Cassius Ventures Ltd.

February 01, 2013 08:00 ET

Cassius Ventures Ltd.: Channel Sampling at Las Mercedes Returns 6.90 g/t Au Over 1.0 Meters

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2013) - Cassius Ventures Ltd. (TSX VENTURE:CZ) ("Cassius", or the "Company") is pleased to announce channel sampling results from Las Mercedes, an epithermal vein hosted gold target located on the east side of the León project area.

Highlights of the sampling results include a grade intersection of 2.74 g/Au over 3.0 m with one assay grading 6.90 g/t Au in the first channel.

As indicated in the Company's press release of June 26, 2012, the initial mapping and prospecting of soil geochem anomalies resulted in the discovery of a mineralized quartz vein with chip sampling grading 28.32 g/t Au. Another mineralized quartz vein was identified 825m southwest of the above mentioned quartz vein, with chip samples assaying 32.15 g/t Au and 55.25 g/t Au.

Eddy Canova, Director of Exploration, added: "The results from Las Mercedes have confirmed the existence of gold mineralization in a linear east-west trending mineralized zone and appears to show significant extensions to the mineralized vein system over a distance of 141m and is open along strike. This area will be a main focus for future work."

Sampling Program

The most recent sampling program, which occurred in November and December 2012, took place over an area of previously identified gold mineralization. This channel sampling program successfully defined and followed the main mineralized structure over a distance of 141m and which is open along strike. The program has also sampled two other previously identified mineralized structures, one 137 m east-northeast and a second 825 m north-northeast of channel 1.

A total of 8 channels were cut and 92 samples were collected over a silicified porphyritic quartz-andesite penetrated by oxidized quartz veins, mineralized with oxidized pyrite and traces of galena. Out of the 8 channels that were cut, 7 channels were cut over a main structure over a distance of 141m at 25m intervals. The eighth channel sampled a parallel structure 30m north of the main structure.

The first channel cut mineralized silicified quartz andesites and graded 2.74 g/t Au over 3.0m with one value grading 6.90 g/t Au over 1.0m. Another three channels sampling the extension of the same structure returned anomalous gold values with channel 3 (55m east of channel 1) grading 0.16 g/t Au over 6.0m, channel 5 (25.6m west of channel 1) grading 0.15 g/t Au over 3.0m, and channel 7 (74.6 m west of channel 1) grading 0.21 g/t Au over 2.0m.

Channel 8, located 137 m east-northeast of channel 1, represents a parallel structure 30 m north of the main structure, sampled in quartz veins, quartz breccias and silicified porphyritic quartz diorites mineralized with pyrite. Sampling from this channel returned three anomalous values between 0.13 g/t Au and 0.20 g/t Au each at 1.0m in width. All other channel samples returned insignificant values.

Table 1 - Highlight Channel Sample Results at Las Mercedes

Channel ID From (m) To (m) Grade (Au g/t) Width (m) True Width (m)
1 11 14 2.74 3.00 3.00
3 6 12 0.16 6.00 4.09
5 4 7 0.15 3.00 3.00
7 2 4 0.21 2.00 2.00
8a 1 2 0.20 1.00 1.00
8b 1 2 0.13 1.00 1.00
8c 2 3 0.13 1.00 1.00

An additional chip grab sample was collected at 825m north-northeast of channel 1, in oxidized silicified andesites penetrated by quartz veins, returned an assay of 1.02 g/t Au over 1.0m.

Channel sampling comprised 5 cm wide by 5 cm deep sampling with maximum sample lengths of 1.35m. Samples were bagged, sealed and sent to the Inspectorate sample preparation lab in Managua, Nicaragua. Sample pulps are sent by Inspectorate to the Inspectorate Reno facility for ICP analysis of 30 elements plus fire assay for gold using an atomic adsorption finish. Samples above 10 g/t are re-assayed with a gravimetric finish. Every 20 samples have a duplicate, a blank and a reference sample added for quality control purposes. Inspectorate Laboratories is an arms-length party with respect to Cassius Ventures Ltd.

Next Steps

Better definition of the extent of the mineralized structures could be achieved by carrying out ground IP as sulfides are present in the structure. Furthermore, a pit digging program will help to better define the orientation of the fresh structures. The proposed work will aid to define potential drill targets in the area. The Company continues to explore a number of alternatives to advance the property, including joint venture/partnership structures. Further updates will be provided in due course to discuss various financing options in order to further exploration of Las Mercedes and its remaining Nicaraguan gold properties.

To view "Figure 1. Map of Las Mercedes and Sampled Areas" accompanying this press release, please click on the following link:

On behalf of the Board of Directors

John A. Thomas, P.Eng., CEO and President

Eddy Canova, P.Geo., Director of Exploration and Director of the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.

This news release contains forward-looking information (within the meaning of Canadian securities laws) about the Company and its future plans. Forward-looking information reflects management's expectations or beliefs regarding future events rather than historical facts, and in this news release includes, without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that forward-looking statements will prove to be accurate, and actual results could differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) the Company's ability to discover minerals in commercially feasible quantities in Nicaragua, (2) the Company's ability to raise the necessary financing for ongoing operations and to complete any acquisitions or pursue any planned exploration programs, (3) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (4) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations; (5) certain price assumptions for gold; (6) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (7) the accuracy of current mineral resource work and studies on the Company's property; and (8) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Reference to the section entitled "Risks and Uncertainties" immediately preceding this section.

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.

Contact Information

  • Cassius Ventures Ltd.
    604 558 1107
    604 566 9081 (FAX)