Cavan Receives Approval for Option Agreement on Buckingham Graphite Project, Announces Drilling
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CAVAN RECEIVES APPROVAL FOR OPTION AGREEMENT ON BUCKINGHAM GRAPHITE PROJECT, ANNOUNCES DRILLING
November 6th, 2015, VANCOUVER, B.C. – CAVAN VENTURES INC. (ABR-TSX:V) (“Cavan” or the "Company”) is pleased to announce that it has received TSX Venture approval to proceed with its option agreement with Ashburton Ventures Inc. (TSX-V: ABR), which will earn a 60% interest in Cavan’s Buckingham Graphite Project. Ashburton plans to commence a 2,000 metre drilling program at Buckingham in the coming weeks.
The Buckingham Graphite Property consists of 28 claims in Ranges VIII and IX, Buckingham Township, Quebec which cover an area of 1,683 hectares. Exploration on the southern part of the claim group has yielded assay results as high as 21.6% Cg (graphitic carbon) over 14.5 metres from channel samples and purity results up to 96.1% Ct (total carbon) from large flake fractions (see Cavan releases, July 17, 2014 & May 28, 2015).
A drilling permit has been acquired and Ashburton’s team plans to commence an initial phase of drilling at the project in the coming weeks. The drilling program will consist of up to 2,000 metres and will be aimed at testing high priority targets in the southern area of the claims.
President and CEO Peter Swistak states, “We are exceptionally pleased to be signing this agreement with Ashburton Ventures. This is a great development for Cavan, as it allows us to resume moving forward with our plans for Buckingham and the Company as a whole. We look forward to new discoveries in the coming months and bringing real value to Cavan for the benefit of all of our shareholders.”
About the Buckingham Graphite Project
The Buckingham Graphite Project consists of 28 claims located in Ranges VIII and IX, Buckingham Township, Quebec and covers an area of 1,683 hectares. The property is located 1.7 kilometers north of the historic, producing Walker Graphite Mine and covers the northern extension of a graphitic zone beginning on Caribou King Resources’ Buckingham Property. Helicopter-borne magnetic and timedomain electromagnetic surveys confirmed a historic conductor, and further resolved a second parallel conductor to a length of 300 meters (see Cavan release, September 24, 2013). Historic airborne electromagnetic surveys have identified additional conductors striking over a large portion of the Buckingham Graphite Project.
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.
On Behalf of the Board of Directors
CAVAN VENTURES INC.
“Peter P. Swistak”
President
Contact Information E-mail inquiries: [email protected] Website: www.cavanventuresinc.com Phone: (604) 683-3995
“Neither 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.”
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).