TSX Venture Exchange: CQV
ST. JOHN'S, Sept. 26, 2012 /CNW/ - Canadian Imperial Venture Corp.
(TSX-V: CQV) ("CIVC" or the "Company") is pleased to announce the
execution of an option agreement (the "Option Agreement") previously
announced on March 30, 2012 among CIVC, Carina Energy Inc. ("Carina"),
a private mining exploration company based in Toronto, Ontario and
Ozias Theriault ("Theriault") whereby CIVC was granted an option by
Carina and Theriault to acquire a 55% interest in the Little Bear Lake
gold property (the "Property") which is located in the Lac du Bonnet
Mining Division in Manitoba. The Option Agreement has now received TSX
Venture Exchange acceptance.
Pursuant to the terms of the Option Agreement:
CIVC has issued to Carina 6 million shares on September 24, 2012 (the
"Closing Date") and on the first anniversary of the Closing Date
(September 24, 2013) the Company will deliver an additional 5 million
shares to Carina.
CIVC is required to spend $600,000 of expenditures on the Property
within two years of the Closing Date (September 24, 2014).
CIVC is responsible for cash payments to Theriault for the sum of
$20,000 payable on execution of the Option Agreement (paid) and $10,000
per month commencing on October 1, 2012 until June 1, 2014 for
aggregate payments totalling $200,000.
CIVC is required to make two advanced royalty payments of $50,000 each
to Theriault. The payments are due on November 12, 2013 and November
12, 2014, respectively.
The property is subject to a 2.5% net smelter royalty.
CIVC plans to initiate a drill program during the Fall of 2012 to test a
series of vein systems present on the Property as set out in the
technical report (the "Report") entitled "Technical Report on the
Little Bear Lake Project" dated August 31, 2012. It is anticipated
that the Fall drill program will test the Silver Fox, Rush and Jet vein
systems. Historical results for these vein systems include:
Silver Fox - The vein was channel sampled and sampled along its length
yielding 0.90 oz/t (30.8 g/t) over 4 ft over a strike length of 255
ft. The wallrock contained up to 0.2 oz/ton (6.8 g/t). The Silver Fox vein was up to 7 ft wide at the south end. The narrower parts of the
veins show grades of 7 to10 oz Au/ton (240 g/t to 342 g/t).
Rush Vein - Carina conducted several sampling programs on the Rush Vein
with selected grab samples up to 42 g/t.
Jet Vein - Recent sampling of the Jet Vein yielded selected grabs of
62.2g/t and 183 g/t.
CIVC also plans to conduct additional sampling of the existing core from
Carina's December 2010 drill program. Carina drilled 1679 metres in a
program that was designed to test the eastern extension of the Treasure
Vein. The results of the drill program indicate that the wall rock on
the margins of the vein system is mineralized. Selected results
CE 10-10 - 0.741g/t over 20.3 metres
Including 3.26 g/t over 4.2 metres
Including 9.2 g/t over 0.8 metres
CE 10-11 - 3.0 g/t over 2.3 metres
CE 10-12 - 2.5 g/t over 3.5 metres
Recent re-examination of the Carina core has determined that unsampled
sections of the core appear to be well mineralised (pyritic). The
re-sampling program is underway and assay results are expected shortly.
Little Bear Lake
The Little Bear Lake claim block in eastern Manitoba, consist of 17
claims, or 2149 hectares. On the Property, numerous gold-silver bearing
veins occur in a parallel linear array trending NW-SE. The veins
themselves are generally narrow and sometimes high grade. They are
comprised of quartz and chlorite, and shearing is commonly evident in
the walls. Width of the shear structures ranges from less than 1 metre
to about 18 m. Within these "shear zones", white to sugary to glassy
quartz veins are commonly thin, but widths to 3 m are reported. Dips of
the "shear zones" are mostly vertical to steep north or south. Gold
grades appear to be directly correlated with percentage of pyrite,
galena, sphalerite or chalcopyrite within the host quartz.
Many high grade gold and silver assays have been reported from the
property since 1928 when the veins were discovered. Historic grab
sample assays range up to 17 oz Au/ton (530 g Au/T); 0.5 to 1 oz Au/ton
(15-30 gAu/T) values have often been reported. Historically, there are
reported to be an estimated 10,000 tons of hand-cobbed "high grade"
quartz vein material on the property adjacent to historic exploration
pits on the veins.
The major veins explored since 1928 have been named Silver Fox, Latwis,
Gold Plate, Molson, Treasure, Black Beaver and Fisher. The Treasure
vein appears to be the longest, being continuous over a strike length
of greater than 2,000m where it has been sampled in 90 small blast pits
along its length. The majority of veins have been similarly sampled.
Historical records of sampling of pits and shafts by three separate
parties for the Silver Fox vein are considered typical for veins on the
property, e.g. 1) Birse, (1928): 12 samples over 188 ft length of the
vein averaged 0.60 oz gold per ton over 19 inches. 2) Bull, (1928): six
samples which averaged 0.46 oz/ton over 31 inch width. 3) C.S. Lord,
(1934): assays averaged 0.98 oz/t over 21 inch width, for a length of
215 ft. Subsequent sampling and limited drilling in 1946 confirmed that
high grade gold values can be obtained discontinuously over narrow
widths along most veins. Past work on the ground was carried out by
Norway Lake Iron Mines Ltd., Eco Exploration Company, Bear Lake Gold
Mines Ltd., International Obaska Mines, Abermin, Theriault and Carina.
Carina has completed reconnaissance, geological mapping, prospecting and
a 2010 drill program totaling 1,679 m on the Treasure Vein. Highlights
of 2011 prospecting and sampling, which include and duplicate
Location and Vein Name
Grab Sample Grades (g Au/T)
Jet Vein Ore Dump
183, 62.2, 33.3
Silver Fox Vein
Treasure Vein East and Shaft
62.7 40.7, 16.0, 11.9.
Gold Pan Vein
Drilling of the Treasure Vein has shown 1) existence of gold in
wall-rock to high-grade veins; 2) a systematic increase in grade, from
east to west and 3) intersections with grades and widths, which in
analogous geological environments (Goldex "GZ" deposit, Val d'Or;
Hammond Reef in the Marmion batholith, and mines in the Bourlamaque
batholith, Val d'Or) are amenable to open pit mining.
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 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, President of Golden Scarab Corporation and a
Qualified Person as defined by 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.
The Company also announces that it is arranging a non-brokered private
placement of up to 50 million units (the "Units") at a price of $0.01
each, to raise up to $500,000. Participants in the private placement
will have the option to purchase both flow through and non-flow through
units. Each non-flow through unit consists of one common share in the
capital of the Company and one non-transferable share purchase warrant
("Warrant"). Each flow through unit will consist of one common share in
the capital of the Company and one-half of one non-transferable
Warrant. One whole Warrant will entitle the holder to buy an additional
share in the capital of the Company for a period of two years at a
price of $0.05 per share during the first year and at a price of $0.10
per share during the remaining term of the Warrant.
The Company may pay finder's fees or commissions in the private
placement. The common shares or flow through common shares sold in the
private placement, any shares acquired upon exercise of the Warrants
and any securities issued in payment of finder's fees will be subject
to a four-month hold period.
The proceeds from the private placement will be used for general working
capital and exploration on the Company's properties. The private
placement is subject to regulatory acceptance.
Canadian Imperial Venture Corp. is an independent Canadian-based
CANADIAN IMPERIAL VENTURE CORP.
Chief Executive Officer
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. Such statements
include the plan for CIVC to initiate a drill program during the Fall
of 2012 pursuant to the Report. Assumptions underlying the forward
looking information are set forth in the Report. 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. Any
forward looking information speaks only as of the date on when it is
made. The Company does not have any policies or procedures in place
concerning the updating of forward looking information other than
required under applicable securities laws.
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