2010 News |
TSX.V: CVN |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cavan Signs Letter of Intent For Acquisition of Carma Gold ProjectOctober 27, 2010 VANCOUVER, BRITISH COLUMBIA -- Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE:CVN), a public mineral exploration company based in Vancouver, British Columbia, is pleased to announce that it has signed a letter of intent ("LOI") with Antis S.R.L. ("Antis") of La Paz, Bolivia to purchase a 100% interest in the Carma Gold Project located 35 kilometers south of Potosi, Bolivia. Carma represents a gold orebody of massive characteristics associated to veins, veinlets, and quartz stockworks that are hosted by sedimentary rocks of Ordovician age which according to its main features may correspond to an orogenic gold (antimony) style of mineralization hosted in clastic rocks of the Paleozoic ("slate belt"), similar to the San Bernardino deposit nearby to Challapata and Donlin Gulch, Alaska. Work carried out in the early 1990's by EMUSA defined an ore body of 200 meters in length, 70 meters in width, with a minimum depth of 100 meters. Historic workings located at lower elevations are numerous. Values obtained from rock chip sampling in the the Vila Vila adit include 15 meters of 2.5 g/t Au and 38 meters of 2.8 g/t Au at the Huayra Caņon adit. Four holes were drilled by EMUSA at the Carma Orcko hill with a total meterage of 696.3 m. Results were as follows:
The initial drilling program at Carma defined the presence of auriferous mineralization at depth, which may represent a non NI 43-101 compliant resource of 250,000 ounces of gold. Mineralization extends beyond the boundaries of the previous drilling. The Company believes potential exists to considerably expand the area of mineralization and will be planning an aggressive exploration programme for January, 2011, upon completion of the formal agreement. Ernest Brisbane, M.Eng., the "Qualified Person" as defined in National Instrument 43-101, has reviewed the technical information presented in this news release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Cavan with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. On behalf of the Board of Directors, Ming Chiang, President & CEO 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. Cavan Ventures Inc. |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
