Terms of the acquisition have Cavan making cumulative payments of $75,000 and issuing one million common shares of the company over two years.
The claims cover about 1140ha of ground adjacent to the Asbury Graphite Mine, and a large unexplored mag anomaly identified on Gestim online.
The Asbury Graphite Mine area is located 30km south of the TIMCAL graphite mine, one of only two currently producing graphite mines in Canada.
An earlier sampling program by Graphex Mines in the prospect outlined a bed with graphite content ranging from 20 to 35% carbon where the general host geology of the Asbury Graphite mine is crystalline limestone/marble, pegmatites and quartzites.
The ground is located within the Grenville metasedimentary belt of rocks which have numerous graphite occurrences.
