News Releases
| October 07, 2009 Nova Announces Exploration Has Started At Gold Coin Gold Project | |
| Work has started on Nova Uranium Corp.'s Gold Coin gold project located southeast of Tucson, Ariz. During the due diligence period leading up to the acquisition of this gold property, Nova personnel collected and assayed continuous rock chip samples from two historical trenches. Gold assay results included 13.7 metres of 3.12 grams per tonne (g/t) gold, including 6.1 metres of 4.65 g/t gold and 18.29 metres of 1.85 g/t gold, including 4.57 metres of 5.61 g/t gold (see Nova news in Stockwatch dated Sept. 22, 2009). Importantly, in the case of trench No. 1, sampling starts and ends in mineralization. Nova's initial groundwork at Gold Coin will take place over an intense 30-day period, during which the company will perform ground-based magnetic and VLF-EM geophysical surveying, detailed soil sampling and geological mapping. After the completion of these explorations and receipt of all analytical and geophysical data, Nova will prioritize target areas for diamond drill testing. Nova is well financed to proceed with this work, having just received a capital injection of $1.37-million with no dilution, via a Quebec government exploration tax refund relating to past exploration work done in that province. Nova has no debt and a strong balance sheet. Nova's new board of directors and management team have a mandate to actively seek out and acquire multiple high-quality mineral properties. The acquisition of the Gold Coin project is indicative of this strategy. Gold Coin is located in the Turquoise mining district, located within a broad north-south mineral trend extending more than 100 kilometres from southeast Arizona, United States, into Sonora, Mexico. The area includes two other well-known historical gold-copper-silver mining districts: Warren (Bisbee) and Tombstone. Michael Moore, PGeo, is the qualified person who has reviewed the technical information contained in this news release on behalf of the company. | |
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