Canwealth Minerals Corporation commences drilling program

NEW YORK, MONTREAL, Aug. 31, 2011 /PRNewswire/ - Canwealth Minerals Corporation and partner ICBS Ltd., (OTCPK: ICBT),) announced today that it has commenced the first of three drilling programs. The first drilling site will be Golden Ridge. The company intends to be moving the equipment up to this first drilling site, on September 6th.The drilling program is expected to take two weeks to complete at each of the sites. Shining Star will follow, along with Lake View which will complete this year's program for the far north properties. If the weather holds, the company is expected to attempt to drill at Shadow Mountain which is located further south.

The company is now in the process of completing phase 3 for the deep exploration of holdings and other strategic locations in Northern Quebec. Core drilling is expected to continue through September to November, weather permitting, with assay and geology reports expected in late fall. Following those reports, the company will outline the claim locations for further development in early spring of 2012.

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. Recent chip sample assay results showed .40 gram per/ton Gold and 85.3 ppm Copper.

The Shining Star project is located in the Township of Sainte-Dominique-du-Rosaire, north of Amos Quebec in the prolific Abitibi Greenstone Belt. The Shining Star claim is 100% owned by Canwealth Minerals Corporation. It is comprised of 24 claim cells totaling 1,440 hectares or 3,560 acres. The 24 claim cells are located well within the Abitibi Green Stone belt zone of the Grenville orogeny. This geological formation is considered a highly favorable site for exploration for Gold, Silver, Copper, Nickel and PGE ( platinum group elements ).

The Lake View gold project is located in the Regional county of Abitibi 55 km northwest of Amos Quebec in the prolific Abitibi Greenstone Belt. The Lake view claim is 100% owned by Canwealth Minerals Corporation. It is comprised of 64 claim cells totaling 3,622 hectares or 8,951 acres. The 64 claim cells are located well within the Abitibi Green Stone belt zone of the Grenville orogeny. This VMS ( Volcanogenic massive sulfide ) formation is considered a highly favourable site for exploration for Gold, Silver, Copper, Nickel and PGE ( platinum group elements ).

The Shadow Mountain project is located in the Township of Ripon. The Shadow Mountain claim is 100% owned by Canwealth Minerals Corporation. It is comprised of 88 claim cells totaling 5,280 hectares or 13,047 acres. The 88 claim cells are located well within a VMS ( Volcanogenic massive sulphide ) zone of the Grenville orogeny. This geological formation is considered a highly favourable site for exploration for Gold, Silver, Copper, Nickel, PGE ( platinum group elements ) and REE ( rare earth elements ).

The company's current strategic direction is, to seek out properties/claims known to have high mineral value eg; 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 Canwealth Minerals Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED