Compliance Energy Reports Camp Lake Project Exploration Results
TSX-V TRADING SYMBOL: CEC
VANCOUVER, Feb. 21, 2012 /PRNewswire/ – Compliance Energy Corporation (“Compliance” or the “Company) is pleased to report the assay results
of 9 diamond drill holes from the Company’s drilling program at the
Camp Lake project, approximately 25 kilometres west of Campbell River,
British Columbia. Highlights of the 2011 drilling program includes hole
11-CL-08, which returned an 8.9 metre (29 foot) intercept of 58.36%
magnetic iron, and 1151 ppm (0.1151%) Cu and hole 11-CL-06, which returned an 8.4 metre
(26 foot) intercept of 41.35 % magnetic iron, 695 ppm (0.0695%) Cu
(copper) and 522 ppm (0.0522%) Zn (Zinc).
Camp Lake 2011 Exploration Program and Assay Results
During 2011, Compliance completed 9 holes totaling 644 metres of diamond
drilling testing the Spur Magnetite and Junction Copper showings.
Compliance also completed prospecting, geological mapping and soil and
rock geochemistry on the Camp Lake property including 466 soil and 20
rock samples. Much of the property remains unexplored.
Significant drill intersections are noted above and in the following
table along with UTM collar locations:
HoleNumber Easting Northing Elevation From To Interval Fe% Sulphur Ag Cobalt Cu Zn
(m) (m) (m) (m) (1) magnetic % g/t ppm ppm ppm
11-CL-01 313883 5531103 886 45.9 47.3 1.4 0.43 1.92 31.5 761 67
11-CL-02 313751 5530976 883 2.1 6.9 4.7 39.03 2.11 0.25 40.4 284 51
including 2.1 5.3 3.2 52.62 1.57 0.28 36.8 227 56
and 74.4 77.4 3.0 1.16 1.98 27.7 175 39
no
11-CL-03 313755 5530980 883 significant
values
11-CL-04 313756 5530979 883 8.8 11.3 2.4 14.11 2.54 0.09 107.2 473 59
and 66.2 69.2 3.0 0.30 0.36 36.1 843 778
11-CL-05 313736 5530920 878 1.5 2.1 0.6 18.01 0.41 0.94 16.0 104 145
11-CL-06 313783 5530923 882 7.5 15.9 8.4 41.35 2.96 1.98 113.4 695 522
and 29.9 36.0 6.1 0.25 0.20 8.9 79 594
11-CL-07 313749 5530886 873 5.4 7.5 2.1 20.42 5.92 0.72 172.2 2186 125
11-CL-08 313739 5530841 870 0.9 9.8 8.9 58.36 2.15 0.53 107.7 1151 162
including 0.9 6.1 5.2 63.32 1.19 0.43 58.0 353 138
and 6.1 9.8 3.7 51.30 3.52 0.66 178.5 2288 195
and 30.6 32.0 1.4 0.84 0.92 59.4 1482 208
11-CL-09 313735 5530791 861 2.0 5.8 3.8 20.26 2.25 1.09 67.3 959 3287
including 3.2 4.3 1.1 55.98 1.58 0.47 62.5 418 212
and 8.5 9.1 0.7 0.37 0.56 39.2 330 986
and 27.0 27.5 0.4 8.64 4.84 1.67 289.2 2291 137
(1) - True widths have not been calculated at this time.
Prospecting and grid-based geochemistry work completed at Camp Lake in
2011 included the discovery of two new copper-silver showings in
outcrop, and three new areas of multi-element soil geochemistry
anomalies. One of the soil anomaly areas contains elevated values in
silver, arsenic, cobalt, copper and zinc over a 250 metre diameter
area, similar in size and geochemical signature to the Spur Magnetite
target. The two other soil anomaly areas contain elevated values of
silver, copper, molybdenum and/or zinc. Possible bedrock sources of
these soil anomalies have yet to be located.
Project Mineralization
The Camp Lake Property covers 3,442 hectares and is situated on the
flank of an intense circular aeromagnetic high measuring 10 kilometres
in diameter. This aeromagnetic high is centered on a granodiorite stock
of the Jurassic Island Intrusive Suite, which intrudes a NW-SE trending
graben structure containing a preserved, gently NE-dipping Triassic to
Cretaceous volcano-sedimentary sequence, which includes the Triassic
Quatsino limestone unit. Along the western side of the intrusive stock
sits a pendant of Jurassic Bonanza volcanics, underlain by Triassic
Quatsino limestones. Dikes and sills of the Eocene Mount Washington
Intrusive Suite may also be present. This geological setting is
considered ideal for porphyry copper-molybdenum and related
polymetallic magnetite-copper-zinc skarn mineralization on Vancouver
Island.
The Spur Magnetite Zone is exposed, mapped and sampled in outcrop and
delineated by diamond drilling over an area of 250 metres by 75 metres,
and is open both to the south and the east. The Zone appears to be
gently south dipping, is partially eroded and ranges in thickness from
approximately 2 to 9 metres. Mineralization is described as a black,
yellow and brown, highly magnetic and zoned magnetite-copper-zinc skarn
containing disseminated to massive magnetite, with variable garnetite,
actinolite, quartz-calcite stringers, and sulphide stringers and
clusters mainly pyrite, pyrrhotite, chalcopyrite and sphalerite.
Quality Assurance/Quality Control
All core samples, along with geochemical blanks and standards, as well
as all rock and soil samples taken in 2011 from the Camp Lake Property
were transported in batches by bonded transport carriers from Campbell
River, BC or Nanaimo, BC to Inspectorate Mining and Exploration Service
Ltd.’s facility in Richmond, BC where they were received, prepared, and
analyzed using their 50-4A-UT ICP multi-element and Au-1AT-AA gold
methods. All samples with greater than 10% iron (Fe) from ICP analyses
were re-analyzed by Inspectorate using the Davis Tube method to
determine magnetic iron %.
Jacques Houle, P.Eng. is the independent, qualified person pursuant to
the requirements of NI43-101 for the NIC Property acting on behalf of
Compliance Energy Corporation, and has reviewed the contents of this
news release.
On behalf of the Board of Directors,
COMPLIANCE ENERGY CORPORATION
John Tapics
Chief Executive Officer
About Compliance Energy Corporation
Compliance Energy Corporation is a mineral exploration and development
company. Our primary holding is our interest in over 31,000 hectares of
coal rights on Vancouver Island, British Columbia, where we are focused
on developing the Raven Underground Coal Project with our joint venture
partners, I-Comox Coal Inc. (a subsidiary of Itochu Corporation of
Japan) and LG International Investments (Canada) Limited (a subsidiary
of LG International Corp. of Korea).
We also hold a number of mineral exploration properties totaling over
22,000 hectares on Vancouver Island, BC which are 100% owned by the
Company, some subject to certain royalty requirements. Our shares trade
on the TSX Venture Exchange under the symbol CEC and investor
information is available on our web site at www.complianceenergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the Policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of
applicable Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements that address activities,
events or developments that the Company expects or anticipates will or
may occur in the future, future mineral exploration activities, future
business strategy, competitive strengths, goals, expansion, growth of
the Company’s businesses, operations, plans and with respect to
exploration results, the timing and success of exploration activities
generally, permitting time lines, government regulation of exploration
and mining operations, environmental risks, title disputes or claims,
limitations on insurance coverage, timing and possible outcome of any
pending litigation and timing and results of future resource estimates
or future economic studies. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”,
“planning”, “planned”, “expects” or “looking forward”, “does not
expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”,
“potential”, “anticipates”, “does not anticipate”, or “belief”, or
describes a “goal”, or variation 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.
Forward-looking statements are based on a number of material factors and
assumptions, including the receipt of necessary regulatory approvals,
that counterparties to material agreements will duly perform their
obligations there under, the results of drilling and exploration
activities, that contracted parties provide goods and/or services on
the agreed timeframes, that equipment necessary for exploration is
available as scheduled and does not incur unforeseen break downs, that
no labour shortages or delays are incurred, that plant and equipment
function as specified, that no unusual geological or technical problems
occur, and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or achievements
to be materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or implied
by the forward-looking statements. Such factors include, among others,
the interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be
refined; future prices of minerals; possible variations in grade or
recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of
exploration, as well as those factors disclosed in the company’s
publicly filed documents. Although the Company has attempted to
identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements 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 statements.
SOURCE Compliance Energy Corporation
