GeoNovus Acquires Claims That Include the Historic Shakespeare Gold Mine, Ontario
07.11.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Nov 7, 2013) - GeoNovus Minerals Corp. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") announces that it has signed an option agreement to acquire claims that include the historic Shakespeare Gold Mine, located three kilometers northeast of Webbwood, Ontario. The Shakespeare Gold Mine has operated intermittently since 1905 and produced 2,062 ounces of gold from 8,590 tons of material between 1905 and 1907 (Ontario Geological Survey Mineral Deposits Circular 18, 1979, part 2, 294p.).The Corona Project consists of 95 contiguous mining claims covering roughly 1,520 hectares, and is located in the Baldwin and Shakespeare Townships, Sudbury Mining Division, Ontario. The historic mine is situated in northeast-trending folded ~2.4 billion-year old Huronian Supergroup, intruded by the ~2.21 billion-year old Nipising diabase dikes and sills, and the ~1.1 billion-year old northwest-trending Keweenawan diabase dikes. The Murray Fault is a regional structure that strikes ENE and passes 300 meters north of the mine. The mineralized zone is broadly concordant with the schistose Matinenda Formation, consisting of quartzite and greywacke that also trends ENE and dips steeply to the south. Historic sampling in the mine area reported 1.12-1.85 ounces per ton over an average width of one meter (see Ontario Geological Survey Mineral Deposits Circular 18, 1979, part 2, 294p.). The Corona Project claim package was assembled to enclose the ENE-trending Matinenda Formation that hosts mineralization, including the down-dip projection of the ore zone at the Shakespeare Mine. A collection of in-house reports and data included in the acquisition are presently undergoing review, and will be used to guide exploration in the immediate future.
To acquire the Corona Project, GeoNovus will issue 1,500,000 shares of the Company to the vendor and incur $300,000 in exploration expenditures over two years, plus grant a 2% NSR to the vendor of which the Company can purchase back 1% for $2 million. During phase one of the acquisition period, the vendor will function as operator for the project.
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, Presiden
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
GeoNovus Minerals Corp.
Michael England, President
1-604-683-3995 or Toll Free: 1-888-945-4770
1-604-683-3988
www.geonovusminerals.com