COMPLIANCE ENERGY CORPORATION - VANCOUVER ISLAND MINERAL EXPLORATION PROGRAM ANNOUNCED
TSX-V TRADING SYMBOL: CEC
VANCOUVER, Jan. 25 /PRNewswire/ - Compliance Energy Corporation is pleased to announce its 2011 Exploration Program with a budget totalling $1,250,000 (funded from existing working capital) including 3,500 meters of diamond drilling at its Camp Lake Property and its NIC Property, both located on Vancouver Island, BC.
The drilling program at Camp Lake and NIC Properties will begin after the snowmelt in the spring and receipt of all necessary exploration and drilling permits. This year's budget for Camp Lake is estimated at $325,000 and is planned to include approximately 1,000 metres of diamond drilling; and the budget for NIC is estimated at $925,000 and is planned to include approximately 2,500 metres of diamond drilling.
Camp Lake Project
The Camp Lake Property covers 3,442 hectares, is located 25 kilometres west of Campbell River British Columbia, 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 and related skarn copper-gold-magnetite mineralization on Vancouver Island.
During 2010, under the supervision of independent consulting engineer, Jacques Houle, P.Eng, the Company conducted ground based exploration consisting of prospecting geological mapping and soil and rock geochemistry. The Company collected 250 soil samples using a GPS controlled grid with a sample spacing of 100 metres by 100 metres, 23 select outcrop rock grab samples, and 18 representative outcrop rock chip samples.
The 2010 exploration program confirmed the existence of elevated values of Copper, Silver, Molybdenum and Iron in both outcrop chip samples and select grab samples of mineralization.
Bedrock exposures of massive magnetite were mapped over a 2 hectare area on the Camp Lake Property. The average magnetite content from twenty two samples of massive magnetite determined using the Davis Tube Recovery method is 82.5%. The average iron content in the magnetic fractions of the same sample set determined using the peroxide fusion assay method is 63.5%. Microscopic examinations supported by laboratory analyses also indicate that chalcopyrite, sphalerite, and pyrite occur within the magnetite, with the sulphide content ranging from less than 1% up to 25%. Concentrations ranging from 9 parts per million (ppm) to 1.49% Copper and 0.15 ppm to 19.2 ppm Silver occur within these magnetite samples.
In addition, an occurrence of disseminated to pod Copper sulphides was discovered approximately 120 meters to the north of the magnetite outcrops. Ten representative rock chip samples with lengths of 0.5 to 1.0 metres were taken from this showing and assay results ranged from 147ppm to 0.715 % Copper, including a continuous section of 2.5 meters averaging 0.53% Copper.
NIC Project
The NIC Property covers 7,533 hectares, is centered 10 kilometres southwest of Port Alice, British Columbia, and is underlain by block-faulted mafic volcanics of the Triassic Karmutsen Formation and interbedded volcanic, volcaniclastic and sedimentary rocks of the Jurassic Bonanza Group. These have been intruded by the Miocene-Pliocene age granodiorite to quartz diorite Klaskish Pluton, which is located in the north-central part of, and completely contained within, the NIC Property. Most other known metallic mineral deposits on Vancouver Island are associated with either Jurassic Island Plutonic or Eocene Mount Washington Intrusive Suite, so the NIC Property is unusual in that regard. However, Miocene-Pliocene age intrusives occur in Argentina and the Philippines as hosts of significant porphyry copper-molybdenum-gold and related skarn and epithermal deposits, so this may be a new opportunity on Vancouver Island. In the southwest portion of the property, the Jurassic Lois Pluton intrudes the Triassic-Jurassic volcano-sedimentary sequence.
During 2010, under the supervision of independent consulting engineer, Jacques Houle, P.Eng, the Company conducted multi-parameter airborne geophysics on the NIC Property, completing a total of 470 line kilometres. This airborne geophysical program was complimented by ground based exploration in order to identify drill targets for 2011.
Eighty-three stream moss mat samples were taken, 34 which contained elevated values in at least one target element, and 506 soil samples of which 108 samples showed elevated values in at least one target element. Eighty-two outcrop rock chip samples (14 representative and 68 grab) were taken, of which 48 yielded elevated values in a least one target and/or indicator element, and 26 yielded elevated values in at least two target and/or indicator elements.
The 2010 exploration program confirmed the existence of a previously indicated Cu/Mo porphyry system in the NIC North area. Highlights of a late season (2010) discovery on the NIC South area include five select rock chip samples from the discovery outcrop which yielded an average of 0.959 ppm Gold, 2.214 ppm Silver, and 2.22% Copper.
Mr. Dan Berkshire, an employee with the Company, will manage the 2011 Exploration Programs, and will be supervised by Jacques Houle, P.Eng, who is the Qualified Person for reporting purposes. Mr. Houle has supervised the preparation of the scientific and technical information in this news release and has approved such disclosure herein. All samples were sealed and shipped under the supervision of Mr. Houle for laboratory analysis by either of two independent laboratories in Vancouver, BC.
About Compliance Energy Corporation
Compliance Energy Corporation is a mining exploration and development company. Our primary holding is our interest in over 75,000 acres of coal and mineral rights on Vancouver Island, British Columbia, where we are focused on developing the Raven Underground Coal Project of which we hold a 60% interest. The remaining 40% is owned by I-Comox Coal Inc. a subsidiary of Itochu Corporation of Japan and by LG International Investments (Canada) Limited, a subsidiary of LG International Corp. of Korea.
The Company also owns a number of exploration properties 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.
Exhibition at Phoenix Resource Investment Conference
Compliance Energy Corporation will be exhibiting at the Phoenix Resource Investment Conference, February 18 - 19, 2011 at the Renaissance Glendale Hotel and Spa, 9495 W.Coyotes Boulevard, Glendale, AZ. Please visit us at Booth 113 to meet with management.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
John Tapics
Chief Executive Officer
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.
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements.
SOURCE Compliance Energy Corporation
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