VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 25, 2014) - CAVAN VENTURES INC. (TSX VENTURE:CVN) ("Cavan" or "the Company") is pleased to announce it intends to aggressively pursue, source and evaluate new potential projects in the medical marihuana sector, including, but not limited to, agriculture, medical, technology, and real-estate sectors.
Peter Swistak, President and Chief Executive Officer of Cavan Ventures Inc., states: "I believe it is imperative that the management of Cavan Ventures look at all potential opportunities that can create immediate and long term shareholder value."
At this time, there are no transactions in place, nor is there any assurance that a new project will be concluded in the future.
In the interim, Cavan ventures continue to move forward with both its drill ready projects.
The Buckingham property includes 24 claims located in Ranges VIII and IX, Buckingham Township, Quebec and covers an area of 1,682.8 hectares (4,157 acres). Buckingham is 1.7 kilometers north of the historic Walker graphite mine, which produced graphitic ore from 1876 to 1920. In July 2013, exploration on Buckingham along a 1,000 meter long linear EM conductor included grab and channel samples that returned assays from 0.46% to 11% Cg, with 21.70% Cg from a second parallel conductor (see news release July 8, 2013). A helicopter-borne magnetic and time-domain electromagnetic survey confirmed the historic conductor, and further resolved the second parallel conductor to a length of 300 meters (see news release September 24, 3013). The Company plans to drill five holes for a total of 1,200 meters to test the coincident graphite mineralization and airborne conductors.
The Tetepiska-East property includes 54 mining claims covering 2,925.72 hectares. As reported in December 2013, rock grab samples were collected along a 4.25 meter wide east-west oriented graphite-enriched zone assayed at 55.1% Cg. A second rock grab sample collected about 1.20 meters south of the first location returned 48.80% Cg. A third rock grab sample taken three meters north-northeast of the first location assayed at 10.45 % Cg. A channel sample 1.9 meters in length and 5 cm wide was collected with a Diamond grit saw across the mineralized zone in the western part of the exposed area and returned an average of 52.65 % Cg, including a 63.50% Cg over one meter. A second channel sample 5.6 meters in length and with similar width was collected along the northern limit of the high grade zone and returned an average grade of 12.80% Cg (see news release December 19, 2013). The Diamond drilling program at Tetepiska will include five to six holes totalling up to 1,200 meters, designed to test the graphitic mineralization at depth as well as their lateral extension.
The Company continues its efforts in obtaining permission for road access to the properties in order to begin drilling. To date a contract has been successfully negotiated with one of two logging companies for year round road use and hopes to conclude a similar negotiation with the second company in the near future. Having year round access greatly enhances the Company's ability to conduct exploration and drill programs on the properties.
For more information visit the website at www.cavanventuresinc.com.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
Forward-Looking Statement:
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. 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.