Tocvan Ventures Corp. (CSE: “TOC“) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce the initiation of drill permitting, and the initiation of controlled source audio-magnetotellurics (CSAMT).
Epithermal gold deposits are highly variable in form, ranging from thin quartz veins to large structures or a concentrated collection of veins, feeder structures and other structures, consequently, they exhibit a wide range of geophysical signatures.
The recent IP and Magnetics survey revealed significant structures reaching depths of up to 350m (see Press Release dated August 25, 2020). Structural and geophysical analyses are wrapping-up by the pertinent experts, but those initial findings have given us the excitement and encouragement to execute a CSAMT survey. This survey is currently underway and is expected to wrap-up by September 21.
Controlled source audio-magnetotellurics (CSAMT) is one of the best methods to find the plumbing and feeder structures to epithermal vein systems by mapping resistive and conductive features at depths ranging from surface to over 700m depth. Resistivity imaging often indicates gold-bearing silicification related to vein systems, these resistive features are prime structural locations for epithermal vein development and are commonly detectable by magnetotelluric methods.
Drill targets are being defined and refined for an estimated 3,000m initial program focussed on expanding and confirming the known area of mineralization in the Main and North Hill zones. Drill permitting has begun as well as the sourcing of drill operators for the Pilar project. Despite the impact of the current world health crisis and subsequent Mexican government ordered work shutdown this past April and into May, planned completion of drilling is anticipated in early Q1 2021.
Derek Wood, CEO, commented “I am extremely pleased with the progress Tocvan Ventures has made in just over 18 months from completing it’s initial public offering. Tocvan negotiated and agreement with Colibri Resources Corp CBI-V less then one year ago. Since then the company has managed to de risk the project to a drill ready stage, while discovering new targets at surface and below areas of known mineralization. Recently Tocvan had over 90% of IPO warrants exercised and now has ample funds to begin drilling as soon as possible while maintaining an attractive capital structure with approximately 23 million shares issued and outstanding.”
The current world health situation requires adjustments to work programs, health and safety is considered first.
Current health advice is for families and groups to self-isolate and to use caution with suggested recommendations from health leaders when social-distancing becomes a challenge. Countries are beginning to allow businesses to operate again. Isolation is an inherent part of mineral development programs.
About the Pilar Property
The Pilar Gold-Silver property has been identified as a structurally controlled low-sulphidation epithermal project hosted in Andesite and Rhyolite rocks. Hydrothermal fluids carrying gold, silver and other minerals are transported through the pre-existing structures and deposit out of the fluids and become emplaced within the structures and surrounding host rock. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:
- – 17,700m of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
- – 0.73g/t Au over 40m
– 0.75g/t Au over 61m
– 17.3g/t Au over 1.5m
– 5.27g/t Au over 3m
– 53.47g/t Au & 53.4g/t Ag over 16m
– 9.64g/t Au over 13m
– 10.6g/t Au & 37.8g/t Ag over 9m
– 2,650m of surface and trench channel sampling. Highlights include:
- – 55g/t Au over 3m
– 28.6g/t Au over 6m
– 3.39 g/t Au over 50m
– Soil sampling results from undrilled areas indicating mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone
- – 0.73g/t Au over 40m
Additional areas of mineralization have been identified resulting from surface rock-grab-sample assay results that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south, see press release dated January 7, 2020. Significant results from that particular survey are highlighted below:
|Sample #||Au g/t||Ag g/t||Cu %||Pb %|
The technical information in this news release pertaining to geological data and its interpretation has been prepared by Mark T. Smethurst, P.Geo., COO, Director of the Company, and a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures Currently has approximately 23 million shares outstanding and is earning into two exiting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOCVAN VENTURES CORP.
Derek A. Wood, President and CEO
Suite 1150 Iveagh House,
707 – 7th Avenue SW
Calgary, Alberta T2P 3H6
Telephone: (403) 200-3569
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.