Cassius Ventures Ltd.

June 07, 2012 13:47 ET

Cassius Ventures Ltd. Provides Exploration Update-Leon Porphyry Target Continues to Demonstrate Potential

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2012) - Cassius Ventures Ltd. (TSX VENTURE:CZ) (the "Company") is pleased to provide an exploration update in respect of the León and Nueva Segovia project areas.

Highlights Include:

  • León project area - Cerro Rojo - continued mapping and grab sampling of the Cerro Rojo porphyry returned eight gold values between 1.05 g/t Au and 14.01 g/t Au. Grab sampling results outlined five anomalous gold areas covering 60 hectares.
  • León project area - Las Mercedes - mapping and prospecting of soil geochemical anomalies resulted in the discovery of two quartz veins with chip samples grading 32.15 g/t Au and 55.25 g/t Au.
  • 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 and the second 0.20 m to 0.40 m in width, gently dipping north.
  • Nueva Segovia project area - La Lampara - channel sample results taken from old underground workings at Tunnel 6 assayed 5.25 g/t Au over 0.75 m and 12.97 g/t Au over 1.00 m. Tunnel 14 assayed 1.58 g/t Au over 0.81 m.
  • Nueva Segovia project area - El Escandalo - 44 channel samples taken from old workings returned gold assays between 1.03 g/t Au and 14.30 g/t Au.
  • Nueva Segovia project - Cobano - Quartz veining of 4 to 6 m in width by an exposed strike length of 50 m. Sampling returned assays of 3.8 g/t Au, 5.96 g/t Au and 19.59 g/t Au.

Over the past few months, the Company has compiled an extensive amount of information through its exploration efforts. In the coming months, focus will be placed on compiling these results and interpreting the data to re-define the exploration program and re-focus the trenching and drilling.

John Thomas, President and CEO, added: "We have compiled an extensive amount of technical information on both the León and Nueva Segovia areas which we are analyzing and which will help prioritize the next stages of our exploration program."


Recent Au assay results from soil geochemistry and rock sampling has outlined two areas of interest at the León project area: Las Mercedes and Cerro Rojo.

At Cerro Rojo, continued mapping, prospecting and rock grab sampling in this gold soil geochemical anomaly has identified five anomalous areas covering 60 hectares. Within these five anomalous areas, eight bedrock rock grab samples assayed between 1.05 g/t Au (0.012% Mo) and 14.01 g/t Au (0.065% Mo) occurring within an Au-Mo mineralization porphyry system.

At Las Mercedes, four gold soil geochemical anomalous areas have been outlined with values greater than 43 ppb Au. Follow-up of the soil geochemical anomalies has resulted in the discovery of two mineralized quartz veined and silicified dacites grading 32.15 g/t Au and 55.25 g/t Au from grab samples. The mineralization and structures trend northwest, similar to the mineralization trends at the La India deposit, southeast of the property.

Further prospecting, mapping and trenching of the mineralization and soil geochemical anomalies of these two areas is expected in coming months.

Nueva Segovia

At Manto de la Corona, located in the northern part of Nueva Segovia, final results of the third drill hole JD-03 have been received and two gold mineralized quartz veins with surface exposure have been sampled. Drill hole JD-03 has two anomalous gold intersections at 174.15 m grading 0.33 g/t Au over 3.0 m and at 210.0 m grading 0.21 g/t Au over 4.3 m. Drill hole JD-03 had previously reported an upper intersection grading 0.91 g/t Au over 9.92 m. Two quartz veins have been extensively sampled and results are pending. 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. The second quartz vein dipping north is 70 m east of drill hole JD-01 occurring underground and has a width of 20 cm to 40 cm.

At La Lampara, just south of Manto de la Corona, 16 tunnels have been channel sampled. Assay results from channel sampling at Tunnel 6 graded 1.57 g/t Au over 1.0 m, 5.25 g/t Au over 0.75 m and 12.97 g/t Au over 1.00 m and tunnel 14 graded 1.30 g/t Au over 0.50 m and 1.58 g/t Au over 0.81 m. Channel sampling results from an additional 12 tunnels are pending.

At El Escandalo, located in the southern part of Nueva Segovia, gently dipping quartz vein structures have been observed in underground old tunnel workings. The tunnels had 44 channel samples collected with assays grading between 1.03 g/t Au and 14.30 g/t Au. The gold mineralization in the quartz vein at El Escandalo occurs at three sites along a strike length distance of 565 m. A second area called Cobano has an exposed occurrence of wide quartz veins measuring 3.0 m to 6.0 m in width by 50 m along its southeast trend. Assay results from three grab samples collected along the quartz vein trend has given assay results of 3.8 g/t Au, 5.96 g/t Au and 19.59 g/t Au. Several additional samples have been collected on the vein and assays are pending.

All four areas noted above have gold bearing quartz veins occurring along prominent structural trends. The areas warrant further mapping, prospecting, sampling and trenching of the veins expected to be carried out in the coming months.

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.

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