Discovery Ventures Inc. Files Notice of Work for Willa
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 25, 2014) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV) ("Discovery" or "the Company"), is pleased to announce that it has recently filed a notice of work ("NOW") application with the provincial government of British Columbia to conduct underground exploration activities at the Willa Project. The proposed work is intended to focus on: i) re-opening the existing adit portals (currently closed), ii) repair and maintain the existing adit drainage systems and iii) to conduct underground percussion drill sampling of some of the mineralized zones within the Willa Resource. The underground work is expected to be conducted over the course of a 30-day period and will also provide an opportunity to assess ground conditions of the workings.
Willa NOW Application
The existing underground development at Willa is extensive and provides immediate access to the mineralized zones of interest such that no new underground development is required for this planned work. New composite samples will be submitted for detailed metallurgical testing and characterization of concentrates and tailings products. The results of this testing are expected to be used when preparing future applications for permitting for the WillaMAX Project.
Reopening of the adits and existing workings will also provide an opportunity for a more detailed assessment of geotechnical conditions, which may influence final design of stoping areas as outlined in the WillaMAX Preliminary Economic Assessment (PEA) released May 26, 2014 as amended June 20, 2014 prepared by Wayne M. Ash, P.Eng.
The activities proposed under the NOW application are expected to be used by the Company to confirm and refine the Company's plans for the future exploration and development of the Willa Project.
Willa Core Samples Preserved
Similar to many historic exploration campaigns on other properties, much of the old diamond drill core from the Willa Project has been lost over time. However, core drilled in 2004 from the Willa Project was recently located at another mine site north of Revelstoke, BC and it has now been relocated for ease of access and storage to the MAX Mine site. The 2004 diamond drill core is a valuable reference sample for the Willa Project, and management is pleased that this core was recovered and now stored in good condition.
About Discovery
Discovery is an exploration and development stage company focused on the WillaMAX project which is prospective for gold. A summary of the project is provided in a recent WillaMAX Preliminary Economic Assessment (PEA) released May 26, 2014 as amended June 20, 2014 prepared by Wayne M. Ash, P.Eng. The WillaMAX project would combine the Willa copper-gold resource with processing facilities at the MAX Mine, both located in south east BC. Due diligence is underway for project financing that is anticipated to facilitate the completion of key acquisitions and advance engineering and permitting work for both sites. The MAX Mine acquisition includes existing permits, a modern mill & concentrator and sizeable tax loss pools.
Wayne M. Ash, P. Eng., a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects who has an arm's length relationship with the Company, has read and approved the scientific and technical disclosure in this news release, and consents to the public filing of this news release, to be released August 19, 2014.
On behalf of the Board of Directors,
Akash Patel, President, CEO and Director, Discovery Ventures Inc.
This press release contains forward-looking information that involve various risks and uncertainties regarding future events, including statements regarding the work to be conducted on the WillaMAX project. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the mineral exploration industry in general; and (iii) the inability of Discovery to complete the project financing. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery does not intend to update these forward-looking statements.
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.