Cavan Plans to Drill at the Tetepiska-East and Buckingham Graphite Projects, Quebec and Announces Financing
January 22 2014 - 8:00AM
Marketwired
Cavan Plans to Drill at the Tetepiska-East and Buckingham Graphite
Projects, Quebec and Announces Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 22, 2014) -
CAVAN VENTURES INC. (TSX-VENTURE:CVN) ("Cavan" or "the Company") is
pleased to announce plans to perform diamond drilling programs at
their 100%-owned Buckingham and Tetepiska-East graphite properties
located in western and northeastern Quebec, respectively. Services
de Forage DV (Jonquieres, Quebec) has been engaged to carry out up
to 2,400 meters of NQ core drilling on the two projects. Both
programs will managed by Magnor Exploration Inc. (La Baie,
Quebec).
The Buckingham property includes 24 claims located in Ranges
VIII and IX, Buckingham Township, Quebec and covers an area of
1,682.8 hectares (4,157 acres). Buckingham is 1.7 kilometers north
of the historic Walker graphite mine, which produced graphitic ore
from 1876 to 1920. In July 2013, exploration on Buckingham along a
1,000 meter long linear EM conductor included grab and channel
samples that returned assays from 0.46% to 11% Cg, with 21.70% Cg
from a second parallel conductor (see news release July 8,
2013). A helicopter-borne magnetic and time-domain
electromagnetic survey confirmed the historic conductor, and
further resolved the second parallel conductor to a length of 300
meters (see news release September 24, 3013). The Company
plans to drill five holes for a total of 1,200 meters to test the
coincident graphite mineralization and airborne conductors.
The Tetepiska-East property includes 54 mining claims covering
2,925.72 hectares. As reported in December 2013, rock grab samples
were collected along a 4.25 meter wide east-west oriented
graphite-enriched zone assayed at 55.1% Cg. A second rock grab
sample collected about 1.20 meters south of the first location
returned 48.80% Cg. A third rock grab sample taken three meters
north-northeast of the first location assayed at 10.45 % Cg. A
channel sample 1.9 meters in length and 5 cm wide was collected
with a diamond grit saw across the mineralized zone in the western
part of the exposed area and returned an average of 52.65 % Cg,
including a 63.50% Cg over one meter. A second channel sample 5.6
meters in length and with similar width was collected along the
northern limit of the high grade zone and returned an average grade
of 12.80% Cg (see news release December 19, 2013). The
diamond drilling program at Tetepiska will include five to six
holes totalling up to 1,200 meters, designed to test the graphitic
mineralization at depth as well as their lateral extension.
The technical contents of this release were prepared and
approved by Dr. C. Derosier, P. Geo., independent consultant to
Cavan and a qualified person as defined by National Instrument
43-101.
Additionally the Company announces that it has arranged a
non-brokered private placement of up to 10 million units ("Units")
at a price of $0.06 per Unit for aggregate gross proceeds of
$600,000 (the "Offering"). Each Unit will be comprised of one
common share ("Share") and one Share purchase warrant of the
Company ("Warrant"). Each Warrant will entitle the holder to
purchase one Share (a "Warrant Share") for a period of 24 months
from the closing date at an exercise price of $0.10 per Warrant
Share.
The Company may, in its sole discretion, pay a finders' fee to
agents of the Company consisting of: (i) a cash fee in an amount of
10% of the proceeds raised by such finder as part of this Offering,
and (ii) a number of finder's warrants entitling the holder thereof
to purchase that number of Shares of the Company ("Finder's
Warrant") that is equal up to 10% of the number of units placed
through the finder as part of this Offering. Each Finder's Warrant
will entitle the holder to purchase one Share for a period of 12
months from the closing date at an exercise price of $0.10 per
Finder's Warrant.
The proceeds raised will be used for general corporate purposes
and for advancing its Tetepiska-East and Buckingham graphite
projects in Quebec.
The private placement is subject to the approval of the TSX
Venture Exchange.
Cavan's mission is to identify, acquire, and advance high
potential mining prospects located in North America for the benefit
of its stakeholders. For more information visit the website at
www.cavanventuresinc.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.
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.
Cavan Ventures Inc.Peter P. SwistakPresident1-604-683-3995 or
1-888-945-4770www.cavanventuresinc.com