GeoNovus Reports Mineralized Drill Intercepts at Corona Gold Project, Ontario
16 April 2014 - 10:00PM
Marketwired
GeoNovus Reports Mineralized Drill Intercepts at Corona Gold
Project, Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 16, 2014) -
GEONOVUS MINERALS CORP. (TSX-VENTURE:GNM) ("GeoNovus" or the
"Company") announces that initial drilling has intersected
mineralized rock at its Corona Gold Project, located three
kilometers northeast of Webbwood, Ontario. Initial drilling focused
at the historic Shakespeare Gold Mine, which has operated
intermittently since 1905 and produced 2,062 ounces of gold from
8,590 tons of material between 1905 and 1907. The first drill hole
was positioned near the Shakespeare workings, and intersected
intense quartz veining with sulphide stringers that is similar to
that described for historic gold mineralization in the underground
workings at Shakespeare (Ontario Geological Survey Mineral
Deposits Circular 18, 1979, part 2, 294p.).
Drill hole C14-01 was collared roughly 45 meters south-southeast
of the historic Shakespeare Mine shaft, and oriented at 310 degrees
azimuth and -45 degrees inclination to intersect the down-dip
projection of the ore zone, with a total depth of 101 meters. The
drill encountered interbedded schist and quartzite with significant
intervals of the latter exhibiting intense silicification,
sericite/chlorite alteration and dense quartz veining. Sulphides
consisting of chalcopyrite, pyrite and pyrrhotite are also present
along veins, as vein stringers, and as disseminations adjacent to
the veining. A detailed description of C14-01 will be provided as
assays are received, which are expected in the coming weeks.
GeoNovus President & CEO Michael England states, "These
early drilling results at Corona confirm our review of historic
data that suggested we would intersect similar alteration in the
rocks that host gold mineralization at Shakespeare. Drill core is
being prepared for assay to confirm our visual assessment, and the
drill rig is being positioned to determine the along-strike and
down-dip extent of the mineralization."
About the Corona Gold
Project
The Corona Gold Project covers roughly 1,520 contiguous
hectares, with the Shakespeare Mine the focus of the claim group.
The mine is situated in northeast-trending ~2.4 billion-year old
schistose quartzite and greywacke that dip steeply to the south.
The claim package encloses the ENE-trending Matinenda Formation
that hosts mineralization in quartzite and schist. In-house reports
and data acquired with the property include a pole-dipole induced
polarization (IP) survey conducted in 2012 that suggested the
gold-bearing horizons would respond well to IP due to meter-wide
zones of disseminated pyrite associated with quartz veins. Drilling
is presently focused to target these zones of high chargeability,
and intersect the apparent down-dip and along-strike extension of
mineralization observed at the Shakespeare Mine.
The Company further announces the resignation of Ms. Olga
Nikitovic as the Chief Financial Officer. Effective immediately,
Mr. John Master's will replace Olga Nikitovic as the CFO of the
Company. The board thanks Ms. Nikitovic for her years of excellent
service to the Company and wishes her well in her future
endeavours.
Mr. Masters has been a business administration consultant since
2007, and has held numerous positions with various mining issuers
over the years.
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.
GeoNovus Minerals Corp.1-604-683-3995 or Toll Free:
1-888-945-47701-604-683-3988www.geonovusminerals.com