Cavan Acquires Option to 3 Silver Mines at Crown King, Arizona
March 10 2011 - 2:32PM
Marketwired
Cavan Ventures Inc. (TSX VENTURE: CVN) (the "Company") is pleased
to announced today that the Company has acquired exploration and
joint venture option rights on three historic silver mines in the
Bradshaw Mountains of Yavapai County, near Crown King, Arizona.
These mines include the "Silver King", "Black Warrior" and a
portion of the "Silver Prince", all high-grade historic silver
producers at the end of the 19th Century.
The optioned silver property is known as the: Peck Group, five
(5) patented and sixteen (16) unpatented mining claims; and the
Curtin/Black Warrior Group, four (4) patented and twelve (12)
unpatented mining claims within Yavapai County, Arizona (T11N, R1W,
Section 24 & T11N, R1E Section 19). The Peck Group and the
Curtin/Black Warrior Group are located approximately 4.7 miles
north-northeast of Crown King, Arizona. The Company entered a
Letter of Intent for an option to earn a 65% interest by making
payments of $900,000 in cash or through the issuance of equivalent
shares and completing work commitments of $1 million over a 3 year
period.
A technical report compliant with National Instrument 43-101 -
Standards for Disclosure for Mineral Projects entitled "Peck Mining
District, Yavapai County, Crown King, Arizona", authored by Beck
Environmental and Remediation, Ltd. of Arizona dated January 18,
2011 provided the following description of the properties:
"The Peck Group and The Curtin/Black Warrior Group
-- The Peck Group does not appear to have had any exploration or detailed
geology work conducted since the early 1900's. Thus, no estimate of
mineralized reserves can be made. The exposed mineralized structures
(surface features) within the subject property run for more than 4,500
feet and have widths from 1 to 8 feet (observed). Samples from these
surface exposures had silver values between 1.3 and 12.2 oz/ton.
-- The Curtin/Black Warrior has only one drawing that shows the existing
mine workings, the areas that have been mined and showing the reported
lenticular podiforms/ore shoots. Samples taken from the mineralized
structure had silver values between 1.3 and 23.7 oz/ton. Samples that
were taken from the exposed metallic fragmented vein structure in the
200 and 300 levels had silver values between 65 and 794 oz/ton.
Conclusion
-- There are mineralized structures within these properties that have not
been explored for their potential laterally or vertically. Based on the
limited sampling and historic maps of the properties there would appear
to be minable podiform/ore shoots still present."
The Yavapai County area has been known for its abundance of
silver for as long as there has been recorded history in the area.
Intense mining action occurred during the mid 1800s, but was halted
due to the US Civil War. There were an estimated 2,000 mines that
occupied the Bradshaw Mountains from 1870 to 1903 when mining
resumed again. The quantity and quality of gold and silver ore
produced from the mountainous Crown King area justified the
construction of a railroad. It was completed in 1904 to haul the
ore to the desert valley below for onward rail transport to area
smelters. The advent of World War I and the exhaustion of the
easiest ore to mine and process, the oxide zone, led to the
shutdown of mining operations.
Since the Great Depression of the 1920s, silver mining in
Arizona has been at a standstill. Except for a few minor attempts
in the 1920's and 1980's, no modern exploration program for gold
and silver has been conducted despite the presence of largely
unexplored silver and gold-bearing tracts and a large volume of
prospective sulphide ore thought by geologists to exist at depths
unreachable by miners in the 19th Century. Modern technology will
allow these ores to be mined and successfully processed.
Ernest Brisbane, M. Eng., is the "Qualified Person" as defined
in National Instrument 43-101 and has reviewed the technical
information provided in this news release.
On behalf of the Board of Directors:
Ming Chiang, President & CEO
Patrick Brandreth, Director, Corporate Communication
For further information please visit our website at
www.cavanventures.com.
This news release contains certain forward-looking statements
that reflect the current views and/or expectations of Cavan with
respect to its performance, business and future events. Such
statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary significantly.
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.
Contacts: Cavan Ventures Inc. Ming Chiang President & CEO
(604) 763 7748 (cell) or (604) 288 2756 ming@cavanventures.com
Cavan Ventures Inc. Patrick Brandreth Director, Corporate
Communication (604) 809 3527 patrick@cavanventures.com
www.cavanventures.com