Cavan Ventures Inc. Announces Crown King Silver Option of Arizona with Q-Gold Resources Ltd
Cavan Ventures Inc. is pleased to announce it has entered into a Mining Option Agreement with Q-Gold Resources Ltd. whereby Cavan has obtained an 18-month option to earn a 65% participating interest in a prospective Arizona silver joint venture with Q-Gold.
Vancouver, Canada, May 07, 2011 --(PR.com)-- Cavan Ventures Inc. (TSX.V-CVN), (http://www.cavanventures.com) (the “Company”) is pleased to announce it has entered into a Mining Option Agreement with Q-Gold Resources Ltd. (TSX.V-QGR) (“Q-Gold”) (http://www.qgoldresources.com) whereby Cavan has obtained an 18-month option to earn a 65% participating interest in a prospective Arizona silver joint venture with Q-Gold.
The joint venture will contain Q-Gold’s holdings of 3 patented historic silver mines and 22 adjoining U.S. Bureau of Land Management (“BLM”) mining claims in the Peck Mining District of Yavapai County, Arizona, totalling 484 acres. The Peck District is famous for its historic high-grade silver production, having produced an “official” 1,374,000 ounces from 1875 to 1910.
Q-Gold’s holdings include the historic “Black Warrior,” “Isis” and a portion of the “Silver Prince” silver mines, all of which produced high-grade silver ores during the above period, using primitive mining methods.
As Arizona only became a state in 1912, production records are scarce and difficult to obtain. However, “Territorial” records show silver production worth $500,000 during the above period from the Black Warrior and the Silver Prince Mines, a portion of the latter which is included in the Agreement. High-grade ore, occurring in ore shoots, went directly to the smelter, with “milling grade” ore production assaying at 12-16 ounces of silver per ton being crushed and concentrated on site. The mines were closed early in the 20th Century due to the “Silver Price Depression” and the advent of World War I and have never been re-opened.
By meeting its obligations in U.S. Dollars during the 18-month Option Period, including cash payments to Q-Gold of $275,000, work expenditures of $1,000,000 and issuance of Cavan shares to Q-Gold worth $300,000, Cavan will earn a 65% participating interest in the Joint Venture. During the Option Period, Q-Gold will be Operator for the undertaking.
The known silver mineralization in the Black Warrior and Silver Prince Mines occurs in “saddle reef” or lenticular deposits in host granites and schists, along vein structures from 50 to 250 feet in width and from 2 to 18 feet in thickness. These occur at depths between 200 and 400 feet. On the property are 5 veins, only two of which have been worked to any extent. Two adits and one shaft were entered and inspected by Q-Gold’s geologist, and all contained silver and antimony mineralization. The deposits contain the important silver ore minerals, argentite and pyrargyrite, as well as argentiferous galena and antimonial silver minerals, the latter in their deeper portions. The secondarily leached silver minerals miargyrite, iodargyrite and bromargyrite, were also encountered in the adits.
As noted above, the area contains 3 high grade historic silver mines and a number of BLM claims highly prospective for silver, yet it has never experienced modern mining exploration techniques. Therefore, the venture will initially launch a helicopter-based VTEM / Magnetic airborne geophysical survey which will attempt to delineate anomalies which will indicate potential remaining ore bodies and possible drilling sites within the complex.
Mr. Andrew Mah remarked “With silver prices at recent record highs, I look forward to initiating modern joint exploration activities this summer with Q-Gold in the historic silver-producing Peck Mining District of Arizona.”
The historical references contained in this release have not been verified by a qualified person under NI 43-101 and therefore cannot be relied on for any purpose. Brian A. Beck, PG a qualified person under NI 43-101 has reviewed and approved the technical content of this release.
The Option Agreement is subject to the approval of the TSX-Venture Exchange.
On behalf of the Board of Directors:
“Andrew Mah”
Andrew Mah, President & Director
(604)763 7748 (cell) or (604)288 2756
andrew.mah@cavanventures.com
or
Patrick Brandreth
Director, Corporate communication: (604) 809 3527
patrick@cavanventures.com
For further information please visit our website at www.cavanventures.com
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Cavan with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. 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.
###
The joint venture will contain Q-Gold’s holdings of 3 patented historic silver mines and 22 adjoining U.S. Bureau of Land Management (“BLM”) mining claims in the Peck Mining District of Yavapai County, Arizona, totalling 484 acres. The Peck District is famous for its historic high-grade silver production, having produced an “official” 1,374,000 ounces from 1875 to 1910.
Q-Gold’s holdings include the historic “Black Warrior,” “Isis” and a portion of the “Silver Prince” silver mines, all of which produced high-grade silver ores during the above period, using primitive mining methods.
As Arizona only became a state in 1912, production records are scarce and difficult to obtain. However, “Territorial” records show silver production worth $500,000 during the above period from the Black Warrior and the Silver Prince Mines, a portion of the latter which is included in the Agreement. High-grade ore, occurring in ore shoots, went directly to the smelter, with “milling grade” ore production assaying at 12-16 ounces of silver per ton being crushed and concentrated on site. The mines were closed early in the 20th Century due to the “Silver Price Depression” and the advent of World War I and have never been re-opened.
By meeting its obligations in U.S. Dollars during the 18-month Option Period, including cash payments to Q-Gold of $275,000, work expenditures of $1,000,000 and issuance of Cavan shares to Q-Gold worth $300,000, Cavan will earn a 65% participating interest in the Joint Venture. During the Option Period, Q-Gold will be Operator for the undertaking.
The known silver mineralization in the Black Warrior and Silver Prince Mines occurs in “saddle reef” or lenticular deposits in host granites and schists, along vein structures from 50 to 250 feet in width and from 2 to 18 feet in thickness. These occur at depths between 200 and 400 feet. On the property are 5 veins, only two of which have been worked to any extent. Two adits and one shaft were entered and inspected by Q-Gold’s geologist, and all contained silver and antimony mineralization. The deposits contain the important silver ore minerals, argentite and pyrargyrite, as well as argentiferous galena and antimonial silver minerals, the latter in their deeper portions. The secondarily leached silver minerals miargyrite, iodargyrite and bromargyrite, were also encountered in the adits.
As noted above, the area contains 3 high grade historic silver mines and a number of BLM claims highly prospective for silver, yet it has never experienced modern mining exploration techniques. Therefore, the venture will initially launch a helicopter-based VTEM / Magnetic airborne geophysical survey which will attempt to delineate anomalies which will indicate potential remaining ore bodies and possible drilling sites within the complex.
Mr. Andrew Mah remarked “With silver prices at recent record highs, I look forward to initiating modern joint exploration activities this summer with Q-Gold in the historic silver-producing Peck Mining District of Arizona.”
The historical references contained in this release have not been verified by a qualified person under NI 43-101 and therefore cannot be relied on for any purpose. Brian A. Beck, PG a qualified person under NI 43-101 has reviewed and approved the technical content of this release.
The Option Agreement is subject to the approval of the TSX-Venture Exchange.
On behalf of the Board of Directors:
“Andrew Mah”
Andrew Mah, President & Director
(604)763 7748 (cell) or (604)288 2756
andrew.mah@cavanventures.com
or
Patrick Brandreth
Director, Corporate communication: (604) 809 3527
patrick@cavanventures.com
For further information please visit our website at www.cavanventures.com
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Cavan with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. 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.
###
Contact
Cavan Ventures Inc
Monty Ritchings
(604) 288-2756
www.cavanventures.com
Monty Ritchings
(604) 288-2756
www.cavanventures.com
Contact
Categories