Northaven Resources Corp.: Option to Purchase King Solomon Basin
March 24 2011 - 1:24PM
Marketwired
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.
Contacts: Northaven Resources Corp. Malcolm Fraser President 604
696-3608 malcolm@northavenresources.com Northaven Resources Corp.
Patricia Purdy Corporate Secretary 604 696-3602
patricia@northavenresources.com
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