GeoNovus Minerals Corp.

TSX VENTURE : GNM


GeoNovus Minerals Corp.

April 03, 2014 08:00 ET

GeoNovus Drilling to Begin at Corona Gold Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2014) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") announces that it has received permits and will begin drilling at its Corona Gold Project, located three kilometers northeast of Webbwood, Ontario. The Company will conduct up to 5,000 meters of core drilling along a northeast-trending structure that include the historic Shakespeare Gold Mine. The Shakespeare Mine has operated intermittently since 1905 and produced 2,062 ounces of gold from 8,590 tons of material between 1905 and 1907. More recent grab sampling in the mine area reported 1.12-1.85 ounces per ton over an average width of one meter (Ontario Geological Survey Mineral Deposits Circular 18, 1979, part 2, 294p.). Drilling is anticipated to start within ten days.

The Corona Gold Project covers roughly 1,520 contiguous hectares, with the Shakespeare Mine in the southwestern portion of the claim group. The mine is situated in northeast-trending ~2.4 billion-year old schistose quartzite and greywacke that dips steeply to the south. The claim package encloses the ENE-trending Matinenda Formation that hosts mineralization, including the down-dip projection of the ore zone at the Shakespeare Mine. In-house reports and data acquired with the property (see news release, November 7, 2013) included a pole-dipole induced polarization (IP) survey conducted in 2012, in which twelve short, north-south lines were run across the surface extension of the mineralized zone for a total of 2.87 line-kilometers. According to the report, pseudo-sections generated from the pole-dipole IP survey appear to outline the trend of mineralization and can be traced in both directions along strike. The gold-bearing horizon appears to respond well to IP due to meter-wide zones of disseminated pyrite associated with quartz veins with surrounding shearing and alteration. Drilling will be focused to target these zones of high chargeability, and oriented to intersect the apparent down-dip and along strike extension of mineralization observed at the Shakespeare Mine.

President & CEO Michael England states, "We are very excited to begin drilling on the Corona Gold Project. Our review of data acquired with the project suggests that the mineralization at the Shakespeare Mine continues along strike from the historic workings, and we will pursue that drilling in our present program. Additionally, the Shakespeare Mine area is only a small portion of the total potential of the Corona Project, and we anticipate a busy 2014 field season as we explore other historic workings along the trend."

The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

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 Inc. 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