Vancouver, BC (PRWEB) September 24, 2013
On the road to developing its pair of flagship graphite properties, Cavan Ventures completed its second airborne survey in a week. Back-to-back campaigns on its CAGE and Buckingham properties returned positive results, and provided Cavan with potential targets to investigate at ground level.
Cavan took to the skies again less than a week after identifying several magnetic features from an airborne geophysics survey on its CAGE graphite prospect. This time they flew over their Quebec Buckingham property.
Each bring significant upside, but CAGE is nearest to this year’s hottest graphite story held by Zenyatta Ventures. However, Buckingham’s large conductor sizes could turn heads on the Quebec side of the border.
In Ontario, Cavan wasted no time in getting to work on their CAGE claims after acquiring them in July. Given their proximity to Zenyatta's Albany graphite project, Cavan wanted to see a bigger picture of its terrain.
"We went out for the flyover to pick up information in order to move forward in our program and to help pick our targets," says Cavan President and CEO, Peter Swistak.
"We're in a very good position, considering we're just 5.5 kms from Zenyatta’s east pipe."
It was on the east pipe that Zenyatta made headlines during the month of July. With a 52-week Range of $0.36-$5.00, Zenyatta sealed a name for itself.
So far, the company's test results have yielded purity levels above 99.7%. Without the high costs of production that go into the creation of synthetic-grade graphite (>99.5%), Zenyatta would see a profit margin higher than any of their peers. Now the market is waiting on the results to see what the size of the resource is. These are expected to be out in October.
"We hope and look for Zenyatta's success because it's good for everyone," says Swistak.
Cavan is within the "closeology" radius of the Albany discovery, and hopes that its lands contain the similar characteristics. Albany is a rare breed, in that there's only been one other recorded graphite operation with the same type of graphite. Hydrothermal vein graphite is looked at from with the sector as a bit of a freak of nature.
When it comes to comparing CAGE to Albany, Swistak and his team are cautiously optimistic. There's still a lot of work to come on CAGE. The flyover is the beginning.
"This is a little too early for us to judge yet. But we can't ignore that these trends can come right across distances," says Swistak.
"Mother Nature usually doesn't stop just at one section. There's a good possibility that definitely we might have those indicators at pipe also. But we won't know until we get on the ground and do some more geophysics on it."
So far, Cavan's airborne surveys have identified a number of magnetic lows within the property with potential to indicate what could very well graphite at depth.
Still early in the process, Cavan has begun narrowing down its CAGE targets. The 100%-owned property spans 768 hectares (1,897 acres), so with the results of the survey in hand, the company has a better idea of where to start.
CAGE will continue to receive the attention of management, and be a focal point for Cavan's exploration capital. Drilling will not begin until after they've had a chance to do more geophysics on the ground.
"There's no quick way to do it," says Swistak. "So we’re going to do it right."
Cavan has a bit more room to roam on its 100%-owned Buckingham project. Recently expanded upon, Buckingham's land position now covers an area of 4,157 acres that includes lands that were part of the historic Walker Mine. Once known as "Graphite City," the Walker Mine produced 816 tons of graphite during its reign at the end of the 19th and through the beginning of the 20th centuries.
Since its acquisition, Cavan has flown airborne surveys to assess the size of Buckingham's conductors. What they discovered was one continuous conductor at 700 meters, and another conductor of 600 meters. In total, that's 1,300 meters that they've tested.
In the latest release from the company, Cavan announced a grab sample taken that returned 21.70 % C, with disseminated large flakes of graphite. In all, the helicopter-borne survey covered roughly 50% of the Buckingham's total area. At the campaign's conclusion a total of 135 km of surveyed lines were flown.
With the data in hand from its airborne survey on CAGE, the company now has a better map to look at when studying both CAGE and Buckingham. Now firmly entrenched into the graphite space, Cavan will most certainly be interested in the developments coming out of neighbor Zenyatta’s newstream.
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