Novus Gold: NOVUS AND TERRA ANNOUNCE WIDE GOLD ZONE IDENTIFIED BY DRILLING
(firmenpresse) - Novus Gold: NOVUS AND TERRA ANNOUNCE WIDE GOLD ZONE IDENTIFIED BY DRILLING
ON REN PROPERTY IN NORTHWEST TERRITORY
January 11, 2010 – Vancouver, BC – Novus Gold Corp. (TSX-V:NOV) (“Novus” or “the Company”) is pleased to announce drill results from its REN gold property in the Northwest Territories carried out in partnership with Terra Ventures Inc. (“Terra”) (TSX-V:TAS). Drill results from the Main occurrence within the REN property clearly indicate a previously unrecognized wide zone of gold mineralization associated with iron formation. Gold assay values ranging between 2 to 3 g/t were reported for intersections that ranged from 10.62 to 32.77 metres. High-grade gold, up to 22.40 g/t gold across 0.65 metres, was also intersected within the zone and highlighted in the table below. High-grade gold was typically associated with iron formation, whereas, significant low-grade values were reported in the host rock greywacke and argillites ranging from <0.01 to 4.46 g/t Au across 0.30 to 1.1 metres. Based on previously completed geophysical work, the magnetic and electromagnetic anomaly directly associated with the wide, low-grade gold mineralization, is more than 700 metres long. Numerous geophysical anomalies and gold showings are located on strike with this zone. Drilling has shown the zone to be open at depth.
The REN property hosts banded iron formation gold showings in the Point Lake area, approximately 90 kilometres southwest of the formerly producing Lupin gold mine owned by Echo Bay Mines. Approximately 30 drill holes were completed on gold showings on the REN property between 1974 and 1990 by Texasgulf, Cominco and Westview.
The current drill program completed a total of nine holes at the main occurrence from four locations along a 200 metre strike, to a vertical depth of 170 metres. Drill holes REN-09-01, REN-09-02 and REN-09-03 were completed from the first set up and drill holes REN-09-04 and REN-09-05 were completed from the second set up approximately 30 metres east of the first set up. The third set up included drill holes REN-09-06, REN-09-07 and REN-09-08 positioned approximately 100 metres north of the first five drill holes. REN-09-09 was set up one hundred metres south of the first two set ups and instead of a westerly azimuth like the first eight holes, it had an easterly azimuth.
Please find the table with the results under the following link: http://www.irw-press.com/dokumente/Table1NovusGold.pdf
All samples were submitted to ALS Laboratory, North Vancouver, an ISO 17025 accredited laboratory that includes the determination of gold by fire assay and atomic absorption as part of its scope of accreditation. Blanks were added to the submitted samples to test for cross contamination and all samples submitted were reported within acceptable levels.
Novus has granted Terra an option to earn a 51-per-cent interest in the REN property. In order to exercise the option, Terra needed to incur $1.5-million in expenditures on the REN property by Dec. 31, 2009. Terra is in the process of giving Novus confirmation that this has been done. Once Terra formally exercises its option, Novus will have the option to repurchase Terra's 51-per-cent interest by issuing 7.5 million shares to Terra. Based on Novus’s current 33,585,000 issued shares, if Novus exercises its option, Terra would have 18.25% of Novus’s shares.
Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.
For further information visit the company's website at www.novusgold.com.
On behalf of the board of directors of
NOVUS GOLD CORP
“Mike Magrum”
Mike Magrum, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
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