VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/28/13 — CAVAN VENTURES INC. (TSX VENTURE: CVN) („Cavan“ or „the Company“) is pleased to announce that the Company is now planning its first drilling program on its Pythonga Lake Rare Earth Element project.
The Pythonga Lake property is located at approximately fifteen (15) kilometres west of the town of Maniwaki, Quebec. It consists of 110 map staked claims covering an area of approximately 6,523 hectares. Those claims are divided in three blocks: the East Block (35 claims), the Central Block (71 cellules) and the SW block (4 cellules).
Following the excellent results obtained from the 2011 and 2012 prospecting programs, the Company now intends to verify the extensions at depth and along strike of the best channel samples. For the moment, the drilling program is limited to three mineralized outcrops. A total of 500m of diamond drilling is planned.
The new discovery („Frog“ Occurrence), which returned significant overlimit assays during the 2012 prospecting program, will be drill tested by two diamond drill holes.
Recalling that in channel sample P 268092, elements such as Ce, La, Nd, Pr, Sm and Th exceeded the upper detection limits of these assay methods. The re-assay using the ME-MS81h method returned the following results:
The „Frog“ occurrence is found in mafic gneiss mixed with some pegmatite dikes. The outcrop is 1-2m wide and was followed over 25m in length. The occurrence is open in both directions and is considered as a priority target.
The second target to be drill tested is located in the eastern part of the East Claims Block and was discovered in 2012 during the prospecting program (P268076). At this location, one channel sample returned a total REE value higher than 7%. This showing will be tested by three diamond drill holes.
Finally, a third showing discovered in 2011 (# 203302: greater than 4.23% REE, # 203303: greater than 3.96% REE and # 203001: 3.79% REE), which returned total REE higher than 3.4% and considered as a secondary target will be tested at depth by two diamond drill holes.
This diamond drilling program will be started as soon as the Company will receive its Intervention Permit delivered by the Forestry Department and the authorization of the local ZEC (Zone of Controlled Exploitation in charge of the area for hunting and fishing).
Mr. Peter P. Swistak, President of Cavan Ventures states, „The Pythonga REE project continues to reveal a real potential for economic rare earth mineralization. This limited diamond drilling program will confirm the excellent potential of some REE occurrences and will better justify the execution of a focused exploration campaign which will begin with geophysical surveys, a trenching and stripping phase, followed by a second diamond drilling program.“
The technical contents of this release were approved by Dr. Christian Derosier, P.Geo. a qualified person as defined by National Instrument 43-101.
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 .
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.
Contacts: Cavan Ventures Inc. (604) 683-3995 or Toll Free: (888) 945-4770
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