Business & Finance
Tue, September 29, 2009Mon, September 28, 2009Sun, September 27, 2009Fri, September 25, 2009Thu, September 24, 2009Wed, September 23, 2009Tue, September 22, 2009Mon, September 21, 2009Fri, September 18, 2009Thu, September 17, 2009Wed, September 16, 2009Tue, September 15, 2009Nova Uranium Corporation: Nova Uranium Acquires 100% of Gold Property in Arizona, USA
Published in Business and Finance on Tuesday, September 22nd 2009 at 6:31 GMT by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2009) - Nova Uranium (TSX VENTURE:NUC) is pleased to announce that is has signed an option agreement to acquire 100% interest, in the Gold Coin property located in southeast Arizona USA.
The Gold Coin property is located about 120 kilometres southeast of Tucson Arizona within the historic Turquoise mining district of Cochise county. The property's main exploration target is low sulphidation epithermal gold mineralization hosted within sediments; a low-cost, surface bulk tonnage gold target.
While conducting due diligence work on the property, Nova personnel collected and assayed continuous rock chip samples from two historical trenches. Highlight gold assay results are 13.72 metres of 3.12 g/t (including 6.10m of 4.65 g/t) from trench #1 and 18.29 metres of 1.85 g/t (including 4.57m of 5.61 g/t) from trench #2. Importantly, in the case of trench #1, sampling starts and ends in mineralization. With these high grade assay results, over wide widths, Nova will soon begin exploration work on the property.
The Gold Coin project will be subjected to a swift and systematic exploration program which will include property wide soil sampling, geological mapping and ground based magnetic & VLF-EM geophysical surveying. Nova plans to generate priority drill targets by December 2009, with diamond drill testing to commence shortly thereafter. Due to a favourable logistical setting, work on the property can take place year round.
Michael Moore, Nova's President and CEO, states, "The Gold Coin Gold Property is located in a large historic mining district that has hosted very significant historical production. Nova will conduct the first ever large scale modern exploration of this portion of the region. Today's acquisition is indicative of Nova's plan to put together a portfolio that consists of multiple, highly prospective mineral properties that will be exposed to modern and systematic exploration."
Outcropping Carboniferous age limestones on the south-central portion of the property have extensive zones of silica (jasperoid) alteration and strong limestone decalcification, the limits of which have yet to be defined being masked by overburden cover. This prospective area, called the Double Eagle Zone, has seen historical placer gold mining and surface trenching & pitting, but no systematic exploration or drill testing. Nova's program will be the first modern exploration of this gold property.
Brecciated limestone rocks in Double Eagle Zone trenches (#1 and #2) display variable clay alteration and moderate to locally strong quartz silica flooding/veining with hematite oxide veinlets and vug infillings. Gold mineralization is likely related Tertiary age intrusive gold-enriched fluids interacting with northward trending structures (flat east dipping thrusts) and eastward trending high angle normal faults and the shallow eastward dipping favourable carbonate host rocks. The orientation of the gold mineralization has yet to be fully recognized.
Nova has the right to earn one hundred percent of the property's 64 unpatented lode mining claims, encompassing an estimated total area of 350 hectares (864.8 acres), from joint owners Philip Sterling and Manuel Hernandez by paying an aggregate of one million US dollars over a ten year period. In addition, the property agreement grants a 2.0% net smelter royalty to the vendors, which can be purchased by Nova, in its entirety, for $500,000 US for each one half percent of the royalty.
The Turquoise Mining district, also known as the Courtland-Gleeson district, is located within a broad north-south regional mineral trend extending greater than 100 kilometres from southeast Arizona into Sonora Mexico. Within this large region exploration targets include precious metal enriched base-metal carbonate replacement (CRD), structurally related-gold and deep seated porphyry mineralization. The area includes two other well known historical gold-copper-silver mining districts: Warren (Bisbee) and Tombstone. The Warren district produced more than 8 billion pounds of copper and 2.8 million ounces gold over a 100 year period, while the Tombstone camp yielded some 29.8 million ounces silver and 35 million pounds lead. The Turquoise district hosts a few small scale past gold and base metal producers, most notably the Gleeson-Courtland and Common Wealth mines. Additionally, the notable Mexican Hat Tertiary volcanic hosted gold project is located only eight kilometres to the north of the Gold Coin.
Nova's new Board of Directors and management team, consisting of Michael Moore, President and CEO, Jason Scharfe, Vice President, and directors, Michael Williams, Craig Barton and Bryan Slusarchuk, has a mandate to actively seek and acquire multiple high quality mineral properties.
Mr. Michael Moore, P. Geo. is the qualified person who has reviewed the technical information contained in this news release on behalf of the Company.
Due diligence rock samples were collected by Mr. Michael Moore, P. Geo. Rock samples were shipped to Acme Labs (Vancouver BC). Acme is an ISO 9001:2000 accredited laboratory. The samples were prepared for analysis by fine crushing (80% passing a 10 mesh screen), then a 250 gram split was pulverized (85% passing a 200 mesh screen). Acme subjected a 0.5 gram sub-split to a hot leach (95 degrees C) Aqua Regia digestion. ICP-MS spectrometry analyses were conducted on the digested solutions. All coarse rejects and sample pulps are currently stored at the Acme facilities.
Further information is available on the company's website [ www.Novauranium.com ].
ON BEHALF OF THE BOARD
Michael Moore, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No Stock Exchange Has Approved or Disapproved The Information Contained Herein.
