VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 17, 2013) - CAVAN VENTURES INC. (TSX VENTURE:CVN) ("Cavan" or the "Company") announces today it has received significant rare earth element (REE) assays from its 2012 prospecting program at its 100% owned Pythonga Property, located approximately 15 kilometers west of the town of Maniwaki, Quebec. The property consists of 110 map staked claims covering an area of approximately 6,523 hectares. The claims are divided in three blocks: the East Block (35 claims), the Central Block (71 claims) and the SW block (4 claims).
The prospecting program was executed by the team of Magnor Exploration Inc. under the supervision of Dr. Christian Derosier, P.Geo, Cavan''s Consulting Geologist and Qualified Person for the Pythonga Lake Rare Earth Element project. The program consisted of prospecting along recently-built timber roads, channel sampling, limited line cutting, limited radiometric survey and delimiting the future stripping areas. All this work has been conducted within the East Block boundaries.
A total of 42 channel samples were taken and assayed by ALS Minerals lab in North Vancouver, B.C. The method of analysis recommended by the exploration team and the laboratory for rare earth and trace elements uses the lithium metaborate/tetraborate fusion followed by Inductively Coupled Plasma (ICP) for the major oxides and by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for a series of 38 elements which include the REE''s. The ALS Vancouver facility is ISO/IEC 17025 and 9001:2008 accredited. Best results obtained are listed in the table below:
|Table 1. REE assays from the 2012 Pythonga Lake field program. Values are in weight percent.|
|Notes: Several samples have returned over limit values. The re-assay with another method is in progress. For this table, the over limit values (> 10,000 or > 1,000 ppm) have been used. Those values are marked by *. Results in ppm are converted to REO (oxide) then to wt% REE.|
Most samples which returned appreciable REE values (higher than 0.20% TREE) were obtained from pink to red coarse-grained pegmatite that returned more than 400 counts per second (cps) with the radiometric field instrument. These samples were selected close to already known mineralization, or on their on strike extensions.
Sample P268092 was collected at a new location. This new discovery gave 390.1 ppm U, 1149 ppm Th and 13600 cps with the instrument. The "Frog" occurrence is in mafic gneiss mixed with some pegmatite dikes. The outcrop is 1-2m wide and was followed over 25m in length. This occurrence is open in both directions.
This new discovery as well as the new channel sampling increase the economic potential of the Pythonga REE project and justify a more aggressive exploration program which will be started as soon as the snow cover clears.
Mr. Peter P. Swistak, President of Cavan Ventures states, "The Pythonga REE project continues to reveal a real potential for economic rare earth mineralization. We are preparing a focused exploration campaign which will begin with geophysical surveys, a trenching and stripping phase, followed by a diamond drilling program."
The technical contents of this release were approved by Dr. Christian Derosier, P.Geo. a qualified person as defined by National Instrument 43-101.
Cavan Ventures Inc. is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders. For further information please visit us at www.cavanventures.com.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
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.
Peter P. Swistak
(604) 683-3995 or Toll Free: (888) 945-4770