CFI Announces Encouraging Assay Results from the First Two Diamond-Drill Holes Completed on the Director Vein Including One H...
12 Março 2013 - 2:26PM
Marketwired Canada
Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to
announce encouraging assay results from its Phase 1 diamond drilling program
along the northern extension of the Director Vein. The first two drillholes are
located approximately 500 metres and 315 metres north, respectively, of Aluminum
Company of Canada's ("Alcan") old mine workings of the Director Vein. Both
drillholes, collared with azimuths of 054 degrees (GN) and inclinations of -60
degrees, intersected the Director mineralized structure and returned assay
values of 80.12 % CaF2 over 3.95 metres in hole DS-13-100 and 51.94% CaF2 over
13.39 metres in hole DS-13-101.
Lindsay E Gorrill, CEO of Canada Fluorspar Inc. stated, "It is significant to
note that the average grade of DS-13-100 is approximately double that of the
Tarefare Vein for the same width, and DS-13-101 has a higher grade and is more
than double the width of the Blue Beach North Vein. We have now moved to the
south extension of the Director Vein where the company announced success in its
trenching program in 2012."
Assay Results
CFI has received assay results for samples collected from drillholes DS-13-100
and DS-13-101 located along the northern extension of the Director Vein. The two
drillholes are 185 metres apart and were drilled from west to east intersecting
the Director Vein structure, which trends north-northwest and dipping steeply
from east to west. The mineralized structure has been intersected approximately
450 metres down the drill hole (375 metres vertically from surface) and 70
metres below the nearest Alcan workings (290m Level). The drill holes confirm
that the Director Vein in this area extends well below the old Alcan workings
and extends to the north of the old Alcan workings.
The following table details the results of the first two drillholes completed by
CFI on the Director Vein to the north and below the old Alcan workings.
2013 Diamond-Drill Hole Assay Results
Canada Fluorspar Inc. - St. Lawrence Project, NL
Drillhole DS-13-100
Sample No. From (m) To (m) Length (m) % Ca F2
65068 404.20 405.00 0.80 78.89
65069 405.00 406.00 1.00 74.98
65070 406.00 406.85 0.85 81.24
65071 406.85 407.20 0.35 63.27
65072 407.20 408.15 0.95 91.79
Drillhole DS-13-101
Sample No. From (m) To (m) Length (m) % CaF2
65078 462.30 463.00 0.70 39.69
65079 463.00 464.00 1.00 65.52
65080 464.00 465.00 1.00 49.30
65082 465.00 466.00 1.00 48.68
65083 466.00 467.00 1.00 55.33
65084 467.00 467.91 0.91 44.50
65085 467.91 468.82 0.91 81.06
65086 468.82 469.79 0.97 61.82
65087 469.79 471.00 1.21 24.77
65088 471.00 472.00 1.00 22.44
65089 472.00 472.41 0.41 38.37
65090 472.41 473.41 1.00 84.55
65091 473.41 474.26 0.85 85.43
65092 474.26 475.13 0.87 37.62
65093 475.13 475.69 0.56 29.53
Assays on these trenches were carried out at SGS Lakefield Laboratories ("SGS")
of Lakefield, Ontario, using the Ion Selective Electrode method to determine the
fluorite content in the low-grade samples and the Dual Calcium method for
samples expected to contain high-grade values (i.e., those with significant
visible fluorspar in the drill core).
Quality Assurance and Quality Control ("QA/QC")
Check assay work by CFI includes insertion of duplicate samples and blanks with
regular batches of mineralized samples of drill core. QA/QC work is also done at
SGS, and results are reviewed and verified by CFI personnel. An independent
geological consultant (Qualified Person) has submitted additional samples
collected from the drill core for analyses.
Phase 1 of the current exploration program is designed to assess the northern
extension of the Director Vein structure. The two drillholes with assay results
to date have shown that the fluorspar mineralization at the Director Vein
extends further along strike and at depth from the old Alcan workings.
Historic mining operations by Alcan on the property produced in excess of 4.2
million tonnes of fluorspar during a 44 year continuous production from 1942 to
1977. Production resumed in 1986 and continued until 1991, when St. Lawrence
Fluorspar Limited reopened the nearby Blue Beach North Mine and processed
440,000 tonnes of fluorspar ore from small open pits, one of which was located
in a surface pillar at the Director Mine near the main shaft.
Initial exploration information regarding the 2013 exploration program at
Director Vein was included in the Company's press release dated January 16,
2013.
To date, four additional drill holes have been completed in Phase 1 of the 2013
exploration program. Assay results from these holes are pending.
Historic exploration data indicate that there are more than forty mineralized
veins within the CFI property. The three prominent vein structures, however, are
the Director Vein, Blue Beach North Vein, and the Tarefare Vein. Probable
Reserves of the Blue Beach North and Tarefare veins total approximately 5.4
million tonnes at an average grade of 39.8% CaF2. These Mineral Reserves have
been outlined to a vertical depth of 300 metres below the surface, but fluorspar
mineralization extends further at depth. The key assumptions, parameters and
methods used to estimate the Mineral Resources and Mineral Reserves, as well as
other relevant information, including data verification, with respect to the
Blue Beach North and Tarefare veins can be found in a NI 43-101 Technical Report
prepared by the Roscoe Postle Associates Inc. dated April 29, 2011, which has
been filed by the Company on SEDAR (www.sedar.com).
About the Company
The Company is a specialty mineral resource company engaged in the development
of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is
reactivating the existing Blue Beach North and Tarefare underground fluorspar
mines, expanding the existing mill, constructing a new, environmentally-sound
Tailings Management Facility through Newspar, which is a 50/50 joint venture
with Arkema. The Company is also building a new deep-water marine terminal in
the outer St. Lawrence Harbour for the export of fluorspar concentrate product.
Mr. James H. Reeves, Senior Geologist with CFI, who is a Qualified Person as
defined in National Instrument 43-101 - Standards of Disclosure for Mineral
Properties, reviewed and approved the technical content of this news release.
The information regarding historic production has not been verified by the
Company and is provided for reference only.
Material results of the Director Vein exploration program have been disclosed in
the Company's press releases dated March 1, 13 and 30, 2012 and April 16 and 24,
2012.
For more information please see: www.canadafluorspar.com.
Cautionary Note and Forward-Looking Statements
This press release contains forward-looking statements which include, but are
not limited to: resource estimates, proposed mining techniques required to
construct and produce at expected levels, anticipated timing for completion of
metallurgical testing, the commencement of the drilling program, current
development and operating objectives and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements of
fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with mining development
including: loss of market, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, ability to access sufficient debt and equity capital from
internal and external sources, ability to generate sufficient cash flow to meet
its current and future obligations, regulatory approvals affecting construction
and mining operations. Such forward-looking statements are also based on a
number of assumptions which may prove to be incorrect, including, but not
limited to, assumptions about the following: the availability of financing for
exploration and development activities, the estimated timeline for the
development of the project at St. Lawrence, the supply and demand for, and the
level and volatility of the price of fluorspar, the assumptions on which
resource estimates are based, the receipt of necessary permit, market
competition, ongoing relations with employees and impacted communities, and
general business and economic conditions. Should one or more of the risks or
uncertainties involved in forward-looking statements materialize, or should the
assumptions prove incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected. Accordingly, readers should not
place undue reliance on forward-looking statements.
Forward-looking statements are qualified entirely by this cautionary statement
and are given only as at the date of this press release. The Company disclaims
any obligation to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as required by
law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canada Fluorspar Inc.
Lindsay Gorrill
President and CEO
1-800-823-8095
lgorrill@canadafluorspar.com
www.canadafluorspar.com
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