Financial Press: Cavan Adds New Graphite Property to Diverse Resource Portfolioadmin
(Financial Press – Dec 4, 2013) – On December 4, 2013 Cavan Ventures (CVN-TSX.V) announced that it has acquired the subsurface mineral rights to a 2,925 hectare prospective graphite property in Quebec, Canada 24 Km south-west of Mason Graphite’s project (LLG-TSX.V). The new property was acquired from the Tetepiska Syndicate representing a group of six prospectors.
All 54 mining claims on the Tetepiska property are in good standing until September 2015. Tetepiska Lake bisects the property. The eastern section is accessible by timber roads; the western section accessible by gravel road and boat.
Cavan’s mission is to identify, acquire, and advance high potential North American mining prospects.
“Having a diverse portfolio of assets inside one company is a way of protecting investors against downside risk,” states Cavan CEO Peter Swistak, “but acquiring the land is only the first step. We are 100% focused on doing exploration work that will increase the value of the asset and eventually attract the interest of a J.V. partner.”
A grab sample taken at the Tetepiska property returned 58.1% flake graphite. Since this discovery, the prospectors made some strippings along the geological formation and uncovered other large flakes occurrences.
In 2008, Miss G. Rioux, a geologist at the University of Quebec, wrote a thesis paper which covered a large part of Cavan’s Tetepiska property. Three types of graphite have been recognized in the region: Macrocrystals, microcrystals and amorphous graphite in veins. The last gives the highest chemical analysis results. Quinto Technologies’ 2003 reported 17.45 – 55.67% organic graphite with thicknesses ranging from 1 m to 5 m.
At the beginning of November 2013, a diligent reconnaissance has been executed by Magnor Exploration for Cavan on the Tetepiska property. Twenty-one channel samples were cut and sent to ALS Minerals in Val d’Or, Quebec, for assaying. Results are expected the next three weeks.
Cavan’s diverse resource portfolio includes The Buckingham 1,682 hectare property adjacent to the historic Walker Graphite Mine in Buckingham Township, Quebec. The Walker Mine was worked from the 1860’s to 1910.
Grab samples collected from Buckingham by the Company earlier this year have assayed as high as 21.70 %.
On September 24, 2013 Cavan announced the identification of 1,300 Meter and 300 Meter Long EM Conductors at Buckingham Graphite Property, Quebec. The helicopter-borne survey covered about 50% of the area of the property. The anomaly is oriented roughly north-south, and is divided by an east-wend trending dyke into a 700-meter long southern segment and 600 meter long northern segment.
This conductor coincides with a conductor identified in a 1982 government survey, and with graphite mineralization previously reported as having up to 11% C in grab samples. A second significant conductor was also identified that extends about 300 m in length, and corresponds to the location of the 21.70% grab samples.
Five significant conductive anomalies or groups of anomalies were detected of lesser length extents, but with a response that is characteristic of strong conductors such as graphite or sulfide mineralization.
These results support the potential of the Buckingham property to host significant graphite deposits. Cavan intends to undertake a second phase of exploration that will include a surface geophysical survey to resolve the airborne anomalies, stripping and trenching and later diamond drilling.
Cavan’s 100%-held CAGE claims are contiguous and cover an area of 768 hectares (1,897 acres). The CAGE graphite property is located 36 kilometres west of Hearst, Ontario.
Drilling on an airborne EM conductor by Zenyatta identified an extensive zone of granitic breccia set in a black matrix containing graphite, including five holes with 146 metres of 5.2 per cent Cg, 177 m of 5.3 per cent Cg, 186 m of 4.9 per cent Cg and 125 m of 4.6 per cent Cg, respectively.
On September 17, 2013 Cavan announced results from an airborne geophysics survey over its CAGE graphite property. The airborne survey has identified a number of magnetic lows within the property. Cavan intends to conduct a ground geophysical survey which can detect conductive material at greater depth, as TDEM response is limited to approximately 100 metres from surface.
“The results of the airborne surveys have outlined potential targets for future exploration and has significantly enhanced the exploration potential of this district,” said Swistak, President of Cavan Ventures Inc. “We are excited by these early-stage results and are planning an expanded program of graphite target evaluation.”
Cavan also has 100% interest in the Lake Pythonga rare earth project in Quebec. Located about 15 kilometers west of the town of Maniwaki, it consists of 166 map staked claims covering a area of approximately 9,843.80 hectares.
The property has undergone a basic prospecting which included the review of roads and trails. Following the assay results of the first exploration period, 89 meters of channel sampling was carried out on the richest sites.
The best rare earth values obtained correspond to five samples with values higher than 2.1% total rare earths (REE). Of these four are higher than the limit of detection of certain elements. In addition, several dozens of samples with values ranging between 0.1% and 0.9% total rare earths were obtained. The property has revealed a real economic potential for rare earths.
Cavan also has a 100% interest in the Big Flake in Quebec, adjacent to the TIMCAL Lac Des Iles flake graphite mine and purification facility and totals approximately 2,400 hectares (5,930 acres) and covers historic drill results reporting graphite intersections by the Quebec Department of Natural Resources.
The Pierre Riche North and South Claims are located at about 130 km southwest of Saguenay-Chicoutimi, and about 70 km north-northwest of La Tuque, Quebec. The Trans Canadian railroad line used by the Canadian National Railroad passes just 45 km south of the claim groups. Pierre Riche North comprises 31 map-staked claims covering 1,705 hectares (4,213 acres). Anomalous values of copper, nickel, zinc, vanadium and manganese were obtained from a 0.80 m long channel sample.
Cawood and Saint-Marie: Quebec properties are located at about 65 km north of Ottawa and accessible by paved roads. This property has potential for graphite, mica, apatite and rare earth elements.
The Sainte-Marie property comprises 11 map staked claims covering an area of 605 hectares. Several graphite occurrences exist on the property and there is also potential for rare earth elements. Six graphite occurrences were studied during a mapping program. Most have returned values higher than 3% graphite in quartz-feldspar gneisses of the H Unit. One occurrence returned 25% graphite over one meter in a shear zone.
The Lake 19 Saskatchewan graphite project contains about 30% graphite across a width of 20 ft (6.1 m). Approximately 30km to the northeast Strike Graphite are working the Deep Bay East project which is an area of historic graphite occurrences and prior drilling.
On November 27, 2013 Cavan announces plans to explore for diamonds at Lake 19. Cavan will engage Magnor Exploration to review historical geophysics for the region, with plans to conduct glacial sediment sampling in early 2014.
“There is an old saying in this business,” explains Swistak, “‘you usually find a mine next to a mine.’ With each and every one of our properties we consult with geologists and mining engineers before acquisition and commencement of exploration work. The Tetepiska property is in a proven graphite belt and we are excited about its prospects.”
Cavan is currently trading at .03 with a market cap of $1.8 million.
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Posted: December 4th, 2013 under ACCESSWIRE.