TSX Venture Exchange: DVV
VANCOUVER, June 11, 2012 /PRNewswire/ - Driven Capital Corp. (TSXV: DVV) ("Driven" or the "Company") is pleased to provide a corporate update on its three mineral exploration projects.
"We have two drill-ready properties in the Yukon, and a BC property approaching drill-ready status that is adjacent to the world's largest gold exploration project," stated Toma Sojonky, President & CEO. "Suffice to say, 2012 will be an exciting and pivotal year for Driven."
Blackwater East - Nechako Plateau, BC
Blackwater East is comprised of 23 contiguous mineral claims totaling approximately 8,472 hectares on the Omineca Mining Division's prolific Nechako Plateau. The property is adjacent to the eastern/southeastern boundaries of New Gold Inc.'s Blackwater gold project, which hosts currently defined indicated resources of 5.5 million ounces of gold, and additional inferred resources of 2.3 million ounces of gold. New Gold plans to carry out over 200,000 metres of drilling at Blackwater during 2012; please refer to New Gold Inc.'s news release dated March 7, 2012 for more details.
During the 2011 field season Driven carried out prospecting, geological mapping and geochemical rock and soil sampling at Blackwater East. This work identified three well-defined geochemical anomalies, having elevated levels of zinc, silver, copper and lead, as well as scattered high gold values of up to 530 ppb gold. Two of these anomalies coincide with regional magnetic anomalies in the south and southeastern portions of the property. Follow-up prospecting over the coincidental anomalies revealed some extensive areas of moderate alteration with some included zones of silicification.
These findings have been integrated into the design of a 27 line-kilometre ground magnetic and induced-polarization (IP) geophysical survey that is scheduled to be carried out by Peter E. Walcott & Associates Limited during the first half of this field season. The necessary permit to carry out the geophysical work is in hand and lines were cut for the survey near the end of the 2011 season.
As announced on May 9, 2012, Driven has applied for a permit to carry out a 2,000 metre, first-phase diamond drilling program at Blackwater East, contingent upon and prioritized by the results of the geophysics. The Company has retained Coast Mountain Geological Ltd. to manage the drill permitting process.
Other prospective areas on Blackwater East include the southernmost slopes of Kuyakuz Mountain, where a 1995 government sampling program resulted in stream silt samples containing 465 ppb gold and 165 ppb gold in one drainage. Brief follow up sluice-box prospecting by Driven revealed a small amount of visible gold in the drainage, and follow up surface work is planned in this poorly exposed area during the 2012 field season.
The Company's option with Ansell Capital Corp. is in good standing; work completed during the 2011 field season has satisfied the option agreement's work commitments for both 2011 and 2012.
White River Gold/Copper/Silver Property - Koidern, Yukon
White River is comprised of 335 contiguous quartz claims totaling approximately 7,002 hectares in area, within the prolific Tintina Gold Belt. Project optionor Tarsis Resources Ltd. targeted and staked White River as a grassroots discovery in 2010. Subsequent to Tarsis' discovery, Teck Resources Ltd. staked a large block of claims adjoining White River to the south and east.
During the 2010 and 2011 field seasons, prospecting, geological mapping, geochemical rock and soil sampling and hand trenching was carried out on White River. Two large zones mineralized in gold, copper and silver (West Zone and East Zone) were discovered along exposed ridge-tops, located approximately eight kilometers apart; glacial deposits and vegetation cover the intervening area. The presence of arsenic, bismuth and tungsten pathfinder elements along with the multi-intrusion geologic setting indicate potential for intrusive-related gold deposits similar to major deposits within the Tintina Gold Belt such as Fort Knox, Dublin Gulch and Livengood.
The West Zone is at least six square kilometers in area as defined by strongly anomalous gold, copper and arsenic in soils. Prospecting samples from outcrop and float assayed up to 39.8 g/t gold, 8.52% copper and 1,310 g/t silver. Limited mapping has identified ten distinct vein structures within a better-exposed portion of the zone.
Eleven hand trenches were completed across five separate structures in the West Zone. Strongly anomalous gold values were identified in nine of eleven trenches, with trench TR-HG11-02 featuring a channel sample returning 82.2 g/t gold across 1.0 metre; and a grab and an auger sample from the core portion of the same exposure returning 214 g/t gold and 129 g/t gold, respectively.
The results of this work have prompted the design of a first-phase diamond drill and supplementary exploration program. Driven's earn-in agreement includes a first-year commitment to drill not less than 1,500 metres. Given this obligation and moreover the highly prospective results of recent work, Driven's top exploration priority in 2012 is to drill White River. The Company has awarded this contract to Top Rank Diamond Drilling Ltd., and drilling is expected to commence in June.
Lyn Silver Project - Faro, Yukon
Lyn is comprised of 264 contiguous quartz claims totaling approximately 5,518 hectares on the southwest side of the Tintina Fault in the historic Anvil District. Last year's exploration confirmed the presence of high and ultra-high grade silver, lead and zinc mineralization at Lyn. A highlight channel sample from a historic trench returned 5,888 g/t silver and 44.06% lead across 0.79 metre, including 10,505 g/t silver and 41.49% lead across 0.39 metre. Highlight 2011 Driven trenching chip channel samples returned up to 2,770 g/t silver, 23% lead and 4% zinc over 0.40 metre; and 961 g/t silver, 20% lead and 10.35% zinc over 0.50 metre. Numerous 2011 surface rock chip samples exceeded 20% combined lead and zinc, and up to 58.14% lead and 26.3% zinc.
The Company is highly encouraged by the widespread distribution of high-grade silver-lead-zinc mineralization. The five main vein structures identified thus far occur in a 0.5 square kilometre area and are intermittently exposed for distances up to 400 meters along strike. Veins are consistent in orientation (near vertical, striking north-south), aiding predictability. Geologic mapping during 2011 revealed that veins occur in both sedimentary and intrusive rocks, demonstrating that high-grade silver mineralization is not restricted to a specific host rock, which greatly increases the prospective area of the project both horizontally and vertically. Glacial deposits and vegetative cover both to the north and south of trench exposures conceal the lateral strike extent of known veins; positive results from soil samples collected in these covered areas during 2011 suggest lateral persistence of veins significant distances from known exposures, adding to potential drill targets.
These factors collectively indicate excellent potential for discovery of an economic, high-grade silver-lead-zinc district at Lyn. Accordingly, Driven plans to test Lyn's potential at depth with a first-phase, 2,000 metre conventional-core drilling program. Additional potential for Sedex type lead-zinc-silver deposits, similar to those mined in the Faro district located about 15 kilometers north, exists in the southeastern half of the property. This area was sporadically explored in the 1960s and 1970s and will be evaluated by Driven in the future.
The Company's option with 7606 Yukon Ltd. and Panarc Resources Ltd. is in good standing; work completed during the 2011 field season has satisfied the option agreement's work commitments for both 2011 and 2012.
Lindsay Bottomer, P.Geo, a Director of the Company, is the Qualified Person as defined under National Instrument 43-101, who has reviewed the technical information in this news release relating to Blackwater East. U. Peter Kurisoo, CPG, Chief Geologist and a Director of the Company, is the Qualified Person who has reviewed the technical information in this news release relating to White River and Lyn.
Driven Capital Corp. is deploying its accomplished technical and management team toward the exploration of its portfolio of highly prospective precious metals projects in the Yukon and British Columbia.
On Behalf of the Board of Directors of Driven Capital Corp.
Toma Sojonky, 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. Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
SOURCE Driven Capital Corp.