Open Pit Operations at Cancana JV Provides Further Confirmation of Hydrothermal Manganese Model
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 30, 2015) -
Editors Note: There is a photo associated with this press release.
Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") and its joint venture partner Ferrometals, together the "JV", are reporting results from operations at the Dnei site that support previously completed geophysical survey data. The JV is also gathering data on mining rates, costs, geotechnical conditions and processing experience on primary material, all of which can be used for future modelling.
Cancana President and CEO, Anthony Julien stated, "We have a unique opportunity to test our exploration model with our current operations. Experience and data gathered from these activities will provide important insight into future modeling."
The pre-production exploration team initially identified an estimated 150 tonnes of colluvial manganese at Dnei, however after receiving results from the aerial geophysics, it was determined that primary vein material may be present below the colluvium hosted in weathered granite. Excavation of 600 tonnes of colluvial material and 1,900 tonnes of vein material to date has confirmed that. No blasting is required to extract from the weathered granite.
The current operation has excavated approximately 100 meters of strike on the primary vein. The structural corridor can be traced in the HeliTEM conductivity data to the Rio Madeira Plant 3km to east in association with manganese veining and colluvium identified in preproduction activity. The position remains open to the east where the geophysical data suggests it extends 6km before bending and merging with other apparent structures. These areas remain to be prospected in detail.
The Company cautions that it has not completed any feasibility studies on any of BMC's mineral properties, and no mineral reserve estimate has been established. Because the Company production decision is not based upon a feasibility study of mineral reserves, the economic and technical viability of the property has not been established.
On behalf of the Board of Directors of
Anthony Julien, President, CEO & Director
ABOUT CANCANA
Cancana Resources Corp. is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals, a special purpose investment vehicle for The Sentient Group ("Sentient"). Sentient is a resource-focused private equity fund with approximately $2.7Bn in assets under management, and a 15-year track record for advancing resource projects from early stage through pre-feasibility and development and into production. Cancana and Ferrometals are employing a two-pronged strategy at BMC. The primary objective is to advance BMC to an initial resource and onward to pre-feasibility, while also expanding current small-scale production to support those exploration activities. Further information can be found on the Company's website: www.cancanacorp.com.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of the Brazil properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company 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.
The Company cautions that it has not completed any feasibility studies on any of BMC's mineral properties, and no mineral reserve estimate has been established. Because the Company production decision is not based upon a feasibility study of mineral reserves, the economic and technical viability of the property has not been established.
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Contact
Cancana Resources Corp.
Dylan Berg
VP Corporate Development
+1 (604) 681-0405
dberg@cancanacorp.com