Northaven Resources Corp.: Option to Purchase Allco Polymetallic Property
April 05 2011 - 1:50PM
Marketwired
NORTHAVEN RESOURCES CORP. (TSX VENTURE: NTV) is pleased to announce
that it has entered into an option to purchase the
Allco-Redtop-Slide, a highly prospective 2,651.5 hectare
polymetallic property, located approximately 27 kilometers north
northeast of Revelstoke, British Columbia.
The Allco Property lies within a zone approximately 50 km long,
trending northwest-southeast, within the north end of the prolific
Kootenay Arc. This zone contains mineralized structures within
Lower Cambrian to Cambrian formations which have hosted a number of
former producing mines (Goldstream, Mastadon) and known mineral
occurrences including the J&L (Huakan International), the
Standard, Montgomery, Keystone, Lead King, Slide, McCallum and
Allco showings. Reported mineralization in this zone varies from
1-6 g/t gold, 30-300 g/t silver, 1-12% zinc, 1-10% lead and 0.5-5%
copper.
Historic production from the Goldstream Mine which lies 55 km
northwest on strike-trend from the Property, from 1983 to 1996
totaled 2,224,387 tonnes yielding 26,228,450 grams of silver (11.79
g/t), 42,363 grams of gold (0.019 g/t), 78,269,389 kilograms of
copper (3.52%) and 7,988,112 kilograms of zinc (0.36%). Grab
samples from the Allco Property, as provided by the Vendor, show
grades ranging from 0.1 to 3.86 g/t gold and 193-3083 g/t silver,
1.24-42.5% lead and 2.03-16.4% zinc.
Mineralization on the Property displays characteristics of VMS
(Volcanic Massive Sulphides), MVT (Mississippi Valley Type -
limestone replacement) and Carbonate Replacement/Intrusion Related
structural emplacement mineralization. Each of these mineralization
types is favourable for the discovery of large bulk tonnage
polymetallic (gold, silver, zinc, lead) deposits.
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 also
subject to acceptance by the TSX Venture Exchange.
The Company has also staked an additional 4,189.89 hectares of
ground adjoining the 2,651.5 ha acquired under option, so the fully
continuous land package totals 6,841.39 ha (16,905.07 acres).
Exploration in the area has been very limited for a number of
decades, but is now becoming active. Huakan International Resources
Inc. recently announced that drilling on its J&L Main Zone
consistently intercepted stratabound massive sulphide
mineralization, reporting grades of up to 5.25 g/t gold, 31.55 g/t
silver, 0.80% lead and 1.38% zinc over 11 meters and 21.01 g/t
gold, 56.34 g/t silver, 1.93% lead and 3.03% zinc over 2.9 meters.
The J&L property is located immediate north from the Company's
Allco claims.
The Allco Property has only been lightly evaluated in the past
and has not been subjected to modern geophysical and geochemical
exploration. The Company is planning a work program to commence
early this summer. Full details will be announce 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 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