CFI Announces Second Set of Encouraging Assay Results for Its New Vein Discovery at Its Grebes Nest Property; Including a Vei...
2013年7月18日 - 11:43PM
Marketwired Canada
Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to
announce second set of assay results under the Company's Phase 3 diamond
drilling program at its Grebes Nest property from two holes drilled. One of the
drill holes, GS-13-09, is in the same plane as the previously reported drill
hole GS-13-07 and the other, GS-13-11, is located 100 metres east along strike
from previously reported drill holes in this area. This new mineralized
structure is situated approximately 4 kilometers from the former Tarefare mine
and less than 6 kilometers from the former Blue Beach North mine (see location
map below). Both drill holes are located on the western part of the Grebes Nest
grid area. Ground geophysical (magnetometer and EM) survey results indicate that
the mineralized structure has potential to extend for more than 4,000 metres
along strike. The drill holes completed are identified as GS-13-09 and GS-13-11,
with one hole (GS-13-09) intersecting 89.58% CaF2 over 6.95 m.
Drill hole GS-13-09 was inclined at -59 degrees and oriented at Azimuth 214
degrees. Drill hole GS-13-11 was inclined at -59 degrees and oriented at Azimuth
034 degrees.
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Assay Results
Drill hole GS-13-09, drilled from north to south, tested the down-dip extension
of the Grebes Nest Vein on the same plane as the previously reported (Press
Release dated July 11, 2013) drill hole GS-13-07. Drill hole GS-13-09
intersected three vein structures: the first vein structure intersection had an
average grade of 89.58% CaF2 over 6.78 m, the second vein structure intersection
had an average grade of 45.83% CaF2 over 2.65 m, and the third vein structure
intersection had an average grade of 47.03% CaF2 over 1.98 m.
Drill hole GS-13-011 intersected the Grebes Nest Vein structure with an average
grade of 48.13% CaF2 over 2.33 m.
To view the image associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/CFIMap0718_2.jpg.
"These latest drill results only increase my excitement about the potential of
Grebes Nest and show grades as high as we have seen on our St. Lawrence site,"
stated Lindsay Gorrill, President & CEO of Canada Fluorspar Inc., "We have now
received assays on 5 of the 21 drill holes results that continue to provide
indication of a 1.5 kilometer strike on the portion of Grebes Nest vein we call
West Grebes."
Geological Interpretation
CFI has received assay results for samples collected from drill holes GS-13-09
and GS-13-11 located along the western part of the Grebes Nest target area.
These holes are spaced approximately 100 metres apart and extends the previously
reported strike length of 425 metres out to a strike length of approximately 525
metres of the total approximately 4,000-metre-long Grebes Nest structure. These
holes intersected the Grebes Nest Vein at depths ranging from 110 metres to 115
metres vertically below the surface. In addition, recent surface trenching has
revealed massive mineralized vein material in two trenches interpreted to be the
surface exposure of the Grebes Nest Vein intersected in drill holes GS-13-09 and
GS-13-11.
The two drill holes intersected what is interpreted to be the Grebes Nest main
vein which trends northwest and is steeply dipping. Drill hole GS-13-09
intersected the Grebes Nest vein structure at approximately 110 metres
vertically below the surface and tested the mineralization found in trenches
excavated on surface. Drill hole GS-13-09 also tested to two separate vein
structures located 165 m and 175 metres vertically below surface.
Drill hole GS-13-11, located approximately 100 metres east of drill hole
GS-13-09 and 525 metres east of drill hole GS-13-08 (previously reported in a
Press Release dated July 11, 2013) intersected the Grebes Nest Vein structure
approximately 115 metres vertically below the surface.
Drill hole GS-13-10, located in the same plane as holes GS-13-07 and GS-13-09,
intersected the Grebes Nest Vein approximately 50 metres below the surface and
midway between surface and the drill hole GS-13-09 intersection. Assays for
drill hole GS-13-10 are pending.
Preliminary interpretation of the drill results indicates that the western part
of the target area of the mineralized Grebes Nest structure maintains a
relatively uniform strike and width within a depth of 100 to 115 metres
vertically below the surface. The drill intersections also indicate very
competent core and good continuity of mineralized material at depth. CFI notes
that most of the mineralized material is hosted by metasedimentary rocks
(interbedded siltstones and shales, whereas most of the mineralized material at
the major fluorspar veins in the general area - the historic Director, Tarefare,
and Blue Beach North Mines - are hosted by the St. Lawrence Granite ("SLG"). The
metasedimentary rocks in the St. Lawrence area are older than the SLG and early
geological mapping indicates that the Grebes Nest area is underlain by
interlayered pink rhyolite sills, similar in composition to the SLG, which
intruded the metasedimentary rocks. The structure that has been identified by
the drill program is a late phase event that cuts both the metasedimentary rocks
and the sills. The parallel veins, such as the vein identified in drill holes
GS-13-03 and GS-13-09 have been known to develop into significant mineable veins
in other locations in the St Lawrence area. The significance of parallel veins
remains to be evaluated.
The following table shows the detailed results of the second set of drill holes
completed by CFI on the Grebes Nest Vein noted in Phase 3 of the Company's 2013
exploration diamond drill program.
2013 Diamond-Drill Hole Assay Results
Grebes Nest
Canada Fluorspar Inc.
St. Lawrence Project, NL
Drill hole GS-13-09
Sample No. From (m) To (m) Length (m) % CaF2
Vein #1
65497 119.15 120.15 1.00 98.05
65498 120.15 121.15 1.00 98.13
65499 121.15 122.10 0.95 93.92
65500 122.10 123.00 0.90 87.13
65553 123.00 123.70 0.70 90.73
58554 123.70 124.70 1.00 96.55
58555 124.70 125.48 0.78 70.20
58556 125.48 126.10 0.62 70.86
Vein #2
58567 171.12 172.42 1.00 74.45
58568 172.42 173.39 0.97 73.58
58569 173.39 174.07 0.68 37.82
Vein #3
58572 181.12 181.98 0.86 29.43
58573 181.98 182.57 0.59 33.75
58574 182.57 183.10 0.53 90.37
Drill hole GS-13-11
Sample No. From (m) To (m) Length (m) % CaF2
58605 145.25 146.00 0.75 53.59
58606 146.00 146.75 0.75 74.25
58607 146.75 147.58 0.83 19.60
Assays on these drill holes were carried out at SGS Lakefield Laboratories
("SGS") of Lakefield, Ontario, using the Ion Selective Electrode method to
determine the fluorite content in the low-grade samples and the Dual Calcium
method for samples expected to contain high-grade values (i.e., those with
significant visible fluorspar in the drill core).
Quality Assurance and Quality Control ("QA/QC")
Check assay work by CFI includes insertion of duplicate samples and blanks with
regular batches of mineralized samples of drill core. QA/QC work is also done at
SGS, and results are reviewed and verified by CFI personnel. An independent
geological consultant (Qualified Person) has submitted additional samples
collected from the drill core for analyses.
Phase 1 of the 2013 exploration program was designed to assess the northern
extension of the Director Vein structure. The six drill holes with assay results
to date have shown that the fluorspar mineralization at the Director Vein
extends further along strike and at depth from the old Alcan workings.
Phase 2 of the 2013 exploration program was designed to evaluate the southern
extension of the Director Vein. A trenching program and a geophysical survey
conducted in the area during 2012 identified the structure over a strike length
of 1,000 metres. The current drill program was planned to evaluate the mineral
potential, at depth, of the southern extension of Director Structure and to test
the north extension of the adjacent Hares Ears Vein to the west.
Phase 3 of the 2013 exploration program was designed to evaluate the Grebes Nest
mineral property, namely the Grebes Nest vein which was identified in the 1940s,
The vein was exposed on the east side of Little Lawn Harbour where the structure
is approximately 1.0 metre wide and dips to the north at -70 degrees.
Prospecting in the late 1940's traced the structure, through a series of
trenches, to the southeast for a reported distance of 3.2 kilometers. In the
late 1940's, a 20 metre deep exploration shaft was sunk on the vein about 500
metres east of the coast. A drift was driven along the vein for 60 metres and a
number of short cross-cuts were developed. In 1949, five short drill holes were
completed approximately one kilometer southeast of the shaft and to the south of
the projected strike of the structure. These drill holes identified a number of
narrow veins in the metasediments. Due to the remote location of the showing and
the adequate reserves at the operating mines owned by the Aluminum Company of
Canada ("Alcan") no additional work was undertaken.
Initial exploration information regarding the 2013 exploration program at
Director Vein was included in the Company's press releases dated January 16,
2013 and March 12, 2013.
To date, six Phase 1 drill holes have been completed together with 26 additional
drill holes in Phase 2 (19 holes in south extension Director Vein and 7 holes at
Hares Ears Vein) and 21 drill holes in Phase 3 (Grebes Nest area) of the 2013
exploration program. Assay results for remaining completed drill holes in Phase
2 and Phase 3 are pending.
Historic exploration data indicates that there are more than forty mineralized
veins within the CFI property. The three prominent vein structures, however, are
the Director Vein, Blue Beach North Vein, and the Tarefare Vein. Probable
Reserves of the Blue Beach North and Tarefare veins total approximately 5.4
million tonnes at an average grade of 39.8% CaF2. These Mineral Reserves have
been outlined to a vertical depth of 300 metres below the surface, but fluorspar
mineralization extends further at depth. The key assumptions, parameters and
methods used to estimate the Mineral Resources and Mineral Reserves, as well as
other relevant information, including data verification, with respect to the
Blue Beach North and Tarefare veins can be found in a NI 43-101 Technical Report
prepared by the Roscoe Postle Associates Inc. dated March 6, 2013, which has
been filed by the Company on SEDAR (www.sedar.com).
About the Company
The Company is a specialty mineral resource company engaged in the development
of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is
proposing, through Newspar, its 50/50 joint venture with Arkema, to reactivate
the existing Blue Beach North and Tarefare underground fluorspar mines, by
expanding the existing mill and constructing a new, environmentally-sound
Tailings Management Facility.
Mr. James H. Reeves, Senior Geologist with CFI, who is a Qualified Person as
defined in National Instrument 43-101 - Standards of Disclosure for Mineral
Properties, reviewed and approved the technical content of this news release.
The information regarding historic production has not been verified by the
Company and is provided for reference only.
Material results of the Company's 2012 and 2013 exploration program have been
disclosed in the Company's press releases dated March 1, 13 and 30, 2012, April
16 and 24, 2012 and January 16, 2013, March 12, 2013, April 24, 2013, May 8,
2013, June 5, 2013, July 2, 2013 and July 11, 2013 including assay results from
eighteen (18) previous drill holes under the Company's diamond drilling program
which were disclosed in the Company's press releases dated March 12, 2013, April
24, 2013, May 8, 2013, June 5, 2013, July 2, 2013 and July 11, 2013.
For more information please see: www.canadafluorspar.com
Neither 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 Note and Forward-Looking Statements
This press release contains forward-looking statements which include, but are
not limited to: resource estimates, proposed mining techniques required to
construct and produce at expected levels, anticipated timing for completion of
metallurgical testing, the commencement of the drilling program, current
development and operating objectives and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements of
fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with mining development
including: loss of market, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, ability to access sufficient debt and equity capital from
internal and external sources, ability to generate sufficient cash flow to meet
its current and future obligations, regulatory approvals affecting construction
and mining operations. Such forward-looking statements are also based on a
number of assumptions which may prove to be incorrect, including, but not
limited to, assumptions about the following: the availability of financing for
exploration and development activities, the estimated timeline for the
development of the project at St. Lawrence, the supply and demand for, and the
level and volatility of the price of fluorspar, the assumptions on which
resource estimates are based, the receipt of necessary permit, market
competition, ongoing relations with employees and impacted communities, and
general business and economic conditions. Should one or more of the risks or
uncertainties involved in forward-looking statements materialize, or should the
assumptions prove incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected. Accordingly, readers should not
place undue reliance on forward-looking statements.
Forward-looking statements are qualified entirely by this cautionary statement
and are given only as at the date of this press release. The Company disclaims
any obligation to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as required by
law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canada Fluorspar Inc.
Lindsay Gorrill
President and CEO
1-800-823-8095
lgorrill@canadafluorspar.com
www.canadafluorspar.com
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