ST. JOHN'S, NEWFOUNDLAND--(Marketwired - Sept. 18, 2013) - Canada Fluorspar Inc. (TSX VENTURE:CFI)CNDFF ("CFI" or the "Company") is pleased to announce the seventh set of assay results under the Company's Phase 3 diamond drilling program from two surface trenches and one drill hole on its Grebes Nest property.
Trench No. 1 was designed to identify the surface expression of the Grebes Nest Vein as intersected by drill holes GS-13-03 and GS-13-04 (press releases dated July 11, 2013 and August 20, 2013, respectively). The trench was positioned 35 metres east of drill holes GS-13-03 and GS-13-04 and designed to be constructed parallel to the azimuth of the two drill holes at 34 degrees. The topography of the location resulted in the trench being constructed on an azimuth of about 60 degrees. The trench was opened for a distance of 86 metres and exposed a width of approximately 2 metres of bedrock along the bottom of the trench. Overburden thicknesses varied from 1.0 to 1.5 metres.
Trench No. 2 is located along the same plane as previously reported drill holes GS-13-07 (press release dated July 11, 2013), GS-13-09 (press release date July 18, 2013) and GS-13-10 (press release date August 6, 2013) and located 65 metres east of Trench No. 1. The trench exposed the Grebes Nest Vein in rhyolite having an average grade of 84.39% CaF2 over 5.52 metres. The trench was opened for a distance of 42 metres and exposed a 2.5 metre width of bedrock along the bottom of the trench. The overburden ranged from 1.5 to 2 metres thick with the thicker interval in the more northern section of the trench.
Drill hole GS-13-22 is located on the same plane as previously reported drill hole GS-13-21 (press release dated August 20, 2013) which extended the Grebes Nest Vein to approximately 1.30 km along strike. Drill hole was inclined at -67 degrees and oriented at azimuth 34 degrees.
The new Grebes Nest Vein 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). The two trenches and one drill hole are located on the western end 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.
To view the first map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/CFI_assay_results_sept18_fig01.pdf
Assay Results
Trench No. 1 exposed the Grebes Nest Vein on surface and having an average grade of 59.26% CaF2 over 6.00 metres. The vein exposure was consistent with the vein intersection encountered in drill holes GS-13-03 and GS-13-04 below surface. The vein was hosted in rhyolite.
Trench No. 2 exposed the Grebes Nest Vein on surface and having an average grade of 84.39% CaF2 over 5.52 metres. The vein exposure was consistent with the vein intersection encountered in drill holes GS-13-07, GS-13-09 and GS-13-10 below the trench. The vein was hosted in rhyolite.
Drill hole GS-13-22 tested the down-dip extension of the Grebes Nest Vein on the same plane as drill hole GS-13-21, a previously reported drill hole (press release dated August 20, 2013). This hole intersected the Grebes Nest Vein structure having an average grade of 26.59% CaF2 over 17.12 metres. The vein was hosted in metasediments.
To view the second map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/CFI_assay_results_sept18_fig02.pdf
"The exposure and high-grade of the Grebes Nest Vein on surface, as evidenced in the two trenches reported and an open cut that was mined 20 years ago and located just 250-350 metres to the west, gives us reasonable confidence that the structure hosting the mineralization will be identified on surface along strike," stated Lindsay Gorrill, President and CEO of the Company.
Geological Interpretation
CFI has received assay results for samples collected from Trenches No.1 and No. 2 and one drill hole, GS-13-22, located along the western part of the Grebes Nest target area. The two trenches and one drill hole identified mineralization that has been interpreted to be the Grebes Nest Vein which trends northwest-southeast and is steeply dipping.
Trench No. 1 exposed the Grebes Nest Vein on surface, similar to that intersected by drill holes GS-13-03 and GS-13-04. The results from this trench confirm that the Grebes Nest Vein in this location is interpreted to be continuous down depth to a vertical distance of approximately 170 metres from surface. This vein was tested further down depth with drill hole GS-13-27 and results are pending.
Trench No. 2 exposed the Grebes Nest Vein on surface similar to that intersected by Trench No. 1 and drill hole GS-13-07 (drilled from south to north) and drill holes GS-13-09 and GS-13-10 (drilled from the north to south and overlapping at depth). The results from this trench confirm that the Grebes Nest Vein in this location is interpreted to be continuous down depth to a vertical distance of approximately 170 metres from surface.
Drill hole GS-13-22, located on the same plane as drill hole GS-13-21, intersected the vein about 130 metres vertically from surface and 70 metres below the drill hole GS-13-21 vein intersection. This vein intersection contained some carbonate flooding that appears to have been an early phase of mineralization with the fluorite mineralization formed as part of a later phase of the fluid deposition in this zone at depth and resulted in a lower than anticipated average grade compared to the vein intersection directly above it. However, the structure continues to remain wide down depth and comparable to the vein intersection above it. This vein was tested further down depth with drill hole GS-13-23 and results 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 width along strike and within a vertical depth of 175 to 200 metres below 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 following table shows the detailed results of the seventh set of assay results released 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 - Phase 3
Canada Fluorspar Inc.
St. Lawrence Project, NL
Trench No. 1
Sample No. From (m) To (m) Length (m) % CaF2
96059 66.00 67.00 1.00 17.55
96060 67.00 68.00 1.00 98.76
96061 68.00 69.00 1.00 88.60
96062 69.00 70.00 1.00 80.32
96063 70.00 71.00 1.00 42.52
96064 71.00 72.00 1.00 27.78
Trench No. 2
Sample No. From (m) To (m) Length (m) % CaF2
96067 27.13 27.62 0.49 78.80
96068 27.62 28.62 1.00 87.02
96069 28.62 29.62 1.00 92.50
96070 29.62 30.62 1.00 70.67
96071 30.62 31.62 1.00 77.01
96072 31.62 32.65 1.03 97.09
Hole GS-13-22
Sample No. From (m) To (m) Length (m) % CaF2
108506 119.88 120.88 1.00 21.19
108507 120.88 121.88 1.00 18.03
108508 121.88 122.88 1.00 23.33
108509 122.88 123.88 1.00 23.35
108510 123.88 124.60 0.72 16.33
108511 124.60 125.50 0.90 30.56
108512 125.50 126.50 1.00 41.46
108513 126.50 127.50 1.00 12.09
108514 127.50 128.50 1.00 17.16
108515 128.50 129.50 1.00 24.57
108516 129.50 130.50 1.00 48.12
108518 130.50 131.17 0.67 39.44
108519 131.17 131.36 0.19 Void
108520 131.36 132.00 0.64 7.08
108521 132.00 133.00 1.00 25.92
108522 133.00 134.00 1.00 41.80
108523 134.00 135.00 1.00 25.12
108524 135.00 136.00 1.00 33.07
108526 136.00 137.00 1.00 29.89
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 Aluminum Company of Canada ("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 metre wide and dips to the north at -70 degrees. Prospecting in the late 1940s traced the structure, through a series of trenches, to the southeast for a reported distance of 3.2 kilometers. In the late 1940s, 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 1 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 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 35 drill holes and seven trenches 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 40 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 thirty (30) 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, July 11, 2013, July 18, 2013, August 6, 2013, August 12, 2013, August 20, 2013 and August 29, 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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
