Northaven Update on Work Programs and Allco Property
May 24 2011 - 3:16PM
Marketwired
NORTHAVEN RESOURCES CORP. (TSX VENTURE: NTV) is pleased to announce
that it is finalizing details of its 2011 summer work program on
its gold/silver properties in British Columbia. Northaven proposes,
subject to financing and receipt of regulatory and other approvals,
to conduct a program of geophysics with follow-up reconnaissance
geological mapping and soil geochemistry, to identify targets of
gold and silver mineralization for later confirmatory drilling.
Company management is in the process of confirming the availability
of contractors and other requirements, and expects to announce
details of its proposed work programs shortly, commencing with the
Allco Property.
The Alloco property is located approximately 27 kilometers north
of Revelstoke, B.C., immediately south of Huakan International
Mining Inc.'s advanced J&L property. Based on available
geological information from the J&L property and preliminary
work done on the Allco Property itself, the property appears to
host conditions that are highly favourable for the discovery of
significant gold and silver mineralization.
The J&L property - which is described by Huakan as "one of
the largest undeveloped polymetalic deposit in British Columbia" -
has been the subject of extensive prior exploration. On March 16,
2011, Huakan announced delineation of a NI 43-101 compliant
measured/indicated resource on the J&L property of 2.37 million
tonnes grading 6.81 g/t Au, 67 g/t Ag, and 6.37% combined Pb-Zn
(containing 518,500 ounces of gold and 5.1 million ounces silver)
and an Inferred Mineral Resource of 4.54 million tonnes grading
5.19 g/t Au, 68 g/t Ag, 5.15% combined Pb-Zn (containing 757,500
ounces gold and 9.9 million ounces silver), for a total measured,
indicated and inferred resources of 1,276,000 ounces of gold and
15,000,000 ounces of silver. Huakan's resource calculations were
all based on mineralization in the "Main Zone" on the property. A
second deposit - the "Yellowjacket" zone, a stratabound
zinc/lead/silver deposit which runs sub-parallel to the Main Zone,
with reported grades exceeding 50 g/t Ag - also appears to contain
significant silver mineralization, but was not included in the
resource calculation.
Preliminary sampling on the Allco Property to date has
identified both "Main Zone" and Yellowjacket" type mineralization.
The center of the J&L Main Zone mineral resource lies
approximately 3.2 km north west of the Company's Allco Property
within the Lardeau and Hamil Group Formations which also comprise
the majority of the Allco Property. The Allco Property also
contains significant occurrences of the "Badshot" limestone
formation, which hosts the Yellowjacket zone. Both properties are
bounded by two northwest/southeast trending fault zones, which
appear to provide strong structural controls for the
mineralization.
The Company is investigating with its consultants the
application of ZTEM - Geotech's latest helicopter-borne
frequency-domain electromagnetic and magnetometer based remote
sensing system - to conditions on the Allco Property. The ZTEM
system is particularly sensitive to sulphide-based mineralization
as well as structural lineaments and alteration, and under optimal
conditions is reported to demonstrate a ground penetration of up to
several thousand meters. A high sensitivity magnetometer is also
flown 25 meters above the EM sensor array. The sampling frequency
of both instruments, coupled with high sensitivity GPS satellite
positioning, provides for samples to be taken every 10 meters along
flight lines having 200 meter spacing. This sampling density
permits accurate three-dimensional delineation of anomalies,
largely eliminating ground follow-up prior to determination of
drill targets.
The Company is also reviewing the application of IMM soil
geochemical sampling. This technology employs high-sensitivity
analysis of selected "mobile ion" groups, which provides reliable
support information for confirmation of buried (blind)
mineralization. This evaluative technique has been developed in the
past 15 years with remarkable success in identification of entirely
blind mineralized zones.
Northaven anticipates that, provided these tools can be
effectively adapted to conditions prevalent at the Allco Property,
they will significantly assist in the identification of
mineralization and geological structures, reducing the need for
extensive ground follow up work and significantly increasing target
confidence levels prior to drilling.
Northaven is currently in the process of arranging equity
financing to cover the cost of proposed work on the Allco and its
other properties and to provide additional working capital, and
anticipates announcing particulars of the financing, along with
details of its proposed Allco work program, shortly.
On behalf of the Board of Directors of NORTHAVEN RESOURCES
CORP.
Malcolm B. Fraser, President
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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