Canoe Mining intersects gold values at its wholly-owned Iron Lake Gold Project, Ontario

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.

For further information: Luke Vigeant, Manager, Investor Relations, Canoe Mining Ventures Corp., Tel: 1.905.844.7612, Email: lvigeant@canoemining.com

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Canoe Mining Ventures Corp.

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