Vancouver, British Columbia--(Newsfile Corp. - February 23, 2021) - CAVU Mining Corp. (CSE: CAVU) ("CAVU" or the "Company") is pleased to announce an overview on its Kitimat Copper-Gold Project ("Kitimat Project").
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2021) - CAVU Mining Corp. (CSE: CAVU) ("CAVU" or the "Company") is pleased to announce an overview on its Kitimat Copper-Gold Project ("Kitimat Project"). On December 7, 2020, CAVU entered into an option agreement with Pacific Empire Minerals Corp. (TSXV:PEMC) to earn up to a 100% interest in the 3,070-hectare, Kitimat Project located roughly 20km northwest of the port town of Kitimat, British Columbia.
Kitimat Project Highlights:
- Over 6,000 meters of drilling completed
- Road accessible single continuous claim block of 3,070 hectare
- 20 km northwest of Kitimat, British Columbia
- Within 10 km of power, road, rail, and deep-water port access
Kitimat Project Historical Drilling Results1:
- 94.06m @ 0.52% Cu and 1.12 g/t Au from 18.75m to 112.80m (DDH J-2010-1)
- 105.85m @ 0.60% Cu and 1.15 g/t Au from 21.34 to 126.22m (DDH J-2010-7)
The Kitimat Property is prospective for porphyry, epithermal and VMS mineralization and has been explored intermittently since the 1960s. The project has been drilled numerous times, however the most promising targets have not been tested.
Dr. Jaap Verbaas, CEO comments: "The Kitimat Property is an excellent asset for CAVU Mining corp. and its technical team. CAVU will focus on two large targets of which the core is unexposed. The Jeannette target consists of a magnetic high surrounded by a magnetic low with a drilled showing on the edge of the target. The showing has yielded up to 105.85m at 0.60% Cu and 1.15 g/t Au and indicates a significant amount of metals in the hydrothermal system. The Bowbyes target is a molybdenum and copper anomaly which overlies altered volcanic rocks."
Historical geophysics will be reprocessed and reviewed in the immediate future. The review will form the basis of extensions and increased geophysical coverage over both the Bowbyes and the Jeannette targets. Notably the Bowbyes target is not covered by any historic geophysical surveys, giving CAVU a clear path forward to improve the target before an initial drill test.
CAVU Mining corp. entered into an option agreement for 100% interest in the Kitimat Property with Pacific Empire Minerals Corp. (PEMC), a copper project generator, which may be acquired for total cash payments of $390,000 and share payments of 1,325,000 common shares to PEMC as well as a 2% NSR of which 1% can be bought back for $1M.
Jeremy Hanson, P. Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within the news release.
1Selected intervals from DDH J-2010-7 were used for 43-101 data verification and are available in the Company 43-101 technical report filed on SEDAR, December 2020. Assay results from Hole DDH J-2010-1 are historical in nature. The true width of intersects is unknown.
About CAVU Mining Corp.
CAVU is an acronym used in the aviation industry that stands for "Ceiling and Visibility Unlimited" and denotes ideal flying conditions (blue sky for miles). We believe the future for commodities, and especially copper, is bright. CAVU Mining Corp. is currently focused on the exploration of its Kitimat Property in British Columbia.
Dr. Jaap Verbaas, P.Geo.
CAVU Mining Corp.
Forward Looking Statements
This news release contains forward-looking statements, including statements regarding the date of listing of the Company's common shares and the advancement of the Kitimat Project, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company's public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.
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