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Friday, March 11, 2011

TSX Silver Stocks News; Cavan Vetures(TSX.V-CVN) Option 3 Silver Mines At Crown King, Arizona

Vancouver, British Columbia, CANADA - March 11, 2011 (Investorideas.com Mining stocks newswire) - Cavan Ventures Inc. (TSX.V-CVN), (the "Company") is pleased to announced today that the Company has acquired exploration and joint venture option rights on three historic silver mines in the Bradshaw Mountains of Yavapai County, near Crown King, Arizona.


These mines include the "Silver King", "Black Warrior" and a portion of the "Silver Prince", all high-grade historic silver producers at the end of the 19th Century.
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The optioned silver property is known as the: Peck Group, five (5) patented and sixteen (16) unpatented mining claims; and the Curtin/Black Warrior Group, four (4) patented and twelve (12) unpatented mining claims within Yavapai County, Arizona (T11N, R1W, Section 24 & T11N, R1E Section 19). The Peck Group and the Curtin /Black Warrior Group are located approximately 4.7 miles north-northeast of Crown King, Arizona.


The Company entered a Letter of Intent for an option to earn a 65% interest by making payments of $900,000 in cash and/or through the issuance of equivalent shares and completing work commitments of $1 million over a 3 year period.
A NI 43-101 Complaint Technical Report titled Peck Mining District, Yavapai County, Crown King, Arizona, authored by Beck Environmental and Remediation, Ltd. of Arizona dated January 18, 2011 provided the following properties description:
  • The Peck Group and The Curtin/Black Warrior Group
  • The Peck Group does not appear to have had any exploration or detailed geology work conducted since the early 1900's. Thus, no estimate can be made. The exposed mineralized structures (surface features) within the subject property run for more than 4,500 feet and have widths from 1 to 8 feet (observed). Samples from these surface exposures had silver values between 1.3 and 12.2 oz/ton.
  • The Curtin/Black Warrior has only one drawing that shows the existing mine workings, the areas that have been mined and showing the reported podiforms/ore shoots. Samples taken from the mineralized structure had silver values between 1.3 and 23.7 oz/ton. Samples that were taken from the exposed metallic fragmented vein structure in the 200 and 300 levels had silver values between 65 and 794 oz/ton.
Conclusion
There are mineralized structures within these properties that have not been explored for their potential laterally or vertically. Based on the limited sampling and historic maps of the properties there would appear to be minable podiform/ore shoots still present.
The Yavapai County area has been known for its abundance of silver for as long as there has been recorded history in the area. Intense mining action occurred during the mid 1800s, but was halted due to the US Civil War. There were an estimated 2,000 mines that occupied the Bradshaw Mountains from 1870 to 1903 when mining resumed again. The quantity and quality of gold and silver ore produced from the mountainous Crown King area justified the construction of a railroad. It was completed in 1904 to haul the ore to the desert valley below for onward rail transport to area smelters. The advent of World War I and the exhaustion of the easiest ore to mine and process, the oxide zone, led to the shutdown of mining operations.
Since the Great Depression of the 1920s, silver mining in Arizona has been at a standstill. Except for a few minor attempts in the 1920's and 1980's, no modern exploration program for gold and silver has been conducted despite the presence of largely unexplored silver and gold-bearing tracts and a large volume of prospective sulphide ore thought by geologists to exist at depths unreachable by miners in the 19th Century. Modern technology will allow these ores to be mined and successfully processed.
Ernest Brisbane, M. Eng., is the "Qualified Person" as defined in National Instrument 43-101 and has reviewed the technical information provided in this news release
On behalf of the Board of Directors:
"Ming Chiang"
Ming Chiang, President & CEO
(604)763 7748 (cell) or (604)288 2756
ming@cavanventures.com
or
Patrick Brandreth
Director, Corporate communication: (604) 809 3527
patrick@cavanventures.com
For further information please visit our website at http://www.cavanventures.com/
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Cavan with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
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.
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