Cavan Ventures Inc. (TSX: V.CVN
) announced the acquisition of the CAGE claims, adjoining the Albany graphite deposit that is presently under advanced exploration by Zenyatta Ventures Ltd. (TSX: V.ZEN
Zenyatta recently announced several significant intersections of graphite mineralization, including five holes with 146 metres of 5.2% organic carbon, 177 metres of 5.3% organic carbon, 186 metres of 4.9% organic carbon, and 125 m of 4.6% organic carbon, respectively.
According to the Cavan Ventures press release
, the CAGE claims are contiguous, covering an area of 1,897 acres, and adjoining the eastern edge of the Albany graphite property.
Historic data indicates that a magnetic low is present on the CAGE claims, with similar magnetic lows on the eastern portion of the Albany property.
The magnetic low will be investigated through reconnaissance prospecting and sampling that is planned to take place in the coming weeks.
To earn 100% interest in the property, the company will pay $15,000 within ten days of signing and issue three million shares within 15 days of receiving regulatory approval subject to the company raising a minimum of $400,000 in a private placement within 60 days.
Cavan's mission is to identify, acquire, and advance high potential mining prospects located in North America.
On Wednesday, Cavan soared 40% and was trading at $0.035 a share. The company had a market cap of $1.8 million, based on 51 million shares outstanding.