Cadan Resources Corporation: Announcement by Mining Group Limited; New Gold System Identified 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 a high grade gold bearing vein system at the Taub prospect at the Comval Copper and Gold Project (Comval Project), located 90 km north of Davao City, Mindanao, in the Philippines. The Taub prospect is approximately 7.5 km north of the recently discovered Tagpura North target (see Figure 1). 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).
To view Figure 1, please visit the following link: .
Highlights
Mining Group Managing Director Mr Zeff Reeves, said: "The mapping and sampling we have conducted at the Taub prospect was initially designed to follow up historical rock chip sampling. These first pass results are promising, having identified a new high grade gold system.
"The work we have done so far has identified narrow, high grade gold bearing quartz veins at the surface. This new gold system occurs over a significant strike distance within a wide structural zone, and also has continuous mineralisation occurring within the veins sampled.
"Some of the grades we have seen here are very exciting given this is the first work we have carried out on these prospects and we will be working hard over the next few weeks to further understand the area so we can commence drilling this month. Further assays from the remaining trenches are expected over the coming weeks which will help with drill targeting.
"We are doing similar work at our Ugpo prospect further to the west and aim to drill in this area before the end of the year as well. With multiple prospects, new discoveries, and a maiden JORC compliant resource, Mining Group is very well placed to continue its growth," added Mr Reeves.
Mining Group has undertaken a systematic trenching, mapping and sampling program at Taub. The purpose of this work is to delineate the strike extent and grade continuity of previously identified quartz veins from historic rock chip sampling and the existence of small artisanal workings.
To date the work has identified a 200 m wide structural corridor at Taub that has gold mineralisation identified over 300 m along strike and open in all directions. Ongoing trenching and sampling work will be carried out in the next four weeks, with an aim to commence drilling by the end of November.
Taub Trenching and Rock Chip Sampling
Mining Group has received results for two across strike trenches, CCPCH00001 and CCPCH00002, installed at the Taub prospect and rock chip samples taken within seven small scale mining adits. Significant gold mineralisation has been identified in multiple east-northeast striking quartz veins ranging in thickness from 10 cm to over 1 m. The veins dip moderately (45 degrees ) to the north west and occur within a number of sub-parallel mineralised structures associated with shearing and faulting. Significant results are presented below:
Table 1 - Significant results from Taub trenching and rock chip sampling.
To view Figure 2, please visit the following link: .
To view Figure 3, please visit the following link: .
All samples were collected continuously along the trenches and where channel samples were taken in adits 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.
Appendix 1 outlines all the sample locations and results received to date for all sampling at Taub.
In addition to this ongoing surface sampling activity at Taub, Mining Group has also identified a similar structural corridor, artisanal workings and outcropping quartz veins at Ugpo and is undertaking systematic trench sampling across the target and expects results over the next four to six weeks.
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 AND TRENCHING ASSAY RESULTS FROM TAUB
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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