TSX Venture Exchange: DVV
Frankfurt Stock Exchange: DV1
VANCOUVER, Aug. 16, 2012 /CNW/ - Driven Capital Corp. (TSXV: DVV) (FSE: DV1) ("Driven" or the "Company") has completed first-phase drilling at its 60% optioned White River gold-copper-silver property ("White River") in the Yukon Territory, Canada.
White River covers a large area of hydrothermal alteration and mineralization, showing characteristics of both intrusion related gold and bonanza grade, structurally hosted gold-copper-silver mineralizing systems. Property optionor Tarsis Resources Ltd. ("Tarsis") identified five zones of gold-copper-silver mineralization at surface in the Western Target Area of the 7,002-hectare claim block. That area's HG and Cool Zones are the focus of Driven's 2012 diamond-drilling campaign.
The HG Zone is the site of the first discovery of high-grade gold-copper-silver mineralization on the property by Tarsis. It is defined by a series of recessive east and northwest trending lineaments within an extensive gold/arsenic/copper-in-soil geochemical anomaly approximately 3 square kilometres in area. The width of the recessive lineaments varies from 10 to 30 metres.
Prospecting by Tarsis in 2010 within the higher elevation portions of the HG Zone documented numerous locally derived mineralized talus specimens returning from below detection to 39.8 g/t gold, below detection to 521 g/t silver and 4 ppm to 1.3% copper.
Highlights from Tarsis' 2011 hand trenching program included a channel sample returning 82.2 g/t gold across 1.0 m from TR-HG11-02 within the HG Zone. A grab and an auger sample from the core portion of the exposure returned 214g/t and 129g/t gold, respectively.
Four diamond drill holes, WRDH-01 through WRDH-04, were drilled by Driven from two drill pads on either side of the HG Zone lineament at -45 degree angles, fanned at roughly 40°, to depths ranging from 126 to 210 m. The holes tested a relatively small, 130 m long portion of the main east trending lineament in the area where it is best exposed near the ridge top.
All drill holes encountered multiple, well-developed shear zones from 1 m to 40 m in drill thickness and mineralized by combinations of quartz-feldspar veining, pyrite-arsenopyrite-chalcopyrite veining and breccia, carbonate ± sulphide veining and breccia, limonitic fracture networks and gossans, present in complex, multiple cross cutting relationship. These shear zones are believed to be steeply dipping with an en-echelon geometry showing good continuity along strike from hole to hole. Vein density increases dramatically where these high angle shear zones intersect brittle cherty metasediments, providing potentially large volume host units at low angle geometries.
About half of the shear zone intercepted by drilling can be correlated with trench exposures and surface lineaments, while the other half are blind discoveries with no surface geologic or geochemical indications. The presence of these blind zones is very encouraging and suggests that the degree of structural preparation and hydrothermal fluid flow is greater than initially thought.
Poor core recovery to total loss of core, in intervals from 1.0 to 3.0 m in drill thickness, was encountered within one or more shear zones in each drill hole due to the high degree of fracturing, strong surface oxidation/weathering and presence of clay rich gouge. Since these intervals of missing geologic and assay data occur within some of the mineralized shear zones, drilling was not completely successful in testing the near surface mineralized zones.
Although a high density of veining is present in drill core, only three holes contain strongly elevated gold values within five separate shear zones, ranging from 1.16 to 3.68 g/t gold restricted to single intervals 0.38 m to 1.41 m in thickness.
Hole WRDH-3 contains an average of 0.36 g/t gold over 15.60 m with numerous missing intervals resulting in approximately 70% core recovery overall. All gold mineralized zones contain highly elevated arsenic in excess of 10,000 ppm and bismuth up to 1,250 ppm. This arsenic-bismuth signature occurs as a halo up to 7.85 m thick around anomalous gold and resembles that observed in surface sampling and soil geochemistry.
Elevated silver up to 30 g/t and copper up to 0.42% are also present. Results for one additional drill hole located 100 m west along the trace of the HG Zone are pending.
Although bonanza grade gold was not intercepted within the small portion of the HG Zone tested by this phase of drilling, Driven management remains encouraged by the size and character of the gold mineralized system present on the property as indicated by surface sampling, trenching and now drilling. The Western Target Area (HG, Cool, MB, MS1 and MS2 Zones) is about 3 square kilometres in size, poorly exposed at the surface and in management's opinion has good potential for concealed gold deposits.
The presence of a high density of complex, multi-episodic veining, well-developed structural preparation and the abundance of blind mineralized zones in drilling indicate the presence of a large and vigorous hydrothermal system. Near surface mineralization can be characterized as lower epithermal.
The geologic environment and the distinct gold-arsenic-bismuth geochemical signature present in the Western Target Area, characteristic of most gold deposits within the Tintina gold belt, suggest good potential for similar mesothermal deposits at depth. Surface geologic mapping shows a large-scale, low-angle thrust faults underlie the target area at depth, which could provide a potentially significant host structure for gold mineralization in conjunction with the abundance of high-angle feeder structures.
Driven will await final assay results from one additional hole drilled in the HG Zone, and two holes drilled in the Cool Zone, to complete its evaluation of the 2012 program and to plan future strategies which may include deeper exploration.
"While the results of our first pass were unexpected, our intrigue with White River has only deepened," stated Toma Sojonky, President & CEO. "The lack of correlation between prior surface exploration results, our very favourable observations down-hole and our assays warrant consideration of all data and possible new approaches for this apparently large, well developed alteration system."
All assays were carried out by ALS Canada Ltd., with sample preparation in Whitehorse and analysis in North Vancouver. Gold and silver were analyzed by 30 g fire assay with gravimetric finish; thirty-five-element ICP analysis with four-acid digestion was also conducted.
The Company plans to carry out check-assays of certain core samples using method fire assay with AA finish, and in some cases using Acme Analytical Laboratories (Vancouver) Ltd.
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.