TSX Venture Exchange: CQV
ST. JOHN'S, NL, March 4, 2013 /CNW/ - Canadian Imperial Venture Corp.
(TSXV: CQV) ("CIVC" / the "Company") is pleased to announce an update
to its drill program being carried out on the Little Bear Lake Gold
Property (LBL) pursuant to a farm-in agreement (announced on 30 March
2012), under which the Company can earn a 55% working interest in the
LBL from Carina Energy, a private mining exploration company based in
On LBL, in the Maskwa pluton located in southeastern Manitoba (see 12
Dec. 2012 news release), gold-bearing veins are exposed in more than
100 trenches and shallow shafts over a strike length of 6 km and a
width of 400 m. The veins were discovered in 1928 and have received
sporadic exploration consisting of grab sampling, stripping, ground and
airborne geophysics and airborne mag and EM. Mineralization consists
of native gold, silver, sulfosalts, tellurides and minor pyrite,
chalcopyrite, galena and sphalerite in quartz and chlorite units
within uniform feldspar-quartz-hornblende host rock resembling
granodiorite. Grade is directly correlated with pyrite and percentage
of other sulfides.
The recent 1500 m drill program on LBL was partially completed before
severe winter conditions forced a postponement. Of the planned 1500 m
approximately 20% was completed. The western end of the Silver Fox
vein was tested with holes SF13-1, 2 and 3, but the contiguous Rush
Vein remains untested. Historical trenching results for the Silver Fox
vein show 0.90 oz/t (30.9 g/T) gold over 4 ft (1.2 m) was obtained over
a length of 255 ft (77.7 m). The wallrock contained up to 0.2 oz/ton
(6.9 g/T). The Silver Fox vein is up to 7 ft wide (2.1 m) at its west
end. The narrower parts of the vein show grades of 7 oz to 10 oz
Au/ton (10.5 to 348.5 g Au/T). During 2011 prospecting and sampling,
12 grab samples from the Rush Vein averaged 6.2 g Au/T with a range
from 0.05 to 41.68 g Au/T.
In addition, ongoing assaying of previously unsampled core from the
2010-11 Carina drill program on the Treasure Vein (see 30 March 2012
news release) has shown further widespread low grade gold
mineralization, with numerous intersections of gold grades in the range
0.3 to 0.876 g Au/T. The interval 40.4-47.7 in hole CE10-10 has not
been previously reported.
Drilling on LBL to date is continuing to meet objectives by proving 1)
existence of disseminated gold in wall-rock to high-grade veins; 2) an
apparently systematic increase in grade towards the center of the
property and 3) near-surface intersections with grades (>0.35 g Au/T)
and widths, which in analogous geological environments (Hammond Reef in
the Marmion batholith and Chester Gold in the Chester Complex) are
amenable to open pit mining. High grade vein arrays and mineralization
on LBL have been traced over > 6,000 m, which is double the footprint
size of Hammond Reef and three times that of Chester Gold deposit.
"Canadian Imperial Venture Corp. remains committed to the exploration
and development of the Little Bear Lake project and we plan to resume
drilling efforts as soon as is practical," said Gerard Edwards,
President and CEO of Canadian Imperial Venture Corp.
CANADIAN IMPERIAL VENTURE CORP.
Gerard Edwards, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OF THIS PRESS RELEASE.
This release includes certain forward looking statements which reflect
beliefs, expectations, objectives and goals which are believed to be
reasonable at the time such statements are made. Actual results could
differ materially from anticipated results and may be impacted upon
such factors as commodity prices, political developments, legal
decisions, market and economic conditions, industry competition, the
weather, changes in financial markets and changing legislation.
Qualified Person, Verification, Quality Control and Assurance:
Samples of drill core were saw cut, with half the cut core placed in
individual sealed bags and half placed back in the original core box
for permanent storage. Drill core and grab samples were delivered
directly by Carina Energy personnel to the Cattarello Assay lab in
Timmins where gold was determined by fire assay fusion with Atomic
Absorption Spectroscopy (AAS) finish.
Dr. Ulrich Kretschmar, PhD, PGeo, President of Golden Scarab Corporation
and a Qualified Person as defined by Canadian National Instrument
43-101, has reviewed the information contained in this news release and
has verified the analytical data for samples disclosed in this release
by reviewing the blanks, duplicates and certified reference material
that the Company inserted into the sample stream and confirming that
they fall within limits determined as acceptable by industry practice.
SOURCE: CANADIAN IMPERIAL VENTURE CORP.
For further information:
Canadian Imperial Venture Corp.
P.O. Box 6232, Stn. "C"
St. John's, NL A1C 6J9
Tel.: (709) 739-6700 / Fax: (709) 739-6605
E-mail: firstname.lastname@example.org / website: www.canadianimperial.com