THUNDER BAY – Graphite excitement is growing in Northwestern Ontario. Cavan Ventures Inc. (TSX VENTURE:CVN) has announced the acquisition of the CAGE claims, adjoining the Albany graphite deposit that is presently under advanced exploration by Zenyatta Ventures Ltd. (TSX-V: ZEN). Zenyatta recently announced several significant intersections of graphite mineralization, including five holes with 146m of 5.2% Cg, 177m of 5.3% Cg, 186m of 4.9% Cg, and 125m of 4.6% Cg, respectively.
The CAGE claims are contiguous, covering an area of 768 hectares (1,897 acres), and adjoining the eastern edge of the Albany graphite property. Historic aeromagnetics indicate that a magnetic low is present on the CAGE claims, with similar magnetic lows on the eastern portion of the Albany property (Geological Survey of Canada, Limestone Rapids Airborne Magnetic Survey, Map 3913G).
The magnetic low will be investigated through reconnaissance prospecting and sampling that is planned to take place in the coming weeks.
To earn 100% interest in the property, the Company will pay $15,000 within ten days of signing and issue 3 million shares within 15 days of receiving regulatory approval subject to the Company raising a minimum of $400,000 in a private placement within 60 days.
The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release