Cancana and JV Partner Commence First Ever Drill Program at BMC Manganese Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2015) - Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") announced today that the drill rig has arrived on site to commence a 2,000 meter exploration drilling program, and that the regional HeliTEM aerial geophysics program is now over 50% complete.
Completion of this first phase of drilling will be an important step in providing further support for the geological model. The Company believes that the extensive colluvial mineralisation observed in the district has been sourced from deeper hydrothermal vein systems. The basement is poorly exposed and the position of the associated structures is not always clear. The aerial survey is designed to fast-track the identification of prospective structural corridors, and the initial drilling will test for the persistence of primary manganese oxide mineralisation in vein systems at depth.
Anthony Julien, Cancana's President and CEO, said, "We are excited to initiate our first drill program on the project. We have developed a compelling model for the mineralisation and this drill program will begin to test the full potential of the district."
The Company plans to test at least eight targets with an average drill hole depth of approximately 50 meters. Initial results are expected from Phase One drilling in late June or early July. The aerial survey is expected to conclude in late June, with final processed data to be delivered 10-12 weeks after acquisition.
On behalf of the Board of Directors of CANCANA RESOURCES CORP.
Anthony Julien, President & CEO
The technical information about the Company's exploration activities has been prepared under the supervision of and verified by Dr Adrian McArthur (B.Sc. Hons, PhD. FAusIMM), a consultant to Brazil Manganese Corporation, who is a "qualified person" within the meaning of National Instrument 43-101.
Cancana Resources Corp is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals (Cancana holds 32.5% of the JV), a special purpose investment vehicle for The Sentient Group. 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 to pre-feasibility and development. 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.
Details of the Company's 2015 exploration program can be found in the Company's News Release dated February 20th, 2015.
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.
VP Corporate Development