Cadan Resources Corporation: Announcement by Mining Group Limited; Widespread Gold Mineralisation at Comval
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/13/12 -- Cadan Resources Corporation (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) ("Cadan") advises that Mining Group Limited (ASX: MNE) ("Mining Group") announced it has identified widespread gold mineralisation at Tagpura North, at the Comval Copper and Gold Project (Comval Project), located 90 km north of Davao City, Mindanao, in the Philippines. Mining Group's news release is reproduced in part below.
The Comval Project is operated by Philco Mining Company ("PMC"), which holds the exploration permits on the Comval Project. Cadan retains a 20% free-carried interest in PMC. Mining Group has an 80% interest in PMC and is the manager of the project. In addition to its direct 20% interest in PMC, Cadan also owns 3.1 million shares or approximately 4.12% of Mining Group's present issued capital (based on publicly available information), along with options to purchase a further 2 million shares of Mining Group (refer to Cadan news release of January 17, 2012 for details).
Highlights
Mining Group Managing Director Mr. Zeff Reeves said: "These results further underpin the Comval Project as having the potential to host numerous copper and gold ore bodies. Tagpura North is emerging as a very exciting target with widespread gold mineralisation.
"Mining Group's geology team has worked exceptionally hard at Tagpura North over recent weeks. From the work they have done to date, it is becoming evident that we have moved into a possible epithermal gold environment with extensive quartz vein stockwork present with veins showing some classic epithermal vein textures.
"The more we sample and map at Tagpura North, the larger the footprint of copper and gold anomaly expands. We also have the added bonus of outcropping copper bearing magnetite skarns which the recent ground magnetics has located really effectively. As a result, we plan to commence drilling at Tagpura North by mid-November," added Mr Reeves.
The recent follow up work undertaken by Mining Group's geology team at Tagpura North has been carried out to further understand and delineate identified anomalies from previous rock chip sampling and mapping (see Cadan news release of October 24, 2012). This work consisted of systematic, continuous channel sampling along recently installed access road cuttings. The previously reported native copper sample results have been received with sample A-44781 returning a copper grade of 18.05% (Figure 1). The sample was taken from the oxidised cap over a copper bearing magnetite skarn and is interpreted to be produced and enriched by weathering processes. Additional first pass rock chip results have also been received further extending and delineating the Tagpura North mineralised zone. All rock chip results received to date are presented in Appendix 1.
To view Figure 1, please visit the following link: .
Tagpura North Road Channel Sampling
Two channels were continuously sampled along what is known as "Road 2" at Tagpura North. This road cuts approximately perpendicular to the interpreted strike of the geology and mineralisation. Best results were achieved from channel TCPCHRD2A2 with a gold dominant zone of 36.00 m at 4.84 g/t including 8.00 m at 11.56 g/t being obtained (copper assays remain outstanding).
Gold and copper mineralisation at Tagpura North has been identified in outcropping magnetite skarns, and associated within quartz stockwork within altered andesitic volcanics and diorites. Numerous weathered quartz and sulphide veins have been identified over a widespread area and are reminiscent of an epithermal style of gold mineralisation (Figure 2).
To view Figure 2, please visit the following link: .
Three channels have been continuously sampled along newly cut access roads at Tagpura North covering 485 m of access roads. Sample results have been received for two channels covering 197 m, with significant results presented in the table below.
Table 1 - Significant results from Tagpura North road cutting channel sampling
All samples were collected continuously along the road cutting as nominally 1.00 m or 2.00 m samples. All samples were geologically described and each channel was geologically mapped. All samples were sent to Macphar Laboratories in Manila for analysis. Au was assayed using fire assay and an atomic absorption finish and Cu, Ag and Mo were assayed using a 4 acid digest and an ICPOES finish. Standard reference material check samples were submitted every 20 samples and a blank check submitted every 50 samples for QA/QC purposes.
All sampling is conducted under the supervision of Mining Group's on site exploration manager and the chain of custody from the sample site to the sample preparation and logging facility is continually monitored by the exploration manager. Samples are shipped to the lab by qualified couriers or Mining Group personnel under locked bags with independent identification lock numbers. Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass acceptable parameters to ensure accurate and verifiable results.
Figure 3 illustrates the location of various samples. Appendix 2 outlines all the sample locations and results received to date for the four channels sampled along Tagpura North Road 2.
To view figure 3, please visit the following link: .
In addition to ongoing surface sampling activity, Mining Group has completed approximately 19 line kilometres of additional detailed ground magnetic surveying. The surveying has highlighted a significant magnetic anomaly consistent with magnetite skarn mineralisation and coincident with the new gold geochemical anomaly at Tagpura North (Figure 4).
To view Figure 4, please visit the following link: .
The technical information in this news release was prepared and verified by Zeffron Charles Reeves, (B App Sc (Hons) (Applied Geology) MBA, MAIG), a member of the AIG and employee of Mining Group. Mr. Reeves has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release. Mr. Reeves is a qualified person as defined in NI 43-101.
Forward-Looking Statements
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with the timing and content of future work programs, geological interpretations and resource potential of the Comval Project. There is no guarantee that additional exploration will lead to evaluation of a mineral resource, or that any resource will have demonstrated economic viability as necessary to be classified as a reserve. The reader is referred to Cadan's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through or Cadan's page on SEDAR at .
APPENDIX 1 - ROCK CHIP ASSAY RESULTS FROM TAGPURA NORTH
APPENDIX 2 - TAGPURA NORTH ROCK CHIP SAMPLE RESULTS AS AT OCTOBER 24, 2012
("AA" denotes awaiting assays)
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.
Contacts:
Cadan Resources Corporation
Robert Butchart
President / CEO
Cadan Resources Corporation
John D. Anderson
Chairman
Cadan Resources Corporation
604 687 0760
604 628 5001 (FAX)
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Datum: 13.11.2012 - 14:15 Uhr
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