Canada Fluorspar Inc. (TSX VENTURE:CFI)(OTC:CNDFF) ("CFI" or the "Company") is
pleased to announce the sixth set of assay results under the Company's Phase 3
diamond drilling program from three drill holes on its Grebes Nest property. One
of the drill holes, GS-13-12, located in the same plane as the previously
reported drill hole GS-13-11 (press release dated July 18, 2013) intersected the
Grebes Nest vein structure having an average grade of 43.14% CaF2 over 7.30
metres and intersected two additional veins down-depth having an average grade
of 19.12% CaF2 over 4.00 metres and 55.40% CaF2 over 3.25 metres, respectively.
Two additional drill holes, GS-13-16 and GS-13-18, are located about 400 metres
and 500 metres, respectively, southeast along strike from drill hole GS-13-12.
The new Grebes Nest vein structure is situated approximately 4 km from the
former Tarefare Mine and less than 6 km from the former Blue Beach North Mine
(see location map below). The three drill holes are located on the western end
of the Grebes Nest grid area. Ground geophysical (magnetometer and EM) survey
results indicate that the mineralized structure has potential to extend for more
than 4,000 metres along strike.
Drill hole GS-13-12 was inclined at -45 degrees and oriented at azimuth 34
degrees, drill hole GS-13-16 was inclined at -62 degrees and oriented at azimuth
34 degrees and drill hole GS-13-18 was inclined at -66 degrees and oriented at
azimuth 34 degrees.
To view the first map associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/CFI_aug29_fig01.pdf
Assay Results
Drill hole GS-13-12 tested the down-dip extension of the Grebes Nest Vein on the
same plane as drill hole GS-13-11, a previously reported drill hole (press
release dated July 18, 2013) from the second set of assay results reported in
the Grebes Nest Phase 3 drilling program. This hole intersected three different
vein structures down depth: the first vein structure having an average grade of
43.14% CaF2 over 7.30 metres; the second vein structure having an average grade
of 19.12% CaF2 over 4.00 metres; and a third vein structure having an average
grade of 55.40% CaF2 over 3.25 metres.
Drill hole GS-13-16 intersected a vein structure having an average grade of
26.80% CaF2 over 2.75 metres.
Drill hole GS-13-18 intersected three different vein structures down depth: the
first vein structure having an average grade of 63.91% CaF2 over 2.77 metres; a
second vein structure having an average grade of 47.52% CaF2 over 2.60 metres,
with lost core of about 0.30 metres; and a third a vein structure having an
average grade of 42.58% CaF2 over 2.93 metres.
To view the second map associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/CFI_aug29_fig02.pdf
"I continued to be encouraged by both the width and grade of the Grebes Nest
Vein and that the silica content is lower and blastonite, a brecciated fluorite
in an admix of microcrystalline quartz and fluorite, is virtually absent
compared to the other granite-hosted veins," stated Lindsay Gorrill, President &
CEO of the Company. "Grebes Nest Vein has been normally competent material with
minor fracturing as compared to most similar veins in the St. Lawrence area and
has resulted in better than 95% core recovery from the mineralized intervals.
These good recovery results in a much higher level of confidence in calculating
the average grade of the intersections."
Geological Interpretation
CFI has received assay results for samples collected from drill holes GS-13-12,
GS-13-16 and GS-13-18 located along the western part of the Grebes Nest target
area. The three drill holes intersected mineralization that has been interpreted
to be the Grebes Nest vein which trends northwest-southeast and is steeply
dipping.
Drill hole GS-13-12 is located in the same plane as a previously reported drill
hole GS-13-11 (press release dated July 18, 2013). The first and second
intersections in this hole were at a vertical distance below surface of about 80
and 90 metres, respectively, while the third intersection was about 110 metres
vertically below surface. This vein was tested further down depth with drill
hole GS-13-26 and results are pending.
Drill hole GS-13-16, located on the same plane as a previously reported drill
hole GS-13-15 (press release dated August 6, 2013), intersected the vein about
70 metres vertically from surface and 30 metres below the drill hole GS-13-15
intersection. This vein was tested further down depth with drill hole GS-13-25
and results are pending.
Drill hole GS-13-18, located in the same plane as previously reported drill hole
GS-13-17 (press release dated August 12, 2013) intersected the first and second
veins at a vertical depth of about 50 and 60 metres, respectively, from surface
while the third vein was intersected about 140 metres vertically from surface.
Preliminary interpretation of the drill results indicates that the western part
of the target area of the mineralized Grebes Nest structure maintains a
relatively uniform width along strike and within a vertical depth of 175 metres
below the surface. The drill intersections also indicate very competent core and
good continuity of mineralized material at depth. CFI notes that most of the
mineralized material is hosted by metasedimentary rocks (interbedded siltstones
and shales, whereas most of the mineralized material at the major fluorspar
veins in the general area - the historic Director, Tarefare, and Blue Beach
North Mines - are hosted by the St. Lawrence Granite ("SLG")). The
metasedimentary rocks in the St. Lawrence area are older than the SLG and early
geological mapping indicates that the Grebes Nest area is underlain by
interlayered pink rhyolite sills, similar in composition to the SLG, which
intruded the metasedimentary rocks. The structure that has been identified by
the drill program is a late phase event that cuts both the metasedimentary rocks
and the sills. The parallel veins, such as the vein identified in drill holes
GS-13-12 and GS-13-18 have been known to develop into significant mineable veins
in other locations in the St Lawrence area. The economic and structural
significance of the parallel veins remains to be evaluated.
The following table shows the detailed results of the sixth set of drill holes
completed by CFI on the Grebes Nest Vein noted in Phase 3 of the Company's 2013
exploration diamond drill program.
2013 Diamond-Drill Hole Assay Results
Grebes Nest - Phase 3
Canada Fluorspar Inc.
St. Lawrence Project, NL
Hole GS-13-12
Sample No. From (m) To (m) Length (m) % CaF2
Vein #1
58617 102.69 103.69 1.00 28.28
58618 103.69 104.54 0.85 3.48
58619 104.54 105.26 0.72 89.60
58620 105.26 106.26 1.00 48.78
58621 106.26 107.26 1.00 36.78
58622 107.26 108.00 0.74 40.53
58623 108.00 109.00 1.00 56.23
58624 109.00 109.99 0.99 47.90
Vein #2
58636 120.00 121.00 1.00 19.66
58637 121.00 121.73 0.73 3.17
58638 121.73 122.45 0.72 6.49
58639 122.45 123.05 0.60 47.17
58640 123.05 124.00 0.95 22.67
Vein #3
58643 145.34 146.34 1.00 90.96
58644 146.34 147.16 0.82 81.15
58645 147.16 148.00 0.84 14.41
58646 148.00 148.59 0.59 17.72
Hole GS-13-16
Sample No. From (m) To (m) Length (m) % CaF2
96178 74.33 75.11 0.78 16.58
96179 75.11 76.08 0.97 31.72
96180 76.08 77.08 1.00 30.00
Hole GS-13-18
Sample No. From (m) To (m) Length (m) % CaF2
Vein #1
108416 57.10 57.70 0.60 52.00
108417 57.70 58.70 1.00 72.13
108418 58.70 59.70 1.00 20.22
Vein #2
108422 67.00 68.00 1.00 67.58
108423 68.00 69.08 1.08 78.36
108424 69.08 69.23 0.15 Lost Core
108425 69.23 69.77 0.54 45.98
Vein #3
108428 173.44 174.19 0.75 65.65
108429 174.19 175.19 1.00 23.41
108430 175.19 175.76 0.57 24.80
108431 175.76 176.37 0.61 62.26
Assays on these drill holes were carried out at SGS Lakefield Laboratories
("SGS") of Lakefield, Ontario, using the Ion Selective Electrode method to
determine the fluorite content in the low-grade samples and the Dual Calcium
method for samples expected to contain high-grade values (i.e., those with
significant visible fluorspar in the drill core).
Quality Assurance and Quality Control ("QA/QC")
Check assay work by CFI includes insertion of duplicate samples and blanks with
regular batches of mineralized samples of drill core. QA/QC work is also done at
SGS, and results are reviewed and verified by CFI personnel. An independent
geological consultant (Qualified Person) has submitted additional samples
collected from the drill core for analyses.
Phase 1 of the 2013 exploration program was designed to assess the northern
extension of the Director Vein structure. The six drill holes with assay results
to date have shown that the fluorspar mineralization at the Director Vein
extends further along strike and at depth from the old Aluminum Company of
Canada ("Alcan") workings.
Phase 2 of the 2013 exploration program was designed to evaluate the southern
extension of the Director Vein. A trenching program and a geophysical survey
conducted in the area during 2012 identified the structure over a strike length
of 1,000 metres. The current drill program was planned to evaluate the mineral
potential, at depth, of the southern extension of Director Structure and to test
the north extension of the adjacent Hares Ears Vein to the west.
Phase 3 of the 2013 exploration program was designed to evaluate the Grebes Nest
mineral property, namely the Grebes Nest vein which was identified in the 1940s.
The vein was exposed on the east side of Little Lawn Harbour where the structure
is approximately 1 metre wide and dips to the north at -70 degrees. Prospecting
in the late 1940s traced the structure, through a series of trenches, to the
southeast for a reported distance of 3.2 kilometers. In the late 1940s, a 20
metre deep exploration shaft was sunk on the vein about 500 metres east of the
coast. A drift was driven along the vein for 60 metres and a number of short
cross-cuts were developed. In 1949, five short drill holes were completed
approximately 1 km southeast of the shaft and to the south of the projected
strike of the structure. These drill holes identified a number of narrow veins
in the metasediments. Due to the remote location of the showing and the adequate
reserves at the operating mines owned by Alcan, no additional work was
undertaken.
Initial exploration information regarding the 2013 exploration program at
Director Vein was included in the Company's press releases dated January 16,
2013 and March 12, 2013.
To date, six Phase 1 drill holes have been completed together with 26 additional
drill holes in Phase 2 (19 holes in south extension Director Vein and 7 holes at
Hares Ears Vein) and 30 drill holes in Phase 3 (Grebes Nest area) of the 2013
exploration program. Assay results for remaining completed drill holes in Phase
2 and Phase 3 are pending.
Historic exploration data indicates that there are more than 40 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 metres 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 the Roscoe Postle Associates Inc. dated March 6, 2013, which has
been filed by the Company on SEDAR (www.sedar.com).
About the Company
The Company is a specialty mineral resource company engaged in the development
of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is
proposing, through Newspar, its 50/50 joint venture with Arkema, to reactivate
the existing Blue Beach North and Tarefare underground fluorspar mines, by
expanding the existing mill and constructing a new, environmentally-sound
Tailings Management Facility.
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, 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.
Material results of the Company's 2012 and 2013 exploration program have been
disclosed in the Company's press releases dated March 1, 13 and 30, 2012, April
16 and 24, 2012 and January 16, 2013, March 12, 2013, April 24, 2013, May 8,
2013, June 5, 2013, July 2, 2013, and July 11, 2013 including assay results from
twenty-seven (27) previous drill holes under the Company's diamond drilling
program which were disclosed in the Company's press releases dated March 12,
2013, April 24, 2013, May 8, 2013, June 5, 2013, July 2, 2013, July 11, 2013,
July 18, 2013, August 6, 2013, August 12, 2013 and August 20, 2013.
For more information please see: www.canadafluorspar.com
Neither 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.
Cautionary Note and Forward-Looking Statements
This press release contains forward-looking statements which include, but are
not limited to: resource estimates, proposed mining techniques required to
construct and produce at expected levels, anticipated timing for completion of
metallurgical testing, the commencement of the drilling program, current
development and operating objectives and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements of
fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with mining development
including: loss of market, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, ability to access sufficient debt and equity capital from
internal and external sources, ability to generate sufficient cash flow to meet
its current and future obligations, regulatory approvals affecting construction
and mining operations. Such forward-looking statements are also based on a
number of assumptions which may prove to be incorrect, including, but not
limited to, assumptions about the following: the availability of financing for
exploration and development activities, the estimated timeline for the
development of the project at St. Lawrence, the supply and demand for, and the
level and volatility of the price of fluorspar, the assumptions on which
resource estimates are based, the receipt of necessary permit, market
competition, ongoing relations with employees and impacted communities, and
general business and economic conditions. Should one or more of the risks or
uncertainties involved in forward-looking statements materialize, or should the
assumptions prove incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected. Accordingly, readers should not
place undue reliance on forward-looking statements.
Forward-looking statements are qualified entirely by this cautionary statement
and are given only as at the date of this press release. The Company disclaims
any obligation to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as required by
law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canada Fluorspar Inc.
Lindsay Gorrill
President and CEO
1-800-823-8095
lgorrill@canadafluorspar.com
www.canadafluorspar.com
Califfi Capital (TSXV:CFI)
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Califfi Capital (TSXV:CFI)
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