NEW YORK, MONTREAL, Dec. 13, 2011 /PRNewswire/ - Canwealth Minerals Corporation and partner ICBS Ltd., (OTCPK: ICBT), announced today the second assay reports of the core drilling of Shadow Mountain which have been assayed by AGAT Laboratories of Mississauga Ontario.
The latest assay results from AGAT Laboratories in Ontario , using lithium borate fusion for REE ( rare earth elements ) values are consistent with past sample results for Shadow Mountain.
The cerium values are in the range of 185 ppm with gold and base metal credits. It indicates an inferred resource of approximately 25m tons of mineable ore containing approximately 10.2 million lbs. of cerium. Commercial applications of cerium are numerous. They include catalysts, additives to fuel to reduce emissions and to glass and enamels to change their color. Cerium oxide is an important component of glass polishing powders and phosphors used in screens and fluorescent lamps. The estimated possible value is as follows.
Element Units Market Price Inferred Resource *(000) Units Inferred Resource Value $ CAD
Cerium 185 ppm $48.00 *10,700 lbs. 513,600,000.00
Lanthanum 78.4 ppm 25.00 *4,317 lbs. 107,925,000.00
**AL2O3 9.03 % $1.00 *4,515,000 lbs. 4,515,000,000.00
Chromium 110.6 ppm $5.66 *6,090 lbs. 34,469,400.00
Gold .005 ppm $1667.00 4421 oz. 7,369,807.00
**Fe2O3 10.33 % $180.00 2,582,500 tons 464,850,000.00
**MgO 3.32% $1.33 *1,660,000 lbs. 2,207,800,000.00
**MnO .164% $1.36 *8,200 lbs. 11,152,000.00
Nickel 16.62 ppm $8.22 *915 lbs. 7,521,300.00
Strontium 149.1 ppm $454.00 *8,210 lbs. 3,727,340,000.00
Vanadium 51.9ppm $5.80 *2,857 lbs. 16,570,600.00
$11,613,598,107.00
Prices are based on the most recent market data available.
** Results are based on lithium borate fusion - summation of oxides.
Figures are based on an inferred resource estimate of 25 million tons
This coming spring, Canwealth will continue with its deep core drilling program to map out the complete grid to enable the company to have geology reports that will indicate where the first stages of the mining process should begin. The company is expecting the program to be completed by the fall of 2012.
The Shadow Mountain claim is 100% owned by Canwealth Minerals Corporation. It is comprised of 90 claim cells totaling 13344 acres. The 90 claim cells are located well within a VMS ( Volcanogenic massive sulphide ) zone of the Grenville orogeny. This geological formation is considered a highly favorable site for exploration for gold, silver, copper, nickel, PGE ( platinum group elements ) and REE ( rare earth elements) Canwealth Minerals Corporation is a gold and base metals exploration company with registered claims with the Ministère des Ressources Naturelles et de la Faune of Quebec.
Canwealth Minerals Corporation - is an exploration and mining company actively searching for gold and base metal ore deposits in Quebec. At the present time the company holds 7 Mining properties (248 Claim cells) in North Central Quebec's Abitibi region and South Western Quebec for a total of 35,850 acres under management and is 100% owned by Canwealth Minerals Corp. The management is committed to building Canwealth Minerals Corporation into a profitable resource company by maximizing shareholder value through exploration of its high quality properties in Quebec. The company's current strategic direction is to seek out properties/claims known to have high value Gold targets which will lead rapidly to the advanced exploration and development stages.
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
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