MONTREAL, Oct. 4, 2012 /CNW Telbec/ - GeoVenCap Inc. (TSXV: GOV) ("GeoVenCap") is pleased to report results from a diamond drill program on the 100% owned California Lake Silver project. The program focused on testing strike extensions of the A and B zones and ancillary silver veins. Drilling to test the strike extension of the A Zone returned up to 58 g/t Ag and 0.18 g/t Au (174.45-179.4 m) over a core length of 4.95 metres in CL-12-07 that included 99 g/t Ag and 0.18 g/t Au over 2.45 metres. Holes testing the strike extension of the B Zone returned core intersections up to 23.0 metres (22.0-45.0 m) grading 40 g/t Ag and 0.03 g/t Au, and included assays up to 1895 g/t Ag with 0.22 g/t Au over 0.3 m.
The California Lake project is located 40 km west of Bathurst, New Brunswick and covers 4,100 hectares. Silver and subordinate gold, lead and zinc mineralization occurs in vein and breccia structures that cross-cut volcanic and sedimentary host rocks. Thirty-five diamond drill holes had been completed at California Lake by previous owners that had for the most part only tested the A Zone. Significant grade and widths of silver mineralization were reported in all historical holes over a strike length of 580 metres and included up to 579 g/t Ag and 1.1 g/t Au over a true width of 3.5 m in the central part of the deposit and 1,450 g/t Ag with 0.4 g/t Au over 1.7 m in the northwestern part of the deposit.
Two main mineralized structures, the A & B zones (see fig.1), have been identified as well as several ancillary lenses. Correlation of mineralized lenses is locally ambiguous; however, silver-bearing zones have now been drilled over a strike length of 900 metres with mineralized structures remaining open along strike to the northwest and southeast. Drilling to date has remained relatively shallow with the deepest hole drilled to a vertical depth of approximately 200 metres. Most drill holes intersected the mineralized structures above a vertical depth of 100 metres and the zones remains open down dip with excellent potential to expand the deposit both at depth and along strike.
Significant drill core intersections from the 2012 drill program are as follows:
|Hole no.||Section||Northing||From||To (m)||Length|| True
The B Zone, previously intersected by hole C-87-29 that cut a core length of 7.7 m grading 182 g/t Ag and 0.3 g/t Au and CL-11-01 that intersected 4.0 m grading 535 g/t and 0.52 g/t Au, was tested along strike to the northwest with holes CL-12-02, CL-12-05 and CL-12-11. CL-12-02 intersected a core length of 23.0 metres (22.0-45.0 m) grading 40 g/t Ag and 0.03 g/t Au, and included assays up to 1895 g/t Ag with 0.22 g/t Au over 0.3 m. Hole CL-12-05 intersected a core length of 7.85 m (17.4-25.5 m) grading 32 g/t Ag and 0.21 g/t Au, including 2.8 m grading 62 g/t Ag and 0.42 g/t Au. CL-12-11 intersected 0.5 m (9.0-9.5 m) grading 43 g/t Ag and 0.09 g/t Au near the collar; however, the current interpretation indicates the hole may have been collared to far to the southwest to cut the B Zone.
Holes CL-12-01, CL-12-03 and CL-12-04 were collared to test the B Zone along strike to the southeast from previous holes C-87-29 and CL-11-01. CL-12-01 intersected a core length of 7.4 m (144.0-151.4 m) grading 33 g/t Ag and 0.10 g/t Au that included 547 g/t Ag and 0.71 g/t Au over 0.4 m. Hole CL-12-03 intersected 51 g/t Ag and 0.15 g/t Au over 1.75 m (136.25-138.0 m), 53 g/t Ag and 0.06 g/t Au over 0.5 m (151.8-152.3 m) and 42 g/t Ag with 0.14 g/t Au over 1.1 m (162.0-163.1 m). CL-12-04 intersected 13 g/t Ag, 2.61% Pb and 0.28% Zn over 0.3 m (20.7-21.0 m). The dip of mineralized veins in the B Zone have not been determined and true widths of intersections in the B Zone and ancillary silver veins are not known at this time.
Holes CL-12-06 and CL-12-07 were drilled to test the strike extension of the A Zone to the southeast. CL-12-06 intersected 119 g/t Ag and 0.28 g/t Au (118.65-120.0 m) over 1.35 m, 14 g/t Ag and 0.01 g/t Au over 5.3 m (137.2-142.5 m) and 53 g/t Ag over 1.4 m ( 158.9-160.3 m). CL-12-07 intersected a core length of 4.95 metres grading 58 g/t Ag and 0.18 g/t Au (174.45-179.4 m) and 0.7 m grading 88 g/t Ag with 0.05 g/t Au (216.3-217.0 m). Hole CL-12-10 was a step-out hole to the northwest of the A Zone that intersected 9 g/t Ag over 1.25 m (117.55-118.8 m). True widths of core intersections in holes CL-12-10, CL-12-06 and CL-12-07 are not clearly defined; however, based on typical orientation of lenses in the A Zone, the true widths of intersections in these holes are expected to be >90% of the core length.
Drill holes CL-12-08 and CL-12-09 were collared to confirm earlier holes C-87-17 and C-86-03 respectively that had been drilled in 1986 and 1987. Drill hole casings from these historical drill holes had been pulled and subsequent clear-cut forest harvesting had obliterated the early drill sites so the re-drill hole locations only approximate the early hole locations. CL12-08 intersected 48 g/t Ag and 0.31 g/t Au over 9.45 m (49.55-59.0 m) and CL-12-09 intersected 81 g/t Ag and 0.40 g/t Au over 4.9 m (20.1-25.0 m). Historical hole C87-17 intersected 79.2 g/t Ag over 8.1 m (48.1-56.2 m) and C-86-3 that intersected 212.9 g/t Ag over 3.9 m (20.5-24.4 m).
Mineralization has also been identified approximately 3 km north of the A Zone where a 1988 drill hole was reported with 1,610 g/t Ag and 2.02 g/t Au over a core length of 0.3 metres. Historical work on the California Lake project has outlined significant lead, zinc and silver soil geochemical anomalies that remain untested by trenching or diamond drilling, and indicate significant potential for additional deposits on the property.
The 2012 drill program totaled 2,003 metres in eleven holes as well as an extension of hole CL-11-01 that was initially drilled to 101 metres in 2011. All 2012 holes were collared at a bearing of 220º. Holes CL-12-08 and CL-12-09 were collared at -60º and -50º and all other holes at -45º. Drill core was split with diamond saw and samples were sent to AGAT Laboratories Ltd. in Mississauga, Ontario for analyses. Core samples, along with certified standards, blanks and duplicate samples were analyzed for Au by fire assay and by a multi-element ICP-OES analysis with 4 Acid digestion. Samples that ran over 30 g/t Ag by ICP-OES were analyzed for Ag by fire assay with gravimetric finish.
Arthur Hamilton, P.Geo., Director of Exploration for GeoVenCap Inc. is a Qualified Person as defined under NI 43-101 guidelines and has reviewed the technical information contained in this release.
GeoVenCap is a mineral company focused on exploration principally for silver and gold in northern New Brunswick. Its priority is to explore and develop four highly prospective projects located between 30 and 105 km west and southwest of the city of Bathurst, New Brunswick: the California Lake Silver Project, the Upsalquitch Gold Project, the Williams Brook Gold Project and the Bathurst Mining Camp - Base Metal Project. These projects are in close proximity of mines and advanced projects owned by Xstrata, Votorantim and Trevali Mining.
Forward-Looking Statements. This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
"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."
SOURCE: GeoVenCap Inc.
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