TSX-V TRADING SYMBOL: CEC
VANCOUVER, Feb. 21, 2012 /CNW/ - Compliance Energy Corporation ("Compliance" or the "Company) is pleased to report the assay results of 9 diamond drill holes from the Company's drilling program at the Camp Lake project, approximately 25 kilometres west of Campbell River, British Columbia. Highlights of the 2011 drilling program includes hole 11-CL-08, which returned an 8.9 metre (29 foot) intercept of 58.36% magnetic iron, and 1151 ppm (0.1151%) Cu and hole 11-CL-06, which returned an 8.4 metre (26 foot) intercept of 41.35 % magnetic iron, 695 ppm (0.0695%) Cu (copper) and 522 ppm (0.0522%) Zn (Zinc).
Camp Lake 2011 Exploration Program and Assay Results
During 2011, Compliance completed 9 holes totaling 644 metres of diamond drilling testing the Spur Magnetite and Junction Copper showings. Compliance also completed prospecting, geological mapping and soil and rock geochemistry on the Camp Lake property including 466 soil and 20 rock samples. Much of the property remains unexplored.
Significant drill intersections are noted above and in the following table along with UTM collar locations:
|Hole Number||Easting||Northing|| Elevation
|11-CL-03||313755||5530980||883|| no significant
(1) - True widths have not been calculated at this time.
Prospecting and grid-based geochemistry work completed at Camp Lake in 2011 included the discovery of two new copper-silver showings in outcrop, and three new areas of multi-element soil geochemistry anomalies. One of the soil anomaly areas contains elevated values in silver, arsenic, cobalt, copper and zinc over a 250 metre diameter area, similar in size and geochemical signature to the Spur Magnetite target. The two other soil anomaly areas contain elevated values of silver, copper, molybdenum and/or zinc. Possible bedrock sources of these soil anomalies have yet to be located.
The Camp Lake Property covers 3,442 hectares and is situated on the flank of an intense circular aeromagnetic high measuring 10 kilometres in diameter. This aeromagnetic high is centered on a granodiorite stock of the Jurassic Island Intrusive Suite, which intrudes a NW-SE trending graben structure containing a preserved, gently NE-dipping Triassic to Cretaceous volcano-sedimentary sequence, which includes the Triassic Quatsino limestone unit. Along the western side of the intrusive stock sits a pendant of Jurassic Bonanza volcanics, underlain by Triassic Quatsino limestones. Dikes and sills of the Eocene Mount Washington Intrusive Suite may also be present. This geological setting is considered ideal for porphyry copper-molybdenum and related polymetallic magnetite-copper-zinc skarn mineralization on Vancouver Island.
The Spur Magnetite Zone is exposed, mapped and sampled in outcrop and delineated by diamond drilling over an area of 250 metres by 75 metres, and is open both to the south and the east. The Zone appears to be gently south dipping, is partially eroded and ranges in thickness from approximately 2 to 9 metres. Mineralization is described as a black, yellow and brown, highly magnetic and zoned magnetite-copper-zinc skarn containing disseminated to massive magnetite, with variable garnetite, actinolite, quartz-calcite stringers, and sulphide stringers and clusters mainly pyrite, pyrrhotite, chalcopyrite and sphalerite.
Quality Assurance/Quality Control
All core samples, along with geochemical blanks and standards, as well as all rock and soil samples taken in 2011 from the Camp Lake Property were transported in batches by bonded transport carriers from Campbell River, BC or Nanaimo, BC to Inspectorate Mining and Exploration Service Ltd.'s facility in Richmond, BC where they were received, prepared, and analyzed using their 50-4A-UT ICP multi-element and Au-1AT-AA gold methods. All samples with greater than 10% iron (Fe) from ICP analyses were re-analyzed by Inspectorate using the Davis Tube method to determine magnetic iron %.
Jacques Houle, P.Eng. is the independent, qualified person pursuant to the requirements of NI43-101 for the NIC Property acting on behalf of Compliance Energy Corporation, and has reviewed the contents of this news release.
On behalf of the Board of Directors,
COMPLIANCE ENERGY CORPORATION
Chief Executive Officer
About Compliance Energy Corporation
Compliance Energy Corporation is a mineral exploration and development company. Our primary holding is our interest in over 31,000 hectares of coal rights on Vancouver Island, British Columbia, where we are focused on developing the Raven Underground Coal Project with our joint venture partners, I-Comox Coal Inc. (a subsidiary of Itochu Corporation of Japan) and LG International Investments (Canada) Limited (a subsidiary of LG International Corp. of Korea).
We also hold a number of mineral exploration properties totaling over 22,000 hectares on Vancouver Island, BC which are 100% owned by the Company, some subject to certain royalty requirements. Our shares trade on the TSX Venture Exchange under the symbol CEC and investor information is available on our web site at www.complianceenergy.com.
Neither 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 release.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, future mineral exploration activities, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including the receipt of necessary regulatory approvals, that counterparties to material agreements will duly perform their obligations there under, the results of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information:
Greg Werbowski, Investor Relations at 604-689-0489 for further information.