MONTREAL, Aug. 14, 2012 /CNW Telbec/ - GeoVenCap Inc. (TSXV: GOV) ("GeoVenCap") is pleased to provide a progress update on gold and silver exploration programs underway on its different projects in northern New Brunswick.
A diamond drill program was recently completed on the California Lake silver project with 2,003 metres drilled in twelve holes. The main focus of the program was to test the strike extension of the mineralized zones that had previously been drilled over a maximum strike length of approximately 600 meters (see press release of May 24, 2012). A total of 386 metres of drill core has been split and samples sent to AGAT Laboratories in Mississauga for analyses with analytical results expected shortly.
In July, a trenching program was completed in the south part of the Upsalquitch Project approximately 2 km south of previous gold discoveries on the adjacent Williams Brook property. Trenching was carried out to test induced polarization (IP) anomalies (chargeability) proximal to angular quartz boulders discovered in 2011 that assayed 40.50, 4.64 and 2.76 g/t Au. Alteration zones with local quartz veins were identified in trenches TR5495-12B, -12C and -12F located on metric grid line nos. 500N, 700N and 0N respectively. Alteration occurs over widths up to 50 meters in the trenches and is associated with a chargeability anomaly that extends for 1 km through the entire survey grid and remains open along strike to the northeast and southwest. Quartz vein samples collected from geological mapping in 2012 have returned values of 6.69 and 1.02 g/t Au approximately 2 km to the southwest of trench TR5495-12F and along the trend indicated by the chargeability anomaly. Results are pending for 94 samples collected from the trenching program.
IP results have been received for a survey carried out approximately 2 km south of the trenching program. Chargeability anomalies have been identified that are proximal to soil geochemical anomalies with soil values ranging up to 356 ppb Au. A trenching program is planned to test the chargeability/soil anomalies.
An induced polarization survey recently completed on the Williams Brook property has identified a chargeability anomaly proximal to an anomalous soil geochemical value of 63 ppb Au. A trenching program is planned to test this anomaly and various other targets on the Williams Brook property.
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.
For further information: