Drilling Program Update - Little Bear Lake Gold Property, Manitoba3/4/2013
ST. JOHN'S, NL, March 4, 2013 /CNW/ - Canadian Imperial Venture Corp. (TSXV: CQV) ("CIVC" / the "Company") is pleased to announce an update to its drill program being carried out on the Little Bear Lake Gold Property (LBL) pursuant to a farm-in agreement (announced on 30 March 2012), under which the Company can earn a 55% working interest in the LBL from Carina Energy, a private mining exploration company based in Toronto, Ontario.
On LBL, in the Maskwa pluton located in southeastern Manitoba (see 12 Dec. 2012 news release), gold-bearing veins are exposed in more than 100 trenches and shallow shafts over a strike length of 6 km and a width of 400 m. The veins were discovered in 1928 and have received sporadic exploration consisting of grab sampling, stripping, ground and airborne geophysics and airborne mag and EM. Mineralization consists of native gold, silver, sulfosalts, tellurides and minor pyrite, chalcopyrite, galena and sphalerite in quartz and chlorite units within uniform feldspar-quartz-hornblende host rock resembling granodiorite. Grade is directly correlated with pyrite and percentage of other sulfides.
The recent 1500 m drill program on LBL was partially completed before severe winter conditions forced a postponement. Of the planned 1500 m approximately 20% was completed. The western end of the Silver Fox vein was tested with holes SF13-1, 2 and 3, but the contiguous Rush Vein remains untested. Historical trenching results for the Silver Fox vein show 0.90 oz/t (30.9 g/T) gold over 4 ft (1.2 m) was obtained over a length of 255 ft (77.7 m). The wallrock contained up to 0.2 oz/ton (6.9 g/T). The Silver Fox vein is up to 7 ft wide (2.1 m) at its west end. The narrower parts of the vein show grades of 7 oz to 10 oz Au/ton (10.5 to 348.5 g Au/T). During 2011 prospecting and sampling, 12 grab samples from the Rush Vein averaged 6.2 g Au/T with a range from 0.05 to 41.68 g Au/T.
In addition, ongoing assaying of previously unsampled core from the 2010-11 Carina drill program on the Treasure Vein (see 30 March 2012 news release) has shown further widespread low grade gold mineralization, with numerous intersections of gold grades in the range 0.3 to 0.876 g Au/T. The interval 40.4-47.7 in hole CE10-10 has
not been previously reported.
Drill Hole from (m) to (m) Intersection
Width (m) Average
CE10-10 40.4 47.7 7.3 0.372
51.5 60.7 5.6 2.47*
*equivalent to 39.5 0.35
SF13-2 77.0 82.0 5.0 0.306
SF13-3 88.05 89.92 1.87 2.21**
Drilling on LBL to date is continuing to meet objectives by proving 1) existence of disseminated gold in wall-rock to high-grade veins; 2) an apparently systematic increase in grade towards the center of the property and 3) near-surface intersections with grades (>0.35 g Au/T) and widths, which in analogous geological environments (Hammond Reef in the Marmion batholith and Chester Gold in the Chester Complex) are amenable to open pit mining. High grade vein arrays and mineralization on LBL have been traced over > 6,000 m, which is double the footprint size of Hammond Reef and three times that of Chester Gold deposit.
"Canadian Imperial Venture Corp. remains committed to the exploration and development of the Little Bear Lake project and we plan to resume drilling efforts as soon as is practical," said Gerard Edwards, President and CEO of Canadian Imperial Venture Corp.
CANADIAN IMPERIAL VENTURE CORP.
Gerard Edwards, President and CEO
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