GeoNova expands gold assets

GeoNova Explorations (GNE-T) has extended its gold assets in Quebec to the Porcupine-Destor fault area by buying a full interest in the Pitt property from Santa Fe Canada, a subsidiary of Newmont Gold (NGC-N).

GeoNova has paid $75,000 cash and 300,000 shares for the 384-ha gold property, which is situated 30 km northwest of Rouyn-Noranda, Que. The property comprises the 20-claim Pitt block, which is subject to a 2% net-smelter-return royalty payable to a third party, and the 4-claim Pitt Extension block to the southeast.

Geologically, the property is composed of mafic to ultramafic volcanics, sediments and quartz-feldspar porphyries. Structurally, it is crossed by the Destor-Porcupine fault and two gold-bearing subsidiary faults known as the Stinger and Pitt South zones.

Between 1995 and 1997, Santa Fe spent over $1 million on a 16,691-metre, 28-hole drilling campaign that produced the following highlights from the Stinger zone: 3.8 metres (from 512.7 metres) grading 18.98 grams gold per tonne in hole 30; 6.3 metres (from 525.5 metres) of 16.9 grams gold in hole 32; 6 metres (from 447 metres) of 5.64 grams gold in hole 37; and 3.5 metres (from 557.5 metres) of 10.35 grams gold in hole 47.

GeoNova says it is now compiling data and planning a follow-up drilling program.

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