OAKVILLE, ON, May 22, 2014 /CNW/ - Canoe Mining Ventures Corp. (TSXV: CLV) ("Canoe Mining") is pleased to announce that a 10 hole, 1250m, drill program will commence immediately on its 100% owned Iron Lake Gold Project (the "Property"), near White River, Ontario. The Property is located within the western section of the Mishibishu Greenstone belt which is known for gold production and contains multiple operating mines. Canoe Mining's drill program will be focused on the Iron Lake Deformation Zone, which spans the entire Property and will specifically target IP anomalies detected by Giyani Gold Corp. in 2012 near historic gold showings discovered by Tundra Gold Mines Ltd. ("Tundra") in 1988.
The Contact Zone that Canoe Mining is intending to expand was originally discovered by Tundra on the Abbie Lake section of the Property and contained five gold intersections in 3 adjacent drill holes including:
- 17.15 g/tonne Au over 1.37m
- 12.00 g/tonne Au over 0.91m
- 3.77 g/tonne Au over 0.67m
- 2.00 g/tonne Au over 1.50m
- 5.48 g/tonne Au over 1.50m
- Or, 3.74 g/tonne over 3.00m both combined
R.S. Middleton, P.Eng, Canoe Mining's Exploration Manager, stated: "This drill program is designed to test a number of gold zones that are known to occur on the Abbie Lake section of our Property. The geology which we're drilling hosts a nearby quartz-eye porphyry system which is near-identical to the systems which are associated with major gold mines in the Abitibi Greenstone Belt."
The core will be logged at a secure facility in White River and will be split and sent for assay preparation in Thunder Bay. Assay results will be released when available.
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.
On Behalf of the Board of Directors of Canoe Mining,
Duane Parnham, Director
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.
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: [email protected]