Northaven Resources Corp.: Option to Purchase Luxor Property
April 19 2011 - 2:01PM
Marketwired
NORTHAVEN RESOURCES CORP. (TSX VENTURE: NTV) is pleased to announce
that it has entered into an option to purchase 1,056 hectares of
prospective mineral claims known as the "Luxor Property", located
approximately 15 kilometers south of Stewart, BC in the highly
productive "Stewart Gold Camp". Mineralization in the area is
characterized by apparently continuous island arc structures,
including the Hazelton Group contained in a mineralized belt that
extends for more than 200 kilometers in a north-westerly arc
sub-parallel the west coast of BC, along the Gulf of Alaska. The
entire belt has been subject to intensive structural deformation.
The Hazelton Group, which is composed largely of meta-volcanics
and meta-sediments that have been intruded by granodiorites, has
hosted a number of important historic mines. These include the
former Eskay Creek Mine, which produced more than 100,000 kg of
gold and 5,000,000 kg of silver (making it the 5th highest silver
producer, in the world), the Silbak-Premier mine, which produced
over 62,000kg of gold and 1.399 million kg of silver, and the
Granduc mine which produced more than 190 million kg of copper.
The area is also host to a number of significant developing
mineral deposits including Seabridge's KSM property, which
Seabridge describes as "one of the largest undeveloped gold
projects in the world" (with reported measured and indicated
resources of 1.21 million kg of gold and 4.5 billion kg of copper),
Pretium's Snowfields property (reported measured and inferred
resources of 615,800 kg of gold and 1,580 thousand kg of silver),
and Pretium's Brucejack property, with reported measured and
indicated resources of 124 thousand kg of gold and 2.03 million kg
of silver. All of these properties are located within 80 kilometers
of the Luxor Property, within the same island arc environment.
The Luxor Property displays mineralization characteristic of the
area, including several north-west trending shear zones in a
volcanic massive sulphide (VMS) environment. Samples taken by the
Vendor from the sulphide rich 'Jo' zone assayed background up to
188 g/t gold, 52.8 g/t silver and 22.6% copper. Vendor samples on
the east side of the property, also in veins and shears, contained
grades from background of up to 127.5 g/t gold and 1,174 g/t
silver. The property is highly prospective for the discovery of VMS
or Reduced Intrusion-Related (RIR) polymetallic mineralization
which is capable of hosting large bulk tonnage gold/silver/copper
deposits.
Under terms of the Option, Northaven is entitled to acquire a
100% interest in the property by making cash payments of up to
$50,000 and issuing up to 300,000 shares over a three year period
and completing work commitments totaling $350,000 over four years.
The property is also subject to a 3% NSR royalty which may be
repurchased for $500,000 for each 1%. The Option agreement is
subject to acceptance for filing by the TSX Venture Exchange, which
remains outstanding.
Northaven is also pleased to announce it has staked 86 claims
covering an area of approximately 36,636 hectares commencing about
3.0 km immediately south of the Luxor Property. This new area,
together with the Luxor property, expands Northaven's holdings to a
total of approximately 37,692 hectares and represents one of the
largest remaining unexplored areas in the prolific Stewart
region.
The Luxor Property and the additional claim area have only been
lightly explored in the past and have not been subject to modern
geophysical and geochemical evaluation. Northaven plans a
helicopter-borne geophysical survey to assist in a preliminary
understanding of the structure and areas of interest early this
summer. Full details will be announced 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 Northaven, 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 Northaven'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.
Allen Leschert CEO 604 696-3600 allen@northavenresources.com
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