Northaven Resources Corp.: Option to Purchase King Solomon Basin
24.03.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 24, 2011) - Northaven Resources Corp. (TSX VENTURE: NTV) is pleased to announce that it has entered into an option to purchase a highly prospective BC gold property comprised of 782.39 hectares, located approximately 20 kilometers southeast of Port Alberni on Vancouver Island, British Columbia, and known as the "King Solomon Basin".The property contains a series of northwest-trending sub-parallel shear zones which appear to lay sub-parallel to the contact between andesites of the Devonian age Duck Lake Formation (Sicker Group) and the later aged Early to Middle Jurassic Island Plutonic Suite diorites.
Contained within the property are the former Black Panther Mine which produced from 1947 – 1950, averaging 9.33 g/t gold, 17.28 g/t silver with minor copper and lead over widths of up to 2.1 meters, as well as a number of gold showings including the Black Lion, Havilah, Golden Eagle, Gillespie, Sol B and McQuillan Creek.
The Black Panther shear zones have been traced for over 3,200 meters and are characterized by later cross-cutting gold-bearing quartz-carbonate stringers. Assays obtained from grab samples range in values from 2-50 g/t gold, 3-300 g/t silver, with minor amounts of copper (0.1%) copper, zinc and lead.
Terms of the four year option commencing from the date of receipt of regulatory approval ("Effective Date") are as follows:
Work
Cash Payments Shares Issued Expenditures
1. Effective Date $10,000 50,000
2. 1st Anniversary $15,000 50,000 $100,000
3. 2nd Anniversary $25,000 50,000 $150,000
4. 3rd Anniversary $35,000 50,000 $200,000
5. 4th Anniversary $40,000 50,000 $250,000
The option is subject to an NSR royalty of 3.00% which may be repurchased for $500,000 per 1.0%. The option Agreement is subject to acceptance by the TSX Venture Exchange.
The Property has only been lightly explored in the past and has not been subject to modern geophysical and geochemical evaluation.
The Property contains numerous occurrences of good grades of gold mineralization in a structurally controlled geological environment similar to that of the Myra Creek mine (Westmin) some 85 km to the northwest. This represents a favourable zone for the evaluation of Reduced Intrusion-Related (RIR) polymetallic mineralization, which, if supported by further exploration, offers good potential for the discovery of a significant gold resource.
The Company plans, subject to regulatory approval and funding, to employ a helicopter-airborne multi-program geophysical evaluation to assist in the preliminary understanding of the structure and plans also to identify, if possible, hidden zones of mineralization. On-ground follow-up prospecting, geochemical sampling and infill geological mapping is expected to commence in early June, 2011, to develop a better understanding of the nature of the mineral occurrences and their relationship with existing geological models.
On behalf of the Board of Directors of NORTHAVEN RESOURCES CORP.
ALLEN D. LESCHERT
CEO
This news release has been reviewed by Andrew Gourlay, P. Geol., a Qualified Person under National Instrument 43-101. All technical data herein is based on information contained in geological reports or summaries prepared by or on behalf of the Vendor which has not been independently verified by Mr. Gourlay or the Company, and which remains subject to confirmation by subsequent exploration. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact Information
Northaven Resources Corp.
Malcolm Fraser, President
604 696-3608
malcolm@northavenresources.com or
Northaven Resources Corp.
Patricia Purdy, Corporate Secretary
604 696-3602
patricia@northavenresources.com
www.northavenresources.com