Cavan Ventures Announces Exceptional Rare Earth Assays From Pythonga Property in Quebec
June 06 2012 - 11:43AM
Marketwired Canada
CAVAN VENTURES INC. (TSX VENTURE:CVN) ("Cavan" or the "Company") announces today
it has received significant rare earth element (REE) assays from a 2011 work
program performed on its 100% owned Pythonga Property, located approximately 15
kilometers west of the town of Maniwaki, Quebec. Additional results from a
subsequent program are still pending. The Company will also be requesting that
Chemex re-run the overlimit samples and announce such numbers when available.
The Pythonga Property is composed of late Proterozoic metasedimentary,
amphibolite, gneiss, and calc-silicate rocks exhibiting amphibolite to granulite
facies metamorphism. The highest REE contents noted on the property occur in
pegmatites, with five samples having better than 2.69 wt% total REO (rare earth
elements expressed as oxides).
In summer 2011, exploration on behalf of the Company was carried out with a
final report completed in December 2011 (Oullet, R. 2011, Compilation of
exploration work on the Pythonga Property, summer 2011, 92p). A total of 360
samples were collected with 80% of those assayed for REE. Most of the samples
were collected from 89 meters of channel sampling and surface rock grab samples
between 1-2kg in mass. Channel sample volumes were 0.3-1.5m long by 0.03m wide
by 0.05m deep. Significant results obtained as of December 2011 are summarized
in the table below.
Table 1. REE assays from the Pythonga Property, Quebec. Values in weight
percent.
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Sample 203302 203303 203001 203048 203354 203352 1012826
Number
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sample type grab grab grab grab grab grab grab
----------------------------------------------------------------------------
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La2O3(i) greater greater 0.13 1.05 1.02 0.11 0.10
than 1.17 than 1.17
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Ce2O3(i) greater greater 2.46 greater 1.17 0.26 0.22
than 1.17 than 1.17 than 1.17
----------------------------------------------------------------------------
Pr2O3(i) greater greater 0.23 greater 0.12 0.02 0.02
than 0.12 than 0.12 than 0.12
----------------------------------------------------------------------------
Nd2O3(i) greater 1.00 0.78 0.34 0.34 0.08 0.07
than 1.17
----------------------------------------------------------------------------
Sm2O3(i) greater greater 0.09 0.02 0.02 0.01 0.01
than 0.12 than 0.12
----------------------------------------------------------------------------
Eu2O3 0.01 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Gd2O3(i) greater 0.09 0.02 0.00 0.01 0.00 0.00
than 0.12
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Tb2O3 0.01 0.01 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Dy2O3 0.06 0.05 0.01 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Ho2O3 0.01 0.01 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Er2O3 0.02 0.02 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Tm2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Yb2O3 0.01 0.01 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Lu2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Y2O3 0.25 0.20 0.04 0.01 0.01 0.00 0.00
----------------------------------------------------------------------------
Total REO, greater greater 3.79 greater greater 0.48 0.43
wt% than 4.23 than 3.96 than 2.71 than 2.69
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sample 1012845 1012827 1012840 203288 203311 203281 203280
Number
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sample type grab grab grab grab grab channel channel
----------------------------------------------------------------------------
----------------------------------------------------------------------------
La2O3 0.09 0.10 0.04 0.07 0.07 0.05 0.05
----------------------------------------------------------------------------
Ce2O3 0.19 0.19 0.11 0.17 0.16 0.10 0.10
----------------------------------------------------------------------------
Pr2O3 0.02 0.02 0.02 0.02 0.01 0.01 0.01
----------------------------------------------------------------------------
Nd2O3 0.08 0.06 0.08 0.06 0.04 0.04 0.04
----------------------------------------------------------------------------
Sm2O3 0.01 0.01 0.01 0.01 0.00 0.01 0.01
----------------------------------------------------------------------------
Eu2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Gd2O3 0.00 0.00 0.01 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Tb2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Dy2O3 0.00 0.00 0.01 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Ho2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Er2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Tm2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Yb2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Lu2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
Y2O3 0.02 0.00 0.06 0.01 0.00 0.02 0.01
----------------------------------------------------------------------------
Total REO, 0.42 0.38 0.35 0.34 0.30 0.25 0.23
wt%
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(i) For overlimit results, the overlimit value is used in the total. Results
in ppm from Ouellet, 2011 are converted to wt% REE, then to REO using
factors provided in Gagnon and Camus, 2012,Technical Report Mineral
Resource Estimation Update Eldor Property - Ashram Deposit, Nunavik,
Quebec, (for Commerce Resources, Inc.) Geostat, SGS Canada Inc., 117p.
The best REE assays come from pegmatite dykes that vary in size from 4-20 meters
in width and several hundred meters in strike length. Following on encouraging
field observations during the summer 2011 season, a second field program was
conducted in October 2011 to obtain additional samples from the pegmatite dykes,
with results to be assessed in the coming weeks.
Mr. Peter Swistak, President of Cavan Ventures states, "We are very encouraged
by these early results from the Pythonga Property, both in the rare earth assays
and in the significant widths and strike lengths of the REE-bearing pegmatites.
We anticipate a busy 2012 program to follow up with additional channel sampling
of known exposures, and with prospecting for new ones."
The Pythonga Lake Project consists of 110 claims divided into three blocks, of
which 53 claims are held 100% by the Company. The remaining 57 claims are under
option from Investments Horizons, Inc. (Quebec City, Quebec), whereby Cavan may
acquire 70% through a cash payment of $27,500 and issuing 200,000 shares, then
performing $500,000 in work over two years. An additional 30% may be acquired
through $100,000 in cash and issuing 2.5 million shares.
The technical contents of this release were approved by Dr. Tom McCandless,
P.Geo., a qualified person as defined by National Instrument 43-101. The
property has not been the subject of an approved National Instrument 43-101
report, and Dr. McCandless has not verified the technical data disclosed in this
release.
Cavan Ventures Inc. is a junior exploration company actively seeking mineral
opportunities for the benefit of all its stakeholders. For further information
please visit us at www.cavanventures.com.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
Forward-Looking Statement:
Some statements in this news release contain forward-looking information that
involves inherent risk and uncertainty affecting the business of Cavan Ventures
Inc. Actual results may differ materially from those currently anticipated in
such statements.