GeoNovus Minerals Corp.

TSX VENTURE : GNM


GeoNovus Minerals Corp.

May 15, 2013 08:00 ET

GeoNovus Acquires Mink Lake Claims, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2013) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") announces it has acquired the Mink Lake property located in Chabanel Township, Sault Ste Marie Mining Division, Ontario. This initial acquisition consists of two claim units (23 hectares) located approximately five kilometers northeast of the town of Wawa. GeoNovus is in negotiations for the surrounding land package as well.

The Mink Lake claims are situated within the Michipocoten Greenstone Belt, in a broad corridor of variably structurally deformed rocks that host a high frequency of gold occurrences as well as past produces. The area was originally worked in the 1930's where a gold horizon was discovered within an arsenopyrite-pyrite iron formation. A shallow drill campaign by Canadian Erie Mines in 1936 reported four holes with the following gold intersections: 3.12g/t over 8.5m, 29.65g/t over 2.2m, 3.43g/t over 4.6m and 5.61g/t over 1.5m (H.P. Hutteri, P.Geo., 2004. Exploration Report on the Mink Lake Gold Property, Chabanel Township, Sault Ste. Marie Mining Division, Ontario, Rept.#2.28551, 16p.).

Noranda Exploration, in 1986, carried out a 14 diamond drillhole program which confirmed the earlier results and recommended additional work to test the zone along strike and at depth. Due to the state of the industry at the time, this work was never carried out and the zone remains open in all directions (D.Parker, 1987. Project No. 1136, Hemlo, Ontario).

To acquire these two claims GeoNovus will issue 100,000 shares of the Company plus grant a 2% NSR to the vendors, of which the Company can purchase back 1% for $1 million.

The technical contents of this release were approved by Paul D. Gray, P.Geo., Director of GeoNovus Minerals and qualified person as defined by National Instrument 43-101.

GeoNovus Minerals Corp. is a junior exploration company actively seeking mineral opportunities for the benefit of all of its stakeholders.

ON BEHALF OF THE BOARD

Michael England, President

Forward-Looking Statement:

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of GeoNovus Minerals Corp. Actual results may differ materially from those currently anticipated in such statements.

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.

Contact Information

  • GeoNovus Minerals Corp.
    Michael England
    President
    1-604-683-3995 or Toll Free: 1-888-945-4770
    1-604-683-3988 (FAX)
    www.geonovusminerals.com