Cavan Ventures Inc. (TSXV:CVN) announced that it has acquired the Quebec-based Tetepiska graphite property, which is situated 24 kilometers southwest of Mason Graphite Inc.’s (TSXV:LLG) Lac Guéret graphite project.
In exchange for the property, Cavan will pay $12,234 and issue 2 million shares over a period of 48 months.
As quoted in the press release:
The 100%-owned Tetepiska property includes 54 mining claims covering 2,925.72 hectares. Two timber roads provide good access to the eastern part of the property, and the western part is accessible by boat or by gravel road. Graphite was first discovered at Tetepiska on a small cliff overhanging the eastern shore of Tetepiska Lake, with a historical grab sample returning 58.1% Cg. Graphite mineralization in the area is controlled by the Nault Formation, the equivalent of the Menihek Formation of the Knob Lake Group that is part of the Grenville Metamorphic Province. The Nault formation is composed of meta-sedimentary rocks, largely as paragneisses. Three types of graphite have a particular distribution within the Nault Formation. A macrocrystalline type is associated with quartz-feldspar schist, whereas microcrystalline and amorphous vein-type graphite are found in meta-mudstone.