Press release from Marketwire
Canada Fluorspar Inc. (CFI) Releases Assay Results on Trench #6, #7, #8 and #9, Along the Southern Extension of the Director Vein, Including a Mineralized Zone 25.7% CaF2 (fluorspar) over 5.8 m
Tuesday, July 03, 2012
Canada Fluorspar Inc. (CFI) Releases Assay Results on Trench #6, #7, #8 and #9, Along the Southern Extension of the Director Vein, Including a Mineralized Zone 25.7% CaF2 (fluorspar) over 5.8 m09:20 EDT Tuesday, July 03, 2012ST. JOHNS, NEWFOUNDLAND--(Marketwire - July 3, 2012) - Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to announce encouraging progress on its 2012 trenching program along the southern extension of the Director Vein with fluorspar mineralization within the structure. These results conclude the trenching program at Director and the Company plans to test the downward and along strike continuity of the Fluorspar mineralization exposed at the surface by drilling.Lindsay Gorrill, President & CEO of Canada Fluorspar Inc. stated that, "we continue to uncover a vein structure on the south extension of Director Vein. These findings could indicate an extension of the Director Vein structure of approximately 1 kilometer to the south of the old mine workings. We look forward to providing further updates on exploration results as assays results become available." Trench LocationsTrenches #6, #7, #8 and #9 are situated along the interpreted trace of the Director Vein structure, which trends north-northwest and is sub-vertical. Trench #6 is located at the midpoint (and approximately 65 m) from Trenches #4 and #5. Trench #7 is located 100 m south of Trench #5. Trench #8 is 100 m south of Trench #7, and Trench #9 is 100 m south of Trench #8. The Trench #6 excavation provided verification of the geological and grade information from adjacent Trenches #4 and #5. Trenches #7, #8 and #9 extended the Director Vein structure 300 m along strike to the south. The mineralized interval of this previously untested section of the Director Vein structure has been traced from Trench #2 to Trench #8, a distance of over 500 m (Figure 1 - http://media3.marketwire.com/docs/CFIFig1.pdf).Assay ResultsAssay results from the mineralized fault zone identified in Trenches #6, #7, #8 and #9 are as follows:Trench #6: This trench exposed a fault zone with gouge which includes fluorspar mineralization of 20.23% CaF2, including a higher grade zone of 25.7% CaF2 over 5.8 m.Trench #7: The mineralized fault gouge contains fluorspar mineralization of 10.10% CaF2 over 6 m, including a higher grade zone of 19.10% CaF2 over 2.0 m. The trenching successfully identified the southern extension of the Director Vein structure in an area that was previously not tested. Diamond drilling will be required to evaluate the resource potential of the structure at depth. Trench #8: This trench also exposed the southern extension of the Director Vein structure with fluorspar mineralization of 14.36% CaF2 over 6 m, including a higher grade zone of 18.50% CaF2 over 2.0 m. Trench #9: The excavation of Trench #9 successfully identified the Director Vein structure. The structure at this southernmost location appears to represent a pinch zone and assay results from the structure indicate fluorspar mineralization including 1.83% CaF2 over 2 m. The projected strike of the Director Vein structure to the south of Trench #9 (approximately 1700 m) remains to be evaluated.Detailed results are presented in the table below with sampling done east to west along the trenches.2012 Trench Assay ResultsCanada Fluorspar Inc. - St. Lawrence, NLTrench No. 6Sample No.From (m)To (m)Length (m)% Ca F26502401.21.210.90650251.23.01.831.31650263.05.02.021.37650275.07.02.024.99650287.09.02.010.40Total09.09.020.33Trench No. 7Sample No.From (m)To (m)Length (m)% Ca F26503202.02.05.22650332.04.02.019.10650344.06.02.05.99Total06.06.010.10Trench No. 8Sample No.From (m)To (m)Length (m)% Ca F26504402.02.018.50650452.04.02.013.14650464.06.02.011.45Total06.06.014.36Trench No. 9Sample No.From (m)To (m)Length (m)%CaF26505802.02.01.83Assays on samples, from these and other trenches collected during the 2012 trench sampling program, are carried out at SGS Minerals Inc. (SGS) laboratory in Lakefield, Ontario, using the Ion Selective Electrode (ISE) method to determine the fluorite content in the low-grade samples and the Dual Calcium method for high-grade samples. Routine internal check assay work is done at SGS, and results are reviewed and verified by CFI personnel.Material results of the Director Vein exploration program regarding the Trench #1, #2, #3, #4, and #5 have been disclosed in the Company's press releases dated March 1, 13 and 30, 2012 and April 16 and 24, 2012.The current exploration program is designed to assess the southern extension of the structure hosting the Director Vein by surface trenching. Nine trenches have been completed to date. The trenching has successfully traced the Director Vein structure over a distance of 700 m.Following the encouraging results of the trench program, CFI plans to have grids established over the Director South, Grebes Nest and Old Black Duck areas. The grids will provide control for planned geophysical and prospecting programs designed to identify extensions of the past producing vein structures in these areas (Figure 2 - http://media3.marketwire.com/docs/CFIFig2.pdf).Historic mining operations by Aluminum Company of Canada Limited (Alcan) on the property produced in excess of 4.2 million tonnes of fluorspar during a 44 year continuous production from 1942 to 1977. At the time of the mine closure the Director Vein structure still contained mineralized material. 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 mineralized material from a small open pit.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 m 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 Roscoe Postle Associates Inc. (RPA) dated April 29, 2011, which has been filed by the Company on SEDAR (www.sedar.com).About The CompanyCanada Fluorspar Inc. 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 between the Company and 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, has 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.Cautionary Statement on Forward Looking StatementCertain information contained in this news release, including information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward looking statements". Actual results may differ materially from those indicated by such statements. All statements, other than historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.FOR FURTHER INFORMATION PLEASE CONTACT: Lindsay GorrillCanada Fluorspar Inc.President and CEO1email@example.comNeither 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.