- 535 g/t Ag over 4.0 meters near surface reported at California Lake -
MONTREAL, March 26, 2012 /PRNewswire/ - GeoVenCap Inc. (TSXV: GOV) ("GeoVenCap") is pleased to report on work performed on its New Brunswick properties, more specifically the California Lake Silver Project, where recent diamond drilling intersected 535 g/t Ag and 0.62 g/t Au over 4.0 meters (true width not yet determined - see NI43-101 Technical Report filed on SEDAR on March 2, 2012 and at www.geovencap.com).
California Lake is located 40 km west of Bathurst, New Brunswick and covers 1,658 hectares. 32 diamond drill holes were completed at California Lake by previous owners that tested the initial silver discovery zone (now referred to as the A Zone). Significant grade and width of silver mineralization were reported in all holes along a strike length of 579 meters with grades ranging up to 6,987 g/t Ag (C-87-23). Most of the drill holes intersected the mineralized structure above 100 meter vertical depth and the zone remains open in all directions with excellent potential to expand the deposit. Historical drill hole intersections that tested the silver zones at California Lake are shown in Table 1. Mineralization has also been identified approximately 3 km north of the A Zone where a 1988 drill hole was reported with 0.3 meters grading 1,610 g/t Ag and 2.02 g/t Au indicating the potential for the discovery of additional silver-bearing structures at California Lake.
"We are very pleased with these results as all holes ever drilled to test the silver zones at California Lake reported significant silver near surface which confirms our view that California Lake has the potential for an open pit silver deposit", stated Mr. Leon Methot, President & CEO of GeoVenCap.
Table 1. Significant drill core intersections from historical drill programs at California Lake. All holes tested the A Zone with the exception of C-87-29 and CL-04-02 that intersected the B Zone.
|Hole no.||Section (Imperial)||Section (Metric)||Dip||Bearing||From (meters)||To (meters)||Length (meters)||Est.True Width||Ag (g/t)||Au (g/t)|
Hole CL-11-01 was drilled to test a silver-bearing structure at 25 meters from the assumed location of historical hole C-87-29. CL-11-01 intersected 4.7 meters (41.3 - 46.0 m) grading 459 g/t Ag, 0.54 g/t Au, 0.14% Pb and 0.19% Zn, which includes 4.0 meters grading 535 g/t Ag, 0.62 g/t Au, 0.16% Pb and 0.21% Zn. Silver mineralization was also encountered at the end of CL-11-01 with 1.0 meter grading 31.0 g/t Ag and 0.04 g/t Au from 100.0 to 101.0 meters down the hole.
Drill hole C-87-29 was the last hole completed in a historical 29 hole program carried out by Lacana Mining/Corona Corp. in 1986 to 1987. The first 28 holes of that campaign targeted the discovery zone, whereas C-87-29 intersected another zone to the southwest and in the structural footwall of the A Zone, which cut 7.7 meters grading 182 g/t Ag and 0.31 g/t Au, including 1155 g/t Ag and 0.29 g/t Au over 0.6 meters. In 2004, drill hole CL-04-02 intersected 174 g/t Ag and 0.43 g/t Au over a core length of 5.3 meters, interpreted to cut the footwall silver zone (now referred to as the B Zone) about 180 meters northwest from C-87-29. The B Zone is now interpreted to trend parallel to the A Zone and approximately 170 meters to the southwest.
In late 2011, hole CL-11-01 was drilled on the property to confirm the location and grade/thickness of the B Zone prior to implementing a more extensive drill program. CL-11-01 is only the third drill hole that has tested the B Zone and true widths of drill hole intersections in this zone cannot yet be clearly determined. Hole CL-11-01 has now confirmed the location of the B Zone proximal to C-87-29 and provides strong support for further delineation drilling.
Upcoming Drill Campaign at California Lake
Mercator Geological Services (Mercator) of Halifax, Nova Scotia have completed a NI 43-101 compliant technical report on all projects held by GeoVenCap and have recommended a two phase exploration drill program at California Lake totaling 4800 meters. Mercator has recently been engaged by GeoVenCap to review historical drill hole data at California Lake in detail in order to assist with planning a drill program that will both provide adequate confirmation of historical drilling and extend the mineralization at an appropriate hole spacing to potentially be used for indicated and/or inferred resource estimations. The first phase of the drill program is planned to commence as soon as the property is accessible following spring break-up.
GeoVenCap also announces recently staking an additional 112 mineral claim units covering 2,442 hectares adjoining California Lake. Historical work will be compiled to determine work programs for the 2012 field season on the newly acquired claims.
Drilling of CL-11-01 was carried out by Maritime Diamond Drilling and was supervised by Arthur Hamilton, P.Geo. Core samples were split using a diamond saw and shipped to Activation Laboratories sample prep facility in Fredericton, NB. Core samples were analyzed using the Au+49 method (Code 1H) that utilizes INAA and TD-IPC procedures as well as fire assay with gravimetric finish for Ag and Au (Code 1A3-Ag). Silver results presented above are by fire assay. INAA results for silver for CL-11-01 averaged 515 g/t Ag over 4.7 meters (41.3 - 46.0 m) including 4.0 meters grading 600 g/t Ag; however at these levels the fire assay method may be more appropriate. Gold results presented above are by INAA analysis. Fire assay results for gold for CL-11-01 averaged 0.45 g/t Au over 4.7 meters (41.3 - 46.0 m) including 4.0 meters grading 0.52 g/t Au; however results for one of the standards submitted failed QA/QC for the fire assay and the INAA method may be more reliable for gold at these levels.
Upcoming Drill Campaigns at Williams Brook and Upsalquitch
Planning is also in progress for an extensive work program on the Williams Brook and Upsalquitch projects that includes geological mapping, geochemical and geophysical surveys, trenching and diamond drilling. Previous drilling at Williams Brook has identified significant near-surface gold mineralization that includes 0.72 g/t Au over 38 m (~25 m true thickness) in hole WB-08-03 and 0.91 g/t Au over 28 m (~23.3 m true thickness) in hole WB-08-04. Both precious metal and base metal targets have been identified on the extensive Upsalquitch project that surrounds Williams Brook.
Arthur Hamilton, P.Geo., Director of Exploration for GeoVenCap Inc. is a Qualified Person as defined under NI 43-101 guidelines and has reviewed the technical information contained in this release
GeoVenCap is a mineral company focused on exploration principally for silver and gold in northern New Brunswick. Its priority is to explore and develop four highly prospective projects located between 30 and 105 km west and southwest of the city of Bathurst, New Brunswick: the California Lake Silver Project, the Upsalquitch Gold Project, the Williams Brook Gold Project and the Bathurst Mining Camp - Base Metal Project. These projects are in close proximity of mines and advanced projects owned by Xstrata, Votorantim and Trevali Mining.
Forward-Looking Statements. This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
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SOURCE GeoVenCap Inc.