Canwealth Minerals Corporation Completes First Drilling of Golden Ridge
NEW YORK and MONTREAL, Dec. 5, 2011 /PRNewswire/ — Canwealth Minerals Corporation and partner ICBS Ltd., (OTCPK: ICBT), is pleased to announce that recent drilling at the Company’s 100%-owned Golden Ridge has returned the best intercept drilled into the Golden Ridge deposit. Canwealth Minerals Corporation announced today that it has completed the first of three drilling programs.
We have completed the first preliminary core drilling of Golden Ridge. Assay results show presence of Gold and a substantial resource of base metals. Drilling had to be suspended because of winter conditions which hindered the water supply needed for drilling. The company is expected to re-enter Golden Ridge, weather permitting in early April 2012, when it will continue with its drilling program.
The Golden Ridge property is located in the Townships of Languedoc and Disson approx. 52 km northwest of Amos Quebec in the prolific Abitibi Greenstone Belt. The claim is 100% owned by Canwealth Minerals Corporation. It is comprised of 4 claim cells totaling 227 hectares or 560 acres. The 4 claim cells are located well within the Abitibi Green Stone belt zone of the Grenville province. This orogenic geological structure is considered a highly favorable site for exploration of gold and copper.
The following information is a projection of the possible values based on the results from assay core samples from Golden Ridge. Results represent only 3% of the claim area.
ELEMENT *MARKET PRICE **WEIGHT UNIT Value in CND Titanium $5.25 17621145 lbs. $92,511,011.00 Iron $180.00 104735 ton $18,852,300.00 Chromium $5.66 403817 lbs. $2,285,604.00 Copper $3.56 406754 lbs. $1,448,044.00 Vanadium $5.80 746696 lbs. $4,330,836.00 Gold $1,747.70 353.69 oz. $618,144.00 Manganese $1.36 4691629 lbs. $6,380,615.00 Aluminum $1.00 130837004 lbs. $130,837,004.00 Strontium $1.00 190299548 g $190,299,548.00 Nickel $8.22 213281 lbs. $1,753,169.00 Magnesium $1.33 72687000 lbs. $96,673,710.00 Cobalt $13.75 87224 lbs $1,199,330.00 ============= Total $547,189,317.00
*Prices are based on the most recent market data available.
**Is based on a minimum 80% recovery rate.
“The ongoing drilling successes are exciting but not surprising for this prolific district,” said Canwealth President Kelly Taylor. “However, we will have to expand our drilling program on Golden Ridge to enable us to determine the size of the mineral deposit.
The continuity of these deposits is well established and we are confident that we will continue to achieve strong results as we delineate this geological formation. The recent assay results continue to provide us with greater knowledge of understanding to unlock the potential value of our Project.”
Initial assayed surface samples proved out at .40 grams of Gold per ton from Golden Ridge.
The company’s current strategic direction is to seek out properties/claims known to have high mineral values; Gold, Silver, Copper, Nickel and REE (rare earth elements), which will lead rapidly to the advanced exploration and development stages.
ICBS is providing management and project funding.
Legal Notice Regarding Forward-Looking Statements:
Safe Harbour: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbour created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of ICBS Limited, to be materially different from the statements made herein.
SOURCE ICBS Limited