Northaven Resources Corp.: Option to Purchase Allco Polymetallic Property
05.04.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 5, 2011) - Northaven Resources Corp. (TSX VENTURE: NTV) is pleased to announce that it has entered into an option to purchase the Allco-Redtop-Slide, a highly prospective 2,651.5 hectare polymetallic property, located approximately 27 kilometers north northeast of Revelstoke, British Columbia.The Allco Property lies within a zone approximately 50 km long, trending northwest-southeast, within the north end of the prolific Kootenay Arc. This zone contains mineralized structures within Lower Cambrian to Cambrian formations which have hosted a number of former producing mines (Goldstream, Mastadon) and known mineral occurrences including the J&L (Huakan International), the Standard, Montgomery, Keystone, Lead King, Slide, McCallum and Allco showings. Reported mineralization in this zone varies from 1-6 g/t gold, 30-300 g/t silver, 1-12% zinc, 1-10% lead and 0.5-5% copper.
Historic production from the Goldstream Mine which lies 55 km northwest on strike-trend from the Property, from 1983 to 1996 totaled 2,224,387 tonnes yielding 26,228,450 grams of silver (11.79 g/t), 42,363 grams of gold (0.019 g/t), 78,269,389 kilograms of copper (3.52%) and 7,988,112 kilograms of zinc (0.36%). Grab samples from the Allco Property, as provided by the Vendor, show grades ranging from 0.1 to 3.86 g/t gold and 193-3083 g/t silver, 1.24-42.5% lead and 2.03-16.4% zinc.
Mineralization on the Property displays characteristics of VMS (Volcanic Massive Sulphides), MVT (Mississippi Valley Type – limestone replacement) and Carbonate Replacement/Intrusion Related structural emplacement mineralization. Each of these mineralization types is favourable for the discovery of large bulk tonnage polymetallic (gold, silver, zinc, lead) deposits.
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 also subject to acceptance by the TSX Venture Exchange.
The Company has also staked an additional 4,189.89 hectares of ground adjoining the 2,651.5 ha acquired under option, so the fully continuous land package totals 6,841.39 ha (16,905.07 acres).
Exploration in the area has been very limited for a number of decades, but is now becoming active. Huakan International Resources Inc. recently announced that drilling on its J&L Main Zone consistently intercepted stratabound massive sulphide mineralization, reporting grades of up to 5.25 g/t gold, 31.55 g/t silver, 0.80% lead and 1.38% zinc over 11 meters and 21.01 g/t gold, 56.34 g/t silver, 1.93% lead and 3.03% zinc over 2.9 meters. The J&L property is located immediate north from the Company's Allco claims.
The Allco Property has only been lightly evaluated in the past and has not been subjected to modern geophysical and geochemical exploration. The Company is planning a work program to commence early this summer. Full details will be announce as they become available.
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