Cavan to start second-phase exploration at Buckingham

Jul 8, 2013

Mr. Peter Swistak reports

CAVAN BEGINS 2ND PHASE OF EXPLORATION ON THE BUCKINGHAM GRAPHITE PROPERTY IN QUEBEC

Cavan Ventures Inc. is starting a second-phase ground exploration program on its 100-per-cent-owned Buckingham graphite property, covering an area of 900 hectares (2,224 acres) in the Buckingham Valley area of southwestern Quebec.

The Buckingham property is adjacent to, and historically a part of, the old Walker mine that was worked from the 1860s to 1910. Disseminated graphite flake grab samples, reported to be up to 25 per cent by volume, were recovered at the Walker mine. A geophysical survey by the Quebec government in the 1960s identified two linear conductors identified on the Cavan property, measuring 200 metres and 1,000 metres in length, respectively. As reported previously (see news release dated June 19, 2013), the larger anomaly was located with a Beepmat (electromagnetic) and followed over several thousand metres. Fourteen grab and channel samples collected from this long conductor returned carbon values from 0.46 per cent C to 11 per cent C, with the greater value in a four-metre-wide banded paragneiss. Numerous angular blocks of float of similar lithology are scattered along this conductor.

A grab sample from the second parallel conductor, located roughly 400 metres north of the larger conductor, returned 21.70 per cent organic C from schistose paragneiss containing large flakes of graphite. About 250 metres northwest of this conductor, a grab sample from a third shorter conductor coinciding with a two-metre-wide outcrop returned a value of 8.67 per cent C. Twelve grab and channel samples were also collected along trails and gravel roads in the eastern part of the property, about seven kilometres from the main conductor, and returned assays from 0.5 per cent C to 9.31 per cent C.

Grab samples are selective by nature and are unlikely to represent average grades of mineralization.

Based on these excellent results, an exploration program is now proposed and will be executed soon. The program will consist of line cutting in anticipation of geophysical surveys, stripping and channel sampling, followed by drilling the best anomalies and geological targets. The budget for this second phase of exploration is estimated to be $365,000 and includes 1,000 metres of diamond drilling. This program will begin in July, 2013, and should be completed before the end of summer.

The technical contents of this release were approved by Dr. Christian Derosier, PGeo, a qualified person as defined by National Instrument 43-101.

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