Northaven Resources Corp.: Option to Purchase King Solomon Basin
24 Marzo 2011 - 12:24PM
Marketwired Canada
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.
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