OAKVILLE, ON, May 22, 2014 /CNW/ - Canoe Mining Ventures
Corp. (TSXV: CLV) ("Canoe Mining") is pleased to announce
that a 10 hole, 1250m, drill program will commence immediately on
its 100% owned Iron Lake Gold Project (the "Property"), near
White River, Ontario. The Property
is located within the western section of the Mishibishu Greenstone
belt which is known for gold production and contains multiple
operating mines. Canoe Mining's drill program will be focused on
the Iron Lake Deformation Zone, which spans the entire Property and
will specifically target IP anomalies detected by Giyani Gold Corp.
in 2012 near historic gold showings discovered by Tundra Gold Mines
Ltd. ("Tundra") in 1988.
The Contact Zone that Canoe Mining is intending to expand was
originally discovered by Tundra on the Abbie Lake section of the
Property and contained five gold intersections in 3 adjacent drill
holes including:
- K88-36
- 17.15 g/tonne Au over 1.37m
- K88-37
- 12.00 g/tonne Au over 0.91m
- 3.77 g/tonne Au over 0.67m
- K88-49
- 2.00 g/tonne Au over 1.50m
- 5.48 g/tonne Au over 1.50m
- Or, 3.74 g/tonne over 3.00m both combined
R.S. Middleton, P.Eng, Canoe
Mining's Exploration Manager, stated: "This drill program is
designed to test a number of gold zones that are known to occur on
the Abbie Lake section of our Property. The geology which we're
drilling hosts a nearby quartz-eye porphyry system which is
near-identical to the systems which are associated with major gold
mines in the Abitibi Greenstone Belt."
The core will be logged at a secure facility in White River and will be split and sent for
assay preparation in Thunder Bay.
Assay results will be released when available.
The technical information in this news release was reviewed and
approved by R.S. Middleton, P.Eng. who is acting as the
Qualified Person for Canoe Mining pursuant to National
Instrument 43-101.
On Behalf of the Board of Directors of Canoe Mining,
Duane Parnham, Director
Additional information and corporate documents may be found on
www.sedar.com and on the Canoe Mining website:
www.canoemining.com.
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 news release.
Forward Looking Statements
This news release
includes certain forward-looking statements or information. All
statements other than statements of historical fact included in
this release or other future plans, objectives or expectations of
Canoe Mining Ventures Corp. 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. Important factors that could cause actual results
to differ materially from Canoe's plans or expectations include
risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by Canoe with securities regulators.
Canoe expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
SOURCE Canoe Mining Ventures Corp.