OAKVILLE, ON, June 23, 2014 /CNW/ - Canoe Mining Ventures Corp. (TSXV: CLV)("Canoe Mining") is pleased to announce the completion of its first diamond drill program at its 100% owned Iron Lake Gold Project near White River, Ontario (for additional details see Canoe Mining Release dated May 22, 2014).
The 1,301m drill program was conducted on the Abbie Lake section of the Iron Lake Gold Project and targeted a 3km section of the Iron Lake Deformation Zone, a controlling structure for gold mineralization in the region.
The 10 drill holes completed by Canoe Mining intersected numerous sulphide zones as well as numerous gray and black quartz veins within a rock sequence similar to those found at the Mishi Mine, a Wesdome Gold Mines Ltd. property located 8km southwest of Abbie Lake. Canoe Mining's target selection for this drill program was based on induced polarization anomalies discovered in geophysical surveys conducted by Canoe Mining's subsidiary, 2299895 Ontario Inc., in 2012 near historic gold showings and intersections discovered by Tundra Gold Mines Ltd. between 1983 and 1988.
In addition to drilling, surface samples were collected from historic trenches, and a detailed mapping of Abbie Lake was completed. Over 400 samples were collected and sent to AGAT Laboratories in Thunder Bay for preparation and then to AGAT Laboratories in Mississauga for fire assay and inductively coupled plasma analysis.
Canoe Mining will provide further updates on this drill program as deemed necessary.
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.
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: [email protected]