OAKVILLE, ON, Aug. 7, 2014 /CNW/ - Canoe Mining Ventures
Corp. (TSXV: CLV)("Canoe Mining") announces the results from
its 10 hole (1301m) drill program targeting the Abbie Lake section
of Canoe Mining's 100% owned Iron Lake Gold Project. A
summary of the significant gold values from this drill program is
displayed below:
Hole AL14-01 - 7.3 g/tonne Au over 1m – from 131.75m to
132.75m
Hole AL14-02 - 3.125 g/tonne Au over 2.5m – from
86.5m to 89m
Hole AL14-06 - 3.121 g/tonne Au over 5m –
from 40.0m to 45m
Canoe Mining obtained assay results of similar geology and grade
to those outlined at the Wesdome Gold Mines Ltd. Mishi gold deposit
which is located 11km to the southwest of the Iron Lake Gold
Project. A table containing significant individual assays is
displayed below:
|
Depth
|
Length
|
ICP
Assay
|
Hole
Number
|
From
(m)
|
To
(m)
|
(m)
|
(Au
g/tonne)
|
AL-14-01
|
131.75
|
132.25
|
0.5
|
5.7
|
AL-14-01
|
132.25
|
132.75
|
0.5
|
8.9
|
|
AL-14-02
|
86.5
|
87
|
0.5
|
7.74
|
AL-14-02
|
87
|
87.5
|
0.5
|
1.77
|
AL-14-02
|
87.5
|
88
|
0.5
|
0.055
|
AL-14-02
|
88
|
88.5
|
0.5
|
2.61
|
AL-14-02
|
88.5
|
89
|
0.5
|
3.45
|
|
AL-14-06
|
40
|
40.5
|
0.5
|
0.485
|
AL-14-06
|
40.5
|
41.5
|
1
|
0.077
|
AL-14-06
|
41.5
|
42
|
0.5
|
18.2
|
AL-14-06
|
42
|
42.5
|
0.5
|
10.4
|
AL-14-06
|
42.5
|
43
|
0.5
|
0.371
|
AL-14-06
|
43
|
44
|
1
|
0.166
|
AL-14-06
|
44
|
45
|
1
|
0.632
|
All assay results are uncut. All the assay results and
sub-intervals summarized in the table above have a bottom cut-off
of 0.05 g/tonne of gold. Average grades presented are shown as
weighted averages. True width is estimated to be 66 % of the sample
width.
A drill-hole location map can be found on the Canoe Mining
website by visiting www.canoemining.com/projects.
The gold mineralization at the Iron Lake Gold Project is hosted
within and on the margin of quartz veins enclosed in sheared
Temiskaming type sediments (meta conglomerates, sheared tuffs, and
sediments) as well as in adjoining mafic volcanic units where iron
carbonate alteration occurs. Some gold bearing veins contain black
tourmaline, which is also the case at the Mishi gold deposit, and
this suggests that the gold bearing fluids passed through sediments
prior to deposition.
Canoe Mining has implemented a quality control (QA/QC) program
that includes insertion of blanks, commercial standards, and
duplicate core samples in order to ensure best practice in sampling
and analysis. The assaying of all samples was completed at the AGAT
laboratory in Mississauga,
Ontario, after preparation in Thunder Bay, Ontario. Inductively coupled
plasma mass spectrometry (ICP-MS) was used to determine trace
element pathfinders and gold from a 1 gram sample. As part of
in-house QA/QC, certified gold standards and blanks are inserted
every 50m.
The technical information in this news release was reviewed and
approved by R.S. Middleton, P.Eng.
who is acting as the Qualified Person for Canoe Mining
pursuant to National Instrument 43-101. Mr. Middleton supervised
this drill program and has recommended further IP surveys,
drilling, and trenching.
Additional information and corporate documents may be found on
www.sedar.com and on the Canoe Mining website:
www.canoemining.com.
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 news release.
On Behalf of the Board of Directors of Canoe Mining,
Duane Parnham, Director
Forward Looking Statements
This news release
includes certain forward-looking statements or information. All
statements other than statements of historical fact included in
this release or other future plans, objectives or expectations of
Canoe Mining Ventures Corp. are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Canoe's plans or expectations include
risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by Canoe with securities regulators.
Canoe expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
SOURCE Canoe Mining Ventures Corp.