of Canada
Fluorspar Inc., "Based on the 21 holes we have drilled to-date on the Grebes
Nest property we have identified fluorspar mineralization along a strike length
of approximately 1.5 kilometers and extending to more than 170 metres at depth.
We have received assays for only three of the 21 holes, but based on visual
observations on drill core by our qualified persons, we are optimistic about the
assay results. We look forward to releasing the assays on the remaining drill
holes as they become available and plan to continue drilling to confirm the
richness of this vein at depth and along strike."
Geological Interpretation
CFI has received assay results for samples collected from drill holes GS-13-08,
GS-13-03, and GS-13-07 located along the western part of the Grebes Nest target
area. These holes are spaced approximately 100 metres apart, cover a strike
length of approximately 425 metres of the total approximately 4,000 metres long
Grebes Nest mineralized structure. These holes intersected the Grebes Nest Vein
at depths ranging from 90 metres to 110 metres vertically below the surface. In
addition, hole GS-13-08, intersected the vein below the old shaft and recent
trenching, and has revealed mineralized vein material which is interpreted to be
the projection of the Grebes Nest Vein intersected in drill hole GS-13-03.
All three drill holes intersected what is interpreted to be the Grebes Nest main
vein which trends northwest and is subvertical. Drill hole GS-13-08 intersected
the Grebes Nest vein structure at approximately 100 metres vertically below the
surface and tested the mineralization below the old shaft and the pre-existing
open-cut on surface.
Drill hole GS-13-03, located approximately 325 metres east of drill hole
GS-13-08, intersected a vein structure at 90 metres vertically below the surface
as well as the Grebes Nest Vein structure approximately 105 metres vertically
below the surface.
Drill hole GS-13-07, tested the Grebes Nest structure below drill hole GS-13-10,
and intersected the Grebes Nest vein structure at approximately 110 metres below
the surface.
Drill hole GS-13-10, intersected the Grebes Nest Vein approximately 50 metres
below the surface, midway between surface and the drill hole GS-13-07
intersection. Assays for this hole are pending.
Preliminary interpretation of the drill results to date indicates that at the
western part of the Grebes Nest target area the mineralized structure maintains
a relatively uniform strike and width within a depth of 100 metres vertically
below the surface. The drill intersections also indicate very competent core and
good continuity of mineralized material at depth. CFI notes that most of the
mineralized material is hosted by metasedimentary rocks (interbedded siltstones
and slates, whereas most of the mineralized material at the major fluorspar
veins in the general area - the historic Director, Tarefare, and Blue Beach
North Mines - are hosted by the St. Lawrence Granite ("SLG"). The
metasedimentary rocks in the St. Lawrence area are older than the SLG and early
geological mapping indicates that the Grebes Nest area is underlain by
interlayered pink rhyolite sills, similar in composition to the SLG, which have
intruded the metasedimentary rocks. The structure that has been identified by
the drill program is a late phase event that cuts both the metasedimentary rocks
and the sills. The parallel veins, such as the vein identified in the drill hole
GS-13-03 have been known to develop into significant mineable veins in other
locations in the St Lawrence area. The significance of parallel veins remains to
be evaluated.
The following table shows the detailed the results of the first set of drill
holes completed by CFI on the Grebes Nest Vein know in Phase 3 of the Company's
2013 exploration diamond drill program.
2013 Diamond- Drill Hole Assay Results
Grebes Nest
Canada Fluorspar Inc.
St. Lawrence Project, NL
Drill hole GS-13-08
Sample No. From (m) To (m) Length (m) % CaF2
65473 112.40 113.49 1.09 43.93
65474 113.49 114.49 1.00 54.93
65475 114.49 115.49 1.00 65.74
65476 115.49 115.92 0.43 46.28
65477 115.92 116.68 0.76 30.10
65478 116.68 117.68 1.00 67.08
65479 117.68 118.68 1.00 62.73
65480 118.68 119.41 0.73 66.29
65481 119.41 120.17 0.76 8.95
65482 120.17 121.93 0.76 13.00
65483 120.93 121.93 1.00 73.09
65484 121.93 122.56 0.63 66.88
65485 122.56 123.26 0.70 75.89
65486 123.26 124.26 1.00 37.36
65487 124.26 124.84 0.58 57.69
65488 124.84 125.84 1.00 30.20
65489 125.84 126.84 1.00 19.80
65490 126.84 127.84 1.00 41.07
65491 127.84 128.46 0.62 41.50
65492 128.46 129.25 0.79 73.53
Drill hole GS-13-03
Sample No. From (m) To (m) Length (m) % CaF2
Vein #1
65407 91.06 91.96 0.90 63.19
65408 91.96 92.96 1.00 31.61
Vein #2
65416 103.92 105.07 1.15 16.10
65417 105.07 106.06 0.99 45.84
65418 106.06 106.54 0.48 70.49
65419 106.54 107.54 1.00 92.02
64520 107.54 108.54 1.00 96.43
65421 108.54 109.54 1.00 91.48
65422 109.54 110.15 0.61 76.15
Drill hole DS-13-07
Sample No. From (m) To (m) Length (m) % CaF2
65078 462.30 463.00 0.70 39.69
65455 115.42 115.69 0.17 86.65
65457 116.10 116.95 0.85 95.68
65458 116.95 117.90 0.95 38.38
65459 117.90 118.32 0.42 6.60
65460 118.32 118.95 0.63 48.58
65461 118.95 120.00 1.05 19.50
65462 120.00 121.00 1.00 41.97
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 2013 exploration program was designed to assess the northern
extension of the Director Vein structure. The six 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.
Phase 2 of the 2013 exploration program was designed to evaluate the southern
extension of the Director Vein. A trenching program and a geophysical survey
conducted in the area during 2012 identified the structure over a strike length
of 1,000 metres. The current drill program was planned to evaluate the mineral
potential, at depth, of the southern extension of Director Structure and to test
the north extension of the adjacent Hares Ears Vein to the west.
Phase 3 of the 2013 exploration program was designed to evaluate the Grebes Nest
mineral property, namely the Grebes Nest vein which was identified in the 1940s,
The vein was exposed on the east side of Little Lawn Harbour where the structure
is approximately 1.0 metre wide and dips to the north at -70 degrees.
Prospecting in the late 1940's traced the structure, through a series of
trenches, to the southeast for a reported distance of 3.2 kilometers. In the
late 1940's, a 20 metre deep exploration shaft was sunk on the vein about 500
metres east of the coast. A drift was driven along the vein for 60 metres and a
number of short cross-cuts were developed. In 1949, five short drill holes were
completed approximately one kilometer southeast of the shaft and to the south of
the projected strike of the structure. These drill holes identified a number of
narrow veins in the metasediments. Due to the remote location of the showing and
the adequate reserves at the operating mines owned by the Aluminum Company of
Canada ("Alcan") no additional work was undertaken.
Historic mining operations by Alcan on the St. Lawrence 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, six (6) Phase 1 drill holes have been completed together with 26
additional drill holes in Phase 2 (19 holes in south extension Director Vein and
7 holes at Hares Ears Vein) and 21 drill holes in Phase 3 (Grebes Nest area) of
the 2013 exploration program. Assay results for remaining completed drill holes
in Phase 2 and Phase 3 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 Company's 2012 and 2013 exploration program have been
disclosed in the Company's press releases dated March 1, 13 and 30, 2012, April
16 and 24, 2012 and January 16, 2013, March 12, 2013, April 24, 2013, May 8,
2013, June 5, 2013 and July 2, 2013, including assay results from fifteen
previous drill holes under the Company's diamond drilling program which were
disclosed in the Company's press releases dated March 12, 2013, April 24, 2013,
May 8, 2013, June 5, 2013 and July 2, 2013.
Neither 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.
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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