TORONTO, Sept. 18 /CNW/ - Coniagas Resources Limited ("Coniagas" or the "Company") (TSX-V: "CNY") is pleased to announce the commencement of a "Phase I" exploration program on the Company's Cyr Lithium Project in Northern Quebec. The program is based on the recommendations of a recently completed a technical review and 43-101 report to be posted on SEDAR shortly. The program will include:
- Review of historical data
- Approximately 1100 metres of diamond drilling
- Mapping of the property area focused on defining the lateral extent
and orientation of pegmatite dykes
- Detailed sampling and multi-element assaying of drill core and grab
samples
The drilling program will be used to define a volume of pegmatite material towards establishment of an inferred resource over a portion of the known extent of the lithium-bearing pegmatite covering a surface area of approximately 900 metres x 200 metres. The drilling will consist of a series of vertical and inclined holes on approximately 100 m centers. The drill holes will test the depth extent of the pegmatite to a depth of approximately 50 m -75 m.
Assaying will be completed at Accurassay of Thunder Bay, with sample preparation being done at TJCM of Chibougamau under specific control guidelines from the lab. Assay methodology is by ICP with a multi acid (MA) predigestion; lithium is the main element analysed for followed by an approximately 30-element suite, including a number of other rare-earth elements (REE) often associated with pegmatites.
Drilling, assaying and analysis associated with Phase I is expected to be completed by early in November.
The program is being managed by Mr. James McCann, P.Geo, who is a Qualified Person for this work and press release under the requirements of National Instrument 43-101.
A second phase program, which would be dependant on confirmation of size and lithium (and other potential economic element) grades of the pegmatites encompassing the phase I drill area, would commence after completion of phase one. This second phase would consist of volume determination of individual pegmatite dykes and overall pegmatite volumes through additional drilling, specific gravity analysis, and resource calculation, in addition to detailed Metallurgical testing on core material which would be required for market analysis and preliminary economic analysis.
The Cyr Lithium Prospect is located roughly 100 km due east of James Bay and 383 km north of Matagami, Quebec. In April 2008, the Company signed a Letter Of Intent with a group of optioners including Societe De Developpement De La Baie James to explore and develop the Prospect. The Cyr Property is of particular interest because of the large lateral extent of pegmatite outcrop on the property indicative of large tonnage potential. The property covers an area of roughly 19 square kilometers. Previous work on the property conducted in the 1970s defined an area of 45,000 square metres of outcropping spodumene pegmatite dykes. Approximately 75% of the pegmatite outcrops were sampled through percussion drilling and trenching with the dust material of 277 vertical short holes returning an average grade of 1.7% Lithium. Mapping conducted at that time implied a surface exposure of spodumene pegmatite dykes amounting to 121,500 tonnes per vertical metre grading at 1.7% Li2O. Based on these figures, a potential deposit with a depth of 100 metres was hypothesized containing in excess of 12 million tonnes of Lithium -bearing pegmatite.
Lithium is of growing interest as technology and interest in battery powered vehicles increases.
About Coniagas
Coniagas Resources Limited ("Coniagas") is a Canada-based resource company whose focus is to explore and develop mineral deposits throughout North America. The Company, created in 1906, is listed on the TSX Venture Exchange under the symbol CNY and as of August 27, 2007 has approximately 12 million shares currently outstanding and approximately 14.6 million shares fully diluted.
The Company's other current assets include a 40% equity ownership with St. Andrews Goldfields Limited, in a joint venture to explore certain mineral claims in Garrison, Michaud and Guibord townships in Ontario and a 100% interest in the former producing Nudulama (Missanabie Mine) property in the Wawa region of Ontario.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from this projected herein. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.