VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - Cassius Ventures Ltd. (TSX VENTURE:CZ) (the "Company") is pleased to announce initial sampling results from the León project, located in western Nicaragua.
Detailed mapping has shown the existence of a porphyry in the Cerro Rojo area, on the western side of La Leonesa, the largest concession within the León project area. Geochemical sampling results from the porphyry indicate an association of gold, silver and molybdenum mineralization observed on higher valued rock grab samples, assaying 6.26 g/t Au, 77.8 g/t Ag and 0.049% Mo.
Within León, three areas are being developed with encouraging gold assay results: Cerro Rojo, Las Mercedes, and Santa Barbara. All 3 areas continue to have extensive soil, rock sampling, prospecting and mapping carried out.
John Thomas, President and CEO, added, "The initial results from sampling and mapping in the León project area has proven to be very encouraging in terms of identifying several significant targets for further exploration. In particular, with the planned Induced Polarization survey scheduled to take place in Cerro Rojo, the Company hopes to identify the favorable targets for trenching and drilling in the coming months."
Cerro Rojo
Cerro Rojo, located in the northwest part of León and west of El Sauce, contains an occurrence of intermediate quartz-feldspar porphyry that is oxidized and argillitized. Mapping of the porphyry indicates coverage of approximately 6 km² of porphyry with oxidation, argillitization, quartz veinlets, brecciation, and traces of 1% to 2% pyrite.
Stream sediment sample anomalies guided the exploration to this area with the collection of 1,058 soil samples and 148 rock samples at outcrops. Soil sampling was carried out on grids oriented N 030°E over line lengths of 4.5 km and with samples taken every 100 m, covering 21 km² of sampling overall.
As a result of the soil sampling, 17 anomalous Au values were discovered ranging from 40 ppb Au to 125 ppb Au. A correlation exists with Mo and Cu with values reaching 58 ppm Mo and 55 ppm Cu. Rock sampling resulted in the discovery of 10 anomalous gold values, most of which range from 51 ppb to 622 ppb Au, with one sample returning a value of 6,264 ppb Au.
Rock sampling also returned anomalous values with respect to copper, molybdenum and silver with values reaching 492 ppm Mo, 97 ppm Cu and 77.8 g/t Ag respectively. An Induced Polarization ("IP") program for the area is being planned to cover an area of 11 km² with lines every 200 m and lines of 3.5 km in length.
Las Mercedes
Las Mercedes, on the east side of León and southeast of El Sauce, contains gold anomalies occurring near a northwest trending structural lineament. A total of 247 soil samples were collected with 25 samples returning anomalous values ranging from 50 ppb Au to 196 ppb Au.
The anomalous gold values have corresponding Cu and Mo values in the soils with values attaining 92 ppm Cu and 60 ppm Mo respectively. Initial mapping in the area of the Au soil geochemical anomalies has outlined areas with quartz float blocks and located one old underground working with quartz veining and stockwork mineralized with pyrite, chalcopyrite and galena.
Outcrop mapping, mapping of old underground workings and further sampling is scheduled to be carried out in the next month.
Santa Barbara
At Santa Barbara, just west of El Sauce, six rock samples gave gold assays greater than 0.275 g/t Au. The samples were taken on surface quartz float blocks and the source of the blocks is being followed up with prospecting.
Further updates will be provided in due course.
On behalf of the Board of Directors
John A. Thomas P.Eng, CEO and President
Eddy Canova, P.Geo., consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.
This news release contains forward-looking information (within the meaning of Canadian securities laws) about the Company and its future plans. Forward-looking information reflects management's expectations or beliefs regarding future events rather than historical facts, and in this news release includes, without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that forward-looking statements will prove to be accurate, and actual results could differ materially from those expressed or implied by the forward-looking statements.
Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) the Company's ability to discover minerals in commercially feasible quantities in Nicaragua; (2) the Company's ability to raise the necessary financing for ongoing operations and to complete any acquisitions or pursue any planned exploration programs; (3) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (4) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations; (5) certain price assumptions for gold; (6) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (7) the accuracy of current mineral resource work and studies on the Company's property; and (8) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Reference to the section entitled "Risks and Uncertainties" immediately preceding this section.
Neither the 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.
Contact Information:
Anthony Zelen
778-388-5258
anthony@senergyir.com
www.senergyir.com