GeoNovus Minerals Corp.
TSX VENTURE : GNM

GeoNovus Minerals Corp.

January 07, 2014 12:33 ET

GeoNovus Grants Right of First Refusal to Argonaut Gold on Mink Lake Gold Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 7, 2013) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") announces it has granted a right of first refusal (ROFR) to Argonaut Gold ("Argonaut") (TSX:AR) on the Company's 100% owned Mink Lake project located near Wawa, Ontario. The ROFR was granted as a result of a work program assisted by Argonaut geologists on the Mink Lake project in Q3, 2013. Results are expected in the near future and will help guide the next phase work program that will commence in early 2014.

The Mink lake project is located approximately five kilometers northeast of the town of Wawa, and 35 kilometers southwest of the Magino Gold Project that is presently under advanced assessment by Argonaut, who recently announced results of a pre-feasibility study that includes a probable reserve of 1.746 million ounces of gold in 60.2 million tonnes, at an average grade of 0.90 g/t Au and cut-off of 0.31 g/t Au (see Argonaut news release, December 17, 2013).

The surface reconnaissance and sampling program focused on the central region of the property, where historic gold showings and limited drilling had previously been reported. On the southeast shore of Mink Lake, a shallow drill campaign in 1936 reported four holes with the following intersections: 3.12 g/t over 8.5 m, 29.6 g/t over 2.2 m, 3.43 g/t over 4.6 m and 5.61 g/t over 1.5 m. A diamond drill hole program in the late 1980's that tested a contact between a felsic intrusive and sheared metamorphic rocks intersected 2.9 g/t over 8.0 m, 2.3 g/t over 8.5 m including 3.7 g/t over 3.0 m and 1.7 g/t over 5.l m. The best intercept of 6.5 g/t over 3.0 m was obtained from the deepest hole of that program, and the mineralization remains open (Hutteri, 2006. Sampling Report on the Mink Lake Gold Property, Chabanel Township, Sault Ste. Marie Mining Division, Ontario, Rept.#2.32598, 14p.). True thicknesses for historic drilling cannot be determined from the available data. Additional historic data at the Boliden showing located 1.7 km southwest along strike with the lithologic contacts reported 11.64 g/t Au, and a 64.5 g/t Au showing was reported one kilometer northwest of the historic drilling (Ontario Geological Survey, 1991, MDI File MDI42C02SW00005; MDI42C02SW00006).

The technical contents of this release have been reviewed by Tom E. McCandless, Ph.D., P. Geo., Technical Advisor to GeoNovus Minerals and 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