NEVADO Acquires High-Profile Zinc-Copper-Silver-Gold VMS Property in the Schreiber-Hemlo Camp
April 09 2014 - 7:30AM
Marketwired
NEVADO Acquires High-Profile Zinc-Copper-Silver-Gold VMS Property
in the Schreiber-Hemlo Camp
MONTREAL, QUEBEC--(Marketwired - Apr 9, 2014) - NEVADO RESOURCES
CORPORATION (TSX-VENTURE:VDO)(FRANKFURT:NSV) ("NEVADO" or the
"Company") is pleased to announce the acquisition of a high-profile
zinc-copper-silver-gold VMS property in the Schreiber-Hemlo
greenstone belt. The Bozema Lake property, comprising 175 claim
units, is located 240 km east of Thunder Bay, Ontario. The
Schreiber-Hemlo greenstone belt is host to the Hemlo gold deposit,
approximately 75 km to the east, and the Winston Lake base metal
mine, 80 km to the west of the property.
The limited work that has taken place on the property to date
has turned up very promising results:
- In 1981, Gulf Minerals drilled four holes at Bozema Lake, with
one hole intersecting 10 m of 8.6% zinc, including 4.9 m of 16.8%
zinc.
- In 2002, RJK Explorations uncovered a new showing, the Starhill
showing, where grab sampling returned 7.1% zinc, 1.5% copper, 101.0
g/t silver and 0.87 g/t gold from a partially exposed outcropping
zone approximately 400 m long and up to 25 m wide.
- In 2005-2008, Phoenix Matachewan Mines identified an extensive
folded chert horizon using geophysics, mapping, geochemical methods
and 39 diamond drill holes (~3,700 m). In the 2007-08 diamond drill
program, 618 samples were sent for analysis, with 14% of the
samples returning over 0.1% zinc. One drill hole returned 7% zinc
over 1.2 m within an extensive zone of strongly zinc-mineralized
rock that averaged 0.58% zinc over 39 m. Drill hole BZW-08-05
retested the area Gulf Minerals drilled and returned an intercept
of 11.09% zinc over 3.75 m within a recrystallized chert horizon.
In addition, surface grab sampling of the target horizon returned
23.5% zinc and 3.1% copper in outcrops.
Grab samples are selective by nature and are unlikely to
represent average grades on the property.
In addition to the known base metal zones on the Bozema Lake
property, there are a number of EM conductors associated with the
northern contact of the quartz feldspar, coincident with a zone of
strong sodium depletion and silica enrichment that remains
untested. These features make the Bozema Lake property a very
attractive exploration target.
Michael Curtis, President and Chief Executive Officer of NEVADO,
said that: "We believe that supplementing our La Blache
titanium-vanadium-iron and Fermont graphite projects with zinc
projects will enhance the value of our assets, as zinc prices are
expected to rise because of increasing demand and a supply
shortfall. The area we have chosen is close to large producing
mines, while being clearly underworked and very promising. We will
first assess the data from the property and then plan an
exploration program in the coming months."
In consideration for the property, NEVADO will issue 200,000
common shares per year to the sellers for a total of 600,000 common
shares, plus expenditures of $150,000 over the last two years. All
common shares issued will be subject to a holding period of four
months and one day. In addition, the property is subject to a 2%
NSR on smeltable minerals or metals extracted from the property,
payable in cash or in kind to the sellers. The Company will have
the right to purchase half of the 2% NSR at any time for a cash
payment of $1,000,000 to the sellers.
The transaction is subject to the approval of the TSX Venture
Exchange and other regulatory approvals. All parties are dealing at
arm's length.
The technical content of this news release was reviewed and
approved by Garry Clark, P.Geo, a qualified person under National
Instrument 43-101.
About Nevado Resources Corporation
NEVADO is a junior strategic metals company with properties in
Northern Quebec. The Company is currently focused on advancing its
world-class La Blache titanium-vanadium-iron project. NEVADO also
owns the Fermont project, a graphite property adjacent to Focus
Graphite's Lac Knife deposit.
This news release was reviewed and approved by Michael Curtis,
President and Chief Executive Officer of NEVADO.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
Michael CurtisPresident and Chief Executive Officer(514)
303-7895www.nevadoresources.comTwitter: @nevado_vdoFrancois
KalosSOLAK Communications(514) 817-9987fkalos@gmail.com
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