Cadan Resources Corporation: Comval Copper Discovery Reported by Mining Group Limited
May 28 2012 - 7:35PM
Marketwired Canada
CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan")
advises that Mining Group Limited (ASX:MNE) ("Mining Group") has provided a
drilling update and initial drilling results from the new Bayag Bayag target
site on the Comval copper-gold project in the Philippines, which is reproduced
below.
The Comval project is operated by Philco Mining Company ("PMC"), which holds the
exploration permits on the Comval properties. Cadan retains a 20% free-carried
interest in PMC. Mining Group has an 80% interest in PMC and is the manager of
the project. In addition to its direct 20% interest in PMC, Cadan also owns
approximately 6.2% of Mining Group's present issued capital (rising to
approximately 15.8% fully diluted for options and assuming Mining Group
exercises an option to acquire the Batoto Gold Project (refer to Cadan news
release of January 17, 2012 for details).
Highlights
-- Following a review of historical geological, geochemical and geophysical
data, Mining Group's exploration team has identified several new targets
confirming the new exploration model
-- First hole at the new target, Bayag Bayag, BCPDH00001, intercepts 44.00m
at 0.64% Cu from 39.00m, including 28.00m @ 0.88% Cu from 55.00m
-- Surface mapping indicates 700m long skarn alteration system including
outcropping gossans
-- Mineralogy and scale indicates possibility of the existence of a large
porphyry system
Overview
The first intercept at the Bayag Bayag target, and in particular the extensive
and intense skarn alteration that extends for more than 700 metres along strike,
provide further indications that the Tagpura/Bayag Bayag prospects have the
potential to host a significant copper orebody.
The assay results from the first of eight planned holes into the Bayag Bayag
target have provided encouraging results that support an extensive drilling
program at the site.
Hole BCPDH00001 intercepted over 100m of variably skarn altered limestone
consisting of massive garnet, pyroxene, epidote pyrrhotite and visible copper
mineralisation as chalcopyrite. The assays received to date have reported a
downhole intercept of 44.00m @ 0.64% Cu from 39.00m, including 28.00m @ 0.88% Cu
from 55.00m.
Three holes have been drilled at Bayag Bayag with another three currently being
drilled. Drill core is being logged and cut for assay. Mining Group currently
has a total of eight holes planned in the initial drilling program at Bayag
Bayag in order to test the overall width and strike extent of this
mineralisation. This will be done in conjunction with detailed ground magnetic
surveying to further refine the exploration model.
The onsite exploration team has mapped surface mineralisation consisting of
skarn alteration and gossans, with this potentially mineralised zone at present
being identified over 700m of strike length. The nature and extent of the
alteration mineral assemblage at Bayag Bayag indicates that the mineralising
system is large and parallels can be drawn with many skarn/copper porphyry
systems around the world. Skarn alteration is a common tool for exploration of
larger porphyry mineralising systems.
Drilling progress at Bayag Bayag
Mining Group commenced drilling at the new Bayag Bayag target on BCPDH-00001on 4
April 2012. The initial drilling results are summarised below, with drilling
complete on the first three holes, and a further three holes currently underway.
Results have so far been received only for one hole.
Tagpura skarn and Maangob progress
Mining Group is also continuing drilling at the Tagpura and Maangob skarn
targets over the coming months. To date a total of six holes have been completed
at Tagpura for 1,700.8m and one hole at Maangob for 295.5m.
Results have been received for TCPDH00117 and TCPDH00018. Both holes intersected
mineralisation, confirming the extension of the mineralised halo surrounding the
skarn systems. A list of recent significant intercepts is given in Table 2. For
a full list of historic significant intercepts refer to previous Mining Group
Ltd announcement released on February 15, 2012.
----------------------------------------------------------------------------
Hole ID TARGET m East m North m RL Azimuth Dip EOH Depth
----------------------------------------------------------------------------
TCPDH 00117 TAGPURA 845810.00 827255.00 430.50 310 -70 200.00
----------------------------------------------------------------------------
TCPDH 00118 TAGPURA 845887.00 827505.00 535.00 310 -60 333.50
----------------------------------------------------------------------------
TCPDH 00119 TAGPURA 845640.00 827701.00 460.00 310 -60 279.60
----------------------------------------------------------------------------
TCPDH 00120 TAGPURA 845771.50 827635.00 534.00 310 -60 288.20
----------------------------------------------------------------------------
TCPDH 00121 TAGPURA 845787.00 827215.00 458.00 310 -80 349.50
----------------------------------------------------------------------------
TCPDH 00122 TAGPURA 845640.00 827701.00 460.00 130 -60 250.00
----------------------------------------------------------------------------
MCPDH-00001 MAANGOB 844800.00 828113.00 342.00 130 -60 295.50
----------------------------------------------------------------------------
BCPDH-00001 BAYAG BAYAG 845466.00 826457.00 468.00 270 -60 140.50
----------------------------------------------------------------------------
BCPDH-00002 BAYAG BAYAG 845542.25 826459.24 475.00 270 -60 237.50
----------------------------------------------------------------------------
BCPDH-00003 BAYAG BAYAG 845464.86 826414.58 490.00 270 -60 217.20
----------------------------------------------------------------------------
Table 1 - Drilling Summary for Comval Project, holes completed to date
-----------------------------------------------------------------
ORIENTATI
LOCATION ON
-----------------------------------------------------------------
DEPTH AZI-
HOLEID PROSPECT EAST NORTH RL (m) MUTH DIP
-----------------------------------------------------------------
TCPDH000117 TAGPURA 845810.00 827255.00 430.50 200.00 310 -70
-----------------------------------------------------------------
TCPDH000118 TAGPURA 845787.00 827215.00 458.00 333.50 310 -80
-----------------------------------------------------------------
BCPDH00001 BAYAG 845466.00 826457.00 468.00 270.00 -60 141
BAYAG
-----------------------------------------------------------------
BCPDH00001 BAYAG 845466.00 826457.00 468.00 270.00 -60 141
BAYAG
-----------------------------------------------------------------
--------------------------------------------------------------------------
Down hole Intersection (m) COMMENT
----------------------------------------------------------
Inter- Au Ag
HOLEID PROSPECT From To val Cu% g/t g/t
--------------------------------------------------------------------------
TCPDH000117 TAGPURA 110.00 134.00 24.00 0.41% - NSI for Au or Ag
--------------------------------------------------------------------------
TCPDH000118 TAGPURA 164.00 180.00 16.00 0.50% - NSI for Au or Ag
--------------------------------------------------------------------------
BCPDH00001 BAYAG 39.00 83.00 44.00 0.64% - - NSI for Au or Ag
BAYAG
--------------------------------------------------------------------------
BCPDH00001 BAYAG 44.00 72.00 28.00 0.88% - - NSI for Au or Ag
BAYAG
--------------------------------------------------------------------------
Table 2 - Significant intercept table for drilling by Mining Group, results
received to date. Significant intercepts calculated on a length weighted average
using a 0.25% Cu cut off and 4m internal dilution.
Sampling Methodology, Quality Control and Assurance and Data Verification Procedure
All drill holes have been drilled with HQ size core, geologically logged and
half core samples were sent to Macphar Laboratories, Manila for analysis. Au was
assayed using fire assay and an atomic absorption finish and Cu, Ag and Mo were
assayed using a 4 acid digest and an ICPOES finish. Standard reference material
check samples were submitted every 20 samples and a blank check submitted every
50 samples for QA/QC purposes.
All sampling is conducted under the supervision of Mining Group's on site
exploration manager and the chain of custody from the drill to the sample
preparation and logging facility is continually monitored by the exploration
manager. Samples are shipped to the lab by qualified couriers or Mining Group
personnel under locked bags with independent identification lock numbers. Data
verification of the analytical results includes a statistical analysis of the
duplicates, standards and blanks that must pass acceptable parameters to ensure
accurate and verifiable results. All assays are reported as drilled intervals
and are not to be interpreted as true widths.
The above technical information was prepared and verified by Zeffron Charles
Reeves, (B App Sc (Hons) (Applied Geology) MBA, MAIG), a member of the AIG and
Technical Consultant to Mining Group. Mr. Reeves has verified the data disclosed
in this news release, including sampling, analytical and test data underlying
the information and opinions contained in this news release. Mr. Reeves is a
qualified person as defined in NI 43-101.
For further information on Cadan Resources Corp. please visit our website at
www.cadanresources.com, email us at info@cadanresources.com.
Forward-Looking Statements
This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Particular risks applicable to this
press release include risks associated with planned production, including the
ability of the Company to achieve its targeted production outline due to
regulatory, technical or economic factors. In addition, there are risks
associated with estimates of resources, and there is no guarantee that a
resource will have demonstrated economic viability as necessary to be classified
as a reserve. There is no guarantee that additional exploration work will result
in significant increases to resource estimates. The reader is referred to the
Company's most recent annual and interim Management's Discussion and Analysis
for a more complete discussion of such risk factors and their potential effects,
copies of which may be accessed through www.cadanresources.com or the Company's
page on SEDAR at http://www.sedar.com.
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