GeoNovus Completes Followup Geophysical Survey at Red Hills Porphyry Copper Project, Arizona
19.01.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 19, 2012) - GeoNovus Minerals Corp. (TSX VENTURE: GNM) ("GeoNovus" or the "Company") is pleased to announce completion of its geophysical program for the Red Hills porphyry copper property in south central Arizona. The Company engaged Zonge International, Inc. (Tucson, Arizona) to conduct induced polarization (IP) surveys over the property, with emphasis on an area where previous drill testing of an anomaly identified by a Titan IP survey encountered variably altered and mineralized rocks before termination of the hole at 610 meters (2,000 feet).The Red Hills project is believed to host porphyry copper mineralization in extended and tilted structural blocks overlain by younger sedimentary cover. A total of 24.3 line kilometers were completed in late 2011, with an effective depth of investigation for the survey of approximately 750-1000m. Significant IP anomalies have been identified, which may be related to zones of mineralization along faults and/or fractures at depths of 400-700m. The survey results and details for the upcoming 2012 exploration program at Red Hills will be finalized in the coming weeks.
GeoNovus has an option agreement with Inmet Mining Corp. (TSX:INM) to explore the Red Hills porphyry copper project, with GeoNovus holding its interest under a mining lease agreement with Eurasian Minerals Inc. (TSX VENTURE: EMX) through its wholly-owned subsidiary Bronco Creek Exploration Inc. Eurasian Minerals has acted as manager for the work programs at Red Hills.
The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., Technical Advisor to Geo Minerals and qualified person as defined by National Instrument 43-101.
GeoNovus holds several mineral interests of Geo Minerals Ltd. as a consequence of the sale of the latter to New Gold, Inc. (TSX: NGD) in late 2011 (see GeoNovus news release December 2nd, 2011). GeoNovus Minerals Corporation (TSX VENTURE: GNM) is a junior exploration company actively seeking mineral development opportunities for the benefit of all our stakeholders, with three active porphyry copper exploration projects in Arizona.
Eurasian Minerals Inc. (TSX VENTURE: EMX) is a global gold and copper exploration company utilizing a partnership business model to explore the world's most promising and under-explored mineral belts. EMX currently has project interests in ten countries on four continents, and generates wealth via grassroots prospect generation, strategic acquisition, royalty growth and merchant banking.
Inmet Mining Corporation (TSX VENTURE:INM) is a Canadian-based global mining company that produces copper, zinc and gold, with operations in Turkey, Finland, and Spain.
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 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