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:
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ASSAY PROCESS
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ME-GRA2 ME-1CP61
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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
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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.
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. Andrew Mah Chief Executive
Officer, President & Director Cell: (604) 783-5328 or (604)
288-2756 andrew@cavanventures.com Cavan Ventures Inc. Boris Ziger
Corporate Communications (416) 821-4869 borisz@cavanventures.com
www.cavanventures.com