TSX Venture Exchange: DVV
Frankfurt Stock Exchange: DV1
VANCOUVER, Sept. 10, 2012 /CNW/ - Driven Capital Corp. (TSXV: DVV) (FSE: DV1) ("Driven" or the "Company") is announcing the balance of its first-phase drilling results and providing a corporate update regarding its 60% optioned White River gold-copper-silver property ("White River") in the Yukon Territory, Canada.
Balance of Drill Results
Holes WRDH-05 and WRDH-06 tested the property's Cool Zone, where surface rock samples collected by property optionor Tarsis Resources Ltd. (TSXV: TCC, "Tarsis") returned up to 18.9 g/t gold and up to 391 g/t silver. Tarsis trenches TR-MB11-03 and TR-CZ11-01 also returned samples of up to 4.24 g/t gold and 595 g/t silver, respectively. WRDH-07 tested the southern margin of the HG Zone.
Similar to initial results announced on August 16, 2012, core displayed numerous multi-phase calcite-arsenopyrite-chalcopyrite-pyrite mineralized veins, breccia zones and fault systems from 0.94 to 12.95 meters in thickness. Despite well-developed structural preparation and evidence of extensive hydrothermal activity, gold grades are relatively low within the shallow depths drilled.
Hole WRDH-06 contains an average of 0.23 g/t gold over 7.67 m with some missing intervals resulting in approximately 90% core recovery overall. Near final depth, 0.94m of 2.32 g/t gold was intercepted.
Hole WRDH-07 intercepted 1.81m of 2.31 g/t gold; and again near final depth, 1.04m of 1.39 g/t gold.
All mineralized intercepts are elevated in silver (up to 35 g/t), arsenic (up to >10,000 ppm) and bismuth (up to 107 ppm), indicating a consistent geochemical signature both in surface sampling and in drill samples over an area in excess of one square kilometre. Assays were carried out by ALS Canada Ltd., with sample preparation in Whitehorse and analysis in North Vancouver, using 30g fire assay with AA finish.
Re-Analysis of Certain Core Samples
Given the disparity between the 2010/2011 surface exploration results & recent surface sampling (below), the favourable geology displayed by core and the drill assay results, a partial re-analysis for gold is underway.
Five samples from four holes containing gold in massive sulphide have been selected, which will be re-assayed by ALS using the original 30g fire-assay with gravimetric finish technique, but with flux adjusted for the higher sulphides. Furthermore, management has selected 35 samples from holes WRDH-2 and WRDH-3 (drilled in the HG Zone), the coarse rejects of which were transferred last week from ALS Whitehorse to Acme Labs Whitehorse for re-prep and re-analysis using 30g fire assay with AA finish.
Verified & New High-Grade Gold Surface Samples
Driven collected two rock samples from trench TR-HG11-02 within the HG Zone, where Tarsis previously reported a channel sample returning 82.2 g/t gold across 1.0 m; and a grab and an auger sample from the core portion of the same exposure returning 214g/t and 129g/t gold, respectively. Driven's two samples have returned 45.4 g/t gold and 85.8 g/t gold. Two rock samples collected from the spoil pile of trench TR-L5 within the property's MS2 Zone, an area not tested by drilling this year, returned 3.25 g/t gold and 18.9 g/t gold, plus highly anomalous arsenic and bismuth.
Option Agreement Amended
The option agreement executed between Driven and Tarsis included a first-year work commitment to drill not less than 1,500 metres at White River. Tarsis formally waived this commitment on August 23, 2012. Driven's first-phase program consisted of 1,327 metres of diamond drilling in seven holes, ranging in depth from 126 to 210 metres.
Class 3 Permit Application Advanced
Driven is pleased to announce that the Yukon Environmental and Socio-economic Assessment Board has issued a favourable decision document pursuant to Tarsis' application for a Class 3 Permit at White River. Such a permit, if and when issued, would significantly expand the scope of mineral exploration activity on the property, including up to 20,000 metres of drilling, 60 line-kilometres of IP surveying, and the hand or mechanized excavation of 100 trenches totalling 10,000 cubic metres.
White River Outlook
Despite initial results, Driven management remains encouraged by White River's geologic environment and intends to continue exploring the property. The property's first-ever drill program and its resultant data are under review in order to consider alternatives, which include but are not limited to drilling the HG and Cool Zones at greater depth, and testing other zones lower in elevation, such as the property's southern MS2 Zone, which is strongly anomalous in both gold and arsenic in soil, and proximate to a potentially large thrust fault host structure.
"The disconnect between surface results and our initial drill results has been perplexing, particularly given the geology seen thus far," stated CEO Toma Sojonky. "Nonetheless, the impressive size, robustness and complexity of White River's mineralizing system are compelling us to review this season's work and plan a second phase."
U. Peter Kurisoo, CPG, Chief Geologist and a Director of the Company, is the Qualified Person as defined under National Instrument 43-101, who has reviewed the technical information in this news release.
Driven Capital Corp. is deploying its accomplished technical and management team toward the exploration of its portfolio of highly prospective precious metals projects in the Yukon and British Columbia.
On Behalf of the Board of Directors of Driven Capital Corp.
Toma Sojonky, President & CEO
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 release. Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
SOURCE: Driven Capital Corp.
For further information:
please contact Toma Sojonky, President & CEO, at (604) 569-0799, or visit www.DrivenCapital.ca.