GeoNovus Minerals Corp.

TSX VENTURE : GNM


GeoNovus Minerals Corp.

January 09, 2014 08:00 ET

GeoNovus Reconnaissance Samples Up to 12 Grams Per Tonne Gold at Mink Lake Gold Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 9, 2014) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") is pleased to announce results of a sampling program at their 100%-owned Mink Lake Gold Project, located 35 kilometers southwest of the Magino Gold Project that is presently under advanced assessment by Argonaut Gold ("Argonaut") (TSX:AR), 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). At Mink Lake, reconnaissance sampling has confirmed historic showings on the property and identified new areas of interest, with several samples assaying over 1 g/t Au including a high of 11.9 g/t Au from a float sample.

GeoNovus President and CEO Michael England states "The Mink Lake Project has seen limited exploration, in spite of having a geological setting that is favourable for gold mineralization. Our sampling has both confirmed historical gold assays, and identified the potential for mineralization along strike at the kilometre scale. We anticipate an active winter program with ground geophysics along the projected mineralized zone, as well as drilling at the historic Mink Lake drill site where mineralization remains open in all directions."

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 2013 program was managed by Mr. Don McKinnon, Technical Advisor to GeoNovus, with assistance provided by geologists from Argonaut's nearby Magino gold project. In exchange for a formal report and analytical costs, Argonaut has been granted a right of first refusal for participation in the Mink Lake project (see news release, January 7, 2014).

A total of 66 rock grab and float samples were collected from five areas of interest (AOI) that were identified on the basis of favourable outcrops and/or historic showings. All five areas reported assays exceeding 0.4 g/t Au, and nine samples exceeded 1.0 g/t Au. At the Mink Lake AOI, ten samples were collected from historic trenching as well as surface outcrops and returned the highest assay of 11.9 g/t Au. The Boliden AOI is 1.7 kilometers southwest of Mink Lake, with the second highest assay of 9.18 g/t Au of eleven samples total. In addition to having the highest assays, the Mink Lake and Boliden AOI's are in tuffs and related felsic lithologies and are along strike with the roughly southwest-trending lithostratigraphy. These results suggest that a potentially continuous zone of mineralization may extend southwest from Mink to Boliden, and will be further explored with ground geophysics in the coming months.

Roughly 400 meters north of Mink Lake, the North AOI includes 23 samples collected over an east-west transect of roughly one kilometre, with three samples exceeding 1 g/t Au. The South AOI is 800 m south of Mink Lake with 2.82 g/t Au as the best of eight samples. The West AOI is 1.5 kilometers west of Mink Lake and reported a high of 0.09 g/t Au from fourteen samples. Further sampling will be conducted to better delineate zones of mineralization in these areas.

Highlights of the 2013 sampling program are summarized in the table below, and maps showing sample locations are available at www.geonovusminerals.com.

Area of Interest
(
see maps)
Au* g/t UTM** Easting UTM** Northing Sample Description
(
modal estimates are by volume)
Mink Lake 11.9 668061 5323349 Gossanous sulfides with quartz veining; float from historic trench
6.60 668051 5323339 Gossanous pyritic material with white shattered quartz vein
2.46 668067 5323357 Gossanous pyritic material
Boliden 9.18 666536 5322712 85% sulfides with 15% quartz
2.21 666530 5322704 80% by volume fine-grained pyrite in felsic tuff
North 2.61 666963 5323930 Grey quartz vein 15 centimeters thick
1.11 666963 5323930 Foliated intermediate volcanics with 8% pyrite
1.03 667312 5323991 Quartz vein material, float from historic trench
South 2.82 667639 5322730 Felsic volcanic with quartz veining, silicification, sericite alteration
*results are for rock grab samples unless noted. **NAD83 Z16U.

The samples were submitted to Actlabs (Ancaster, ON) for sample preparation and gold assays were obtained on 50-gram aliquots using protocols Code 1A2-50-Sudbury Au-Fire Assay AA, 1A3-50-Sudbury Au-Fire Assay Gravimetric, and 1A3-Sudbury Au-Fire Assay Gravimetric. For samples exceeding 3 g/t Au, either Code 1A3-Sudbury Au-Fire Assay Gravimetric or Code 1A4 (100 mesh)-Sudbury Au-Fire Assay-Metallic Screen-500g was used. For the latter protocol, a representative 500 gram split is sieved at 100 mesh (149 micron) with assays performed on the entire +100 mesh and two splits of the -100 mesh fraction. A final assay is calculated based on the weight of each fraction. Other elements were obtained through Code UT-6 Total Digestion ICP & ICP/MS. Standards and blanks were also inserted into the sample stream, with analytical uncertainties within an acceptable range for early-stage reconnaissance samples.

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.

Additionally, the Company wishes to state that, contrary to the press release dated November 7, 2013, GeoNovus will be the operator on the Corona project.

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