Cavan Ventures Inc.
TSX VENTURE : CVN

Cavan Ventures Inc.

June 06, 2012 11:43 ET

Cavan Ventures Announces Exceptional Rare Earth Assays From Pythonga Property in Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2012) - CAVAN VENTURES INC. (TSX VENTURE:CVN) ("Cavan" or the "Company") announces today it has received significant rare earth element (REE) assays from a 2011 work program performed on its 100% owned Pythonga Property, located approximately 15 kilometers west of the town of Maniwaki, Quebec. Additional results from a subsequent program are still pending. The Company will also be requesting that Chemex re-run the overlimit samples and announce such numbers when available.

The Pythonga Property is composed of late Proterozoic metasedimentary, amphibolite, gneiss, and calc-silicate rocks exhibiting amphibolite to granulite facies metamorphism. The highest REE contents noted on the property occur in pegmatites, with five samples having better than 2.69 wt% total REO (rare earth elements expressed as oxides).

In summer 2011, exploration on behalf of the Company was carried out with a final report completed in December 2011 (Oullet, R. 2011, Compilation of exploration work on the Pythonga Property, summer 2011, 92p). A total of 360 samples were collected with 80% of those assayed for REE. Most of the samples were collected from 89 meters of channel sampling and surface rock grab samples between 1-2kg in mass. Channel sample volumes were 0.3-1.5m long by 0.03m wide by 0.05m deep. Significant results obtained as of December 2011 are summarized in the table below.

Table 1. REE assays from the Pythonga Property, Quebec. Values in weight percent.
Sample Number 203302 203303 203001 203048 203354 203352 1012826
sample type grab grab grab grab grab grab grab
La2O3* >1.17 >1.17 0.13 1.05 1.02 0.11 0.10
Ce2O3* >1.17 >1.17 2.46 >1.17 1.17 0.26 0.22
Pr2O3* >0.12 >0.12 0.23 >0.12 0.12 0.02 0.02
Nd2O3* >1.17 1.00 0.78 0.34 0.34 0.08 0.07
Sm2O3* >0.12 >0.12 0.09 0.02 0.02 0.01 0.01
Eu2O3 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Gd2O3* >0.12 0.09 0.02 0.00 0.01 0.00 0.00
Tb2O3 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Dy2O3 0.06 0.05 0.01 0.00 0.00 0.00 0.00
Ho2O3 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Er2O3 0.02 0.02 0.00 0.00 0.00 0.00 0.00
Tm2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Yb2O3 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Lu2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Y2O3 0.25 0.20 0.04 0.01 0.01 0.00 0.00
Total REO, wt% >4.23 >3.96 3.79 >2.71 >2.69 0.48 0.43
Sample Number 1012845 1012827 1012840 203288 203311 203281 203280
sample type grab grab grab grab grab channel channel
La2O3 0.09 0.10 0.04 0.07 0.07 0.05 0.05
Ce2O3 0.19 0.19 0.11 0.17 0.16 0.10 0.10
Pr2O3 0.02 0.02 0.02 0.02 0.01 0.01 0.01
Nd2O3 0.08 0.06 0.08 0.06 0.04 0.04 0.04
Sm2O3 0.01 0.01 0.01 0.01 0.00 0.01 0.01
Eu2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gd2O3 0.00 0.00 0.01 0.00 0.00 0.00 0.00
Tb2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dy2O3 0.00 0.00 0.01 0.00 0.00 0.00 0.00
Ho2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Er2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tm2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Yb2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lu2O3 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Y2O3 0.02 0.00 0.06 0.01 0.00 0.02 0.01
Total REO, wt% 0.42 0.38 0.35 0.34 0.30 0.25 0.23
* For overlimit results, the overlimit value is used in the total. Results in ppm from Ouellet, 2011 are converted to wt% REE, then to REO using factors provided in Gagnon and Camus, 2012,Technical Report Mineral Resource Estimation Update Eldor Property - Ashram Deposit, Nunavik, Quebec, (for Commerce Resources, Inc.) Geostat, SGS Canada Inc., 117p.

The best REE assays come from pegmatite dykes that vary in size from 4-20 meters in width and several hundred meters in strike length. Following on encouraging field observations during the summer 2011 season, a second field program was conducted in October 2011 to obtain additional samples from the pegmatite dykes, with results to be assessed in the coming weeks.

Mr. Peter Swistak, President of Cavan Ventures states, "We are very encouraged by these early results from the Pythonga Property, both in the rare earth assays and in the significant widths and strike lengths of the REE-bearing pegmatites. We anticipate a busy 2012 program to follow up with additional channel sampling of known exposures, and with prospecting for new ones."

The Pythonga Lake Project consists of 110 claims divided into three blocks, of which 53 claims are held 100% by the Company. The remaining 57 claims are under option from Investments Horizons, Inc. (Quebec City, Quebec), whereby Cavan may acquire 70% through a cash payment of $27,500 and issuing 200,000 shares, then performing $500,000 in work over two years. An additional 30% may be acquired through $100,000 in cash and issuing 2.5 million shares.

The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., a qualified person as defined by National Instrument 43-101. The property has not been the subject of an approved National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

Cavan Ventures Inc. is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders. For further information please visit us at www.cavanventures.com.

ON BEHALF OF THE BOARD

Peter P. Swistak, President

Forward-Looking Statement:

Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements.

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

  • Cavan Ventures Inc.
    Peter P. Swistak
    President
    (604) 683-3995 or Toll Free: (888) 945-4770
    www.cavanventures.com