Drilling to Commence on the Mill Village Gold Project, Nova Scotia
TSX Venture Exchange Symbol: CDA
Shares Outstanding: 62,535,798
TORONTO, Nov. 5, 2012 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSXV:CDA) is pleased to announce that diamond drilling is scheduled to commence on its Mill Village gold property located outside of Liverpool, Nova Scotia by mid November. A minimum of 1,000 metres will be drilled on two main target areas developed during the 2012 exploration season, the Hornet and 667 grids respectively.
The Hornet grid was established approximately 350 - 800 meters due west of the historic Thompson and Gold Eagle workings in an area highlighted by a northwest trending break in the ground geophysics (VLF). Historical results indicating anomalous gold and tungsten in rocks, soils and glacial tills were validated in 2011 and 2012 in conjunction with geological mapping and prospecting. This work assisted in better defining the stratigraphic trends and potential structural framework in the area.
Due south and west of the Hornet grid is the more extensive 667 grid covering the Goddard occurrence, an area highlighted by extensive quartz boulders, historic pits and trenches all reportedly associated with native gold. Poorly explored in the past despite anomalous gold in soils (Seabright, 1985), this area was expanded on, prospected and soil sampled in more detail. Till sampling by Canuc returned gold grains in the till, mostly coincident with the previously defined gold in soil anomalies.
During May 2012, 19.475 kilometers of induced polarization (I.P.) surveying was conducted over portions of both the Hornet and 667 grids defining 20 significant individual I.P. anomalies distributed along four linear trends oriented NE-SW. The geophysical data was further reviewed and up to 7 first-priority diamond drill holes were recommended by Gerard Lambert, P. Eng, Consulting Geophysicist.
Upon compilation of the 2012 exploration information and geophysical data, 11 holes have been selected for the first round of drilling with 8 holes to be drilled on the Hornet grid and 3 on the 667.
Mr. Bruce Hudgins, P. Geo is the designated Qualified Person pursuant to National Instrument 43-101 of the Canadian Securities Administrators for this press release and has reviewed and approved the technical and scientific disclosure contained herein.
Canuc is a junior mining company with its principal exploration properties located in Ecuador and Nova Scotia. Canuc's main holding is an approximate 85% interest in the Nambija Gold deposit located in south-eastern Ecuador. According to records obtained from the Central Bank of Ecuador, it is estimated that, to date, nearly 3 million ounces of gold have been produced using the most primitive of mining and milling recovery processes from the Nambija area.
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 of this release.
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Annual Reports.
SOURCE Canuc Resources Corporation