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 Toronto, Ontario.
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.
|Drill Hole||from (m)||to (m)|| Intersection
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: