GeoNovus Minerals Corp.
TSX VENTURE : GNM

GeoNovus Minerals Corp.

September 06, 2012 10:40 ET

GeoNovus Receives Positive Drill Results at Its Red Hills Porphyry Copper Project, Arizona

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2012) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") is pleased to announce positive results from its drilling program at the Red Hills porphyry copper property in south central Arizona. The target area lay in the western portion of the property position under post mineral cover rocks nearly one kilometer west of outcrops of locally altered and mineralized rocks exposed at Red Hills. The drilling has confirmed the presence of a fault-displaced portion of a porphyry system under sedimentary cover, including two separate intercepts of 0.39% Cu over 9.75 meters and 0.42% Cu over 11.8 meters, respectively.

In 2008, RC drill hole RH-2 intersected Tertiary sedimentary rocks containing clasts with intense porphyry alteration and copper mineralization before termination at 622 meters (2,040 ft.). In 2012, drill hole RH-2 was re-entered using a combination of RC and core drilling under contract with National EWP (Gilbert, Arizona), with the objective to extend the hole into underlying mineralized target rocks (see news release, June 21, 2012). After RC drilling to clear the hole to 622 meters, casing was set and the hole was re-entered with an HQ diameter core rig. Coring began at 623 m and encountered coarse-grained granite that regionally correlates to the Precambrian Ruin granite. The granite is weakly to moderately altered and mineralized with sheeted quartz-pyrite-chalcopyrite veins. The veins range from 0.5-2 mm in width, and vary in density from 3-30 veins/meter. Copper mineralization consists of chrysocolla after chalcopyrite in veins and as Cu-bearing clays after plagioclase, and black copper oxides initially confirmed by field geochemical tests and by handheld XRF. The close spatial relations of the various secondary copper minerals to the oxidized primary sites suggest that the assays are a reasonable representation of primary copper values in the granite. Below a fault contact at 727 meters (2,386 ft), granodiorite with veins of quartz-iron oxide (after pyrite) was intercepted, which continued to the end of the hole at 806.5 meters (2,646 ft.). Mineralized intervals over 0.1% Cu are summarized in the table below, and images of the core can be seen at www.geonovusminerals.com.

Core Hole RH-2 Red Hills, Arizona
From, meters To, meters Interval, meters* Average % Cu
623.0 648.3 25.3 0.31
including 9.75 0.39
660.5 666.6 6.10 0.12
681.7 727.2 45.5 0.23
including 11.8 0.42
* An absence of structural and geological contacts precludes an estimate of true thickness.

The drill core was sawed in half and sampled at roughly 1-3 meter intervals, then delivered by truck to ALS-Chemex (Reno, Nevada) for sample preparation, after which sample pulps were shipped to the ALS Minerals facility in North Vancouver, B.C. for assay. ALS Minerals has ISO 9001:2008 and ISO 17025 accreditation as per the Standards Council of Canada. Copper assays were obtained using ICP-AES after a prepared sample (0.25 g) is treated by four acid digestion followed by HCl leach (ALS protocol ME-61). The samples were submitted with blanks and standards inserted into the sample stream.

Drill hole RH-2 intercepted greater degrees of alteration than that exposed in outcrops on the east of the property, and with a greater vein density that suggests the core of the porphyry system lies to the west. The drill and assay data from RH-2 will be assessed in further detail with the objective of prioritizing drill-permitted areas on the western portion of the property for further drilling.

The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., Technical Advisor to GeoNovus Minerals and qualified person as defined by National Instrument 43-101.

GeoNovus has an option agreement with Inmet Mining Corp. to explore the Red Hills porphyry copper project, with GeoNovus holding its interest under a mining lease agreement with Eurasian Minerals Inc. through its wholly-owned subsidiary Bronco Creek Exploration Inc. Eurasian Minerals has acted as manager for the work programs at Red Hills.

GeoNovus Minerals Corporation (TSX VENTURE:GNM) is a junior exploration company actively seeking mineral and energy development opportunities for the benefit of all our stakeholders, with three active porphyry copper exploration projects in Arizona.

Eurasian Minerals Inc. (NYSE MKT:EMXX)(TSX VENTURE:EMX) is a global gold and copper exploration company utilizing a partnership business model to explore the world's most promising and underexplored mineral belts. EMX currently has project interests in eleven countries on five continents, and generates wealth via grassroots prospect generation, strategic acquisition, and royalty growth.

Inmet Mining Corporation (TSX:INM) is a Canadian-based global mining company that produces copper, and zinc, with operations in Turkey, Finland, and Spain.

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.

Neither 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