Cassius Ventures Ltd.

June 26, 2012 09:27 ET

Cassius Ventures Ltd. Provides Exploration Update: Drilling at La Lampara Returns Assay of 53.06 g/t Au over 1.5 Meters

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) - Cassius Ventures Ltd. (TSX VENTURE:CZ) (the "Company") is pleased to provide an exploration update in respect of the Nueva Segovia and León project areas.

Highlights Include:

  • Nueva Segovia project area - La Lampara - drill hole LD-05 returned an assay (uncut) of 53.06 g/t Au over 1.5 m.
  • Nueva Segovia project area - Manto de la Corona - Two quartz veins have been identified and sampled, one 3 to 4 m in width by 60 m in length assaying 0.86 g/t Au over 1.72 m and the second vein 0.20 m to 0.40 m in width, gently dipping north grading 1.47 g/t Au over 0.65 m, 1.66 g/t Au over 0.50 m and 4.30 g/t Au over 0.54 m.
  • León project area - Las Mercedes - mapping and prospecting of soil geochemical anomalies resulted in the discovery of an additional quartz vein with a chip sample grading 28.23 g/t Au occurring approximately 500 m north of two mineralized veins assaying 32.15 g/t Au and 55.25 g/t Au.

John Thomas, President and CEO, added: "The results from La Lampara have confirmed the existence of high grade mineralization similar to that seen on the nearby San Albino property. On the Leon concessions, the results from Las Mercedes appear to show a significant extension for a high grade vein system."

Nueva Segovia Project

La Lampara Target

The Company has completed 7 drill holes over approximately 400 meters at La Lampara.

To view, "Figure 1: La Lampara Location of Tunnels and Drill Holes, Neuva Segovia, Nicaragua", please visit the following link:

Drill hole LD-01 intersected 0.70 g/t Au over 1.04 m while results from drill hole LD-02 indicate anomalous gold values for four samples with values ranging between 34 ppb Au to 175 ppb Au.

Drill hole LD-03, testing the extension of veins from Tunnels 1 and 2 intersected 0.61 g/t Au over 3.0 m at a depth of 61.4 m including one assay which graded 1.04 g/t Au over 1.5 m. Drill hole LD-04 and LD-05 tested veins in the Tunnels 10 and 11. Six anomalous gold values were intersected grading 0.15 to 0.54 g/t Au in drill hole LD-04.

Drill hole LD-05 returned an interval of 1.50 m at 53.06 g/t at 30.63 m depth.

Drill hole LD-06, testing a vein north of Tunnels 10 and 11, had five anomalous Au values with the highest being 140 ppb Au and drill hole LD-07 testing Tunnel 1 had three values ranging between 0.14 g/t Au to 0.29 g/t Au with one intersection at 1.23 m grading 0.22 g/t Au over 1.81 m.

Manto de la Corona Target

At Manto de la Corona, located in the northern part of Nueva Segovia, sample results from two quartz veins have now been received.

To view, "Figure 2: Manto de La Corona La Jalapeña Tunnels and Assay Results, Neuva Segovia, Nicaragua", please visit the following link:

The first quartz vein is 200 m west of drill hole JD-01 with exposure measuring 60 meters in length and 3 to 4 meters in width. Assay results from 4 channels sampled on this vein (the El Manton vein) returned 7 anomalous gold assays between 0.09 g/t Au and 0.90 g/t Au with one channel assaying 0.86 g/t Au over 1.72 m.

A second quartz vein, 70 m east of drill hole JD-01, has been observed underground in tunnels and has widths of 0.3 m to 0.5 m dipping at a shallow angle to the east. Channel samples collected from Tunnel C1 included assay results from 0.19 g/t Au to 4.30 g/t Au, with three samples assaying 4.30 g/t Au over 0.54 m, 1.47 g/t Au over 0.65 m and 0.84 g/t Au over 0.50 m. In Tunnel C2, four samples returned anomalous assays ranging between 0.19 g/t Au to 1.66 g/t Au and one channel returned an intersection of 1.66 g/t Au over 0.50 m. Two quartz veins 50 m south of Tunnel C1 were channel sampled and returned values between 0.21 g/t Au and 3.45 g/t Au, with one channel sample returning an assay of 3.45 g/t Au over 0.65 m.


As indicated in the Company's press release of June 7, 2012, recent Au assay results from soil geochemistry and rock sampling have outlined two areas of interest at the León project area: Cerro Rojo porphyry target and the Las Mercedes vein target.

Recent results from Las Mercedes have highlighted the presence of a third mineralized quartz vein with a chip sample assaying 28.23 g/t Au, 500 m north of two previously identified veins along the same soil Au anomaly trend. The two other veins graded 32.15 g/t Au and 55.25 g/t Au respectively.

The mineralization and structures trend northwest, similar to the mineralization trends at the La India deposit, southeast of the property.

The drilling is of HQ caliber with sample lengths being collected up to a maximum length of 1.5 meters. Core is split on site and half core is 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 or one of three reference samples added for quality control purposes.

Further updates will be provided in due course.

On behalf of the Board of Directors

John A. Thomas P.Eng, CEO and President

Eddy Canova, P.Geo., Director of Exploration 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)