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TORONTO, Feb. 27, 2012 /CNW/ - Canuc Resources Corporation ("Canuc" or
the "Company") (TSXV:CDA) is pleased to provide an update on
exploration at the Mill Village gold property located outside of
Liverpool, Nova Scotia. The property consists of 31 claims (496
hectares) covering the former historical Gold Eagle and Thompson Mines
and several other reported gold occurrences associated with quartz
veining within the Meguma Terrane of the north-eastern Appalachians.
Geochemical work, prospecting and mapping on the property has continued
under the supervision of Hudgtec Consulting Limited ("Hudgtec") of
Dartmouth, Nova Scotia. To date, 464 B-horizon soils, 82 rock samples
and 72 C-Horizon bulk till samples have been collected on the property.
SGS Canada Inc. ("SGS") located in Toronto, Ontario is performing
routine geochemical analyses on the soil and rock samples while
Overburden Drilling Management Limited ("ODM") is conducting counts and
descriptions on gold grains which have been recovered from the till
To date, results have been received for 100% of the soil, 85 % of the
rock samples and approximately 35 % of the bulk till samples.
Exploration work has been focused on the west end of the claim group
around the Hornet Grid and the 667 Grid which hosts the reported
high-grade Goddard gold occurrence. A diamond drill program is being
planned for May or June of 2012 to test both of these targets.
Recent prospecting and bulk till sampling activities have also been
carried out in the central portions of the property, north, south and
west of the historic Gold Eagle Mine.
The Hornet Grid area is located approximately 600 and 1000 meters
west-northwest of the historic Thompson and Gold Eagle Mines
respectively. Results to date from the Hornet Grid indicate that the
geology in this area may be conducive to the development of a bulk
mineable, sediment-hosted or quartz fissure / stockwork style gold
deposit. No drilling has been previously reported from this area.
Canuc's results show low to moderate levels of gold in soil to a maximum
of 512 ppb covering an area of approximately 250 by 100 meters that
appears to be associated with the intersection of a 50-100 meter wide
VLF-EM conductor and a distinct NW-trending break that is best
represented in the reprocessed, 1980's era VLF-EM data.
Soils near this intersection area are also enriched in tungsten (W) and
arsenic (As) to a maximum of 127 W and 2370 ppm As, respectively.
Patterns for all three of these elements are slightly different and
appear to somewhat overlap each other, with the anomalous gold values
occurring closer to the intersection area. Previous explorers have
reported panning gold from the till as well as gold and tungsten values
in quartz samples in the area up to 530 ppb and 2820 ppm respectively.
Limited bulk till samples (n=6) and rock analyses (n=8) by Canuc in the
intersection area have yet to return any significant results although
rock analyses are still pending from SGS on recently discovered,
mineralized (arsenopyrite and pyrrhotite) argillite and quartz samples
on the south side of the intersection area near the edge of a
northeast-trending swamp. The angular, mineralized argillite sample is
located just south of this area and therefore may be related to the
target horizon defined by the VLF-EM conductor.
Future work planned for the Hornet Grid consists of IP Surveying on 50m
spaced lines in order to refine the target area, and diamond drilling
which is being planned for May or June of this year.
Results to date on the 667 Grid at the west end of the district indicate
this area has the potential to host narrow vein, bedding-parallel
and/or extensional quartz fissure veins typical of gold occurrences
located further east on the property and in other gold districts within
the South-western Meguma Terrane.
The 667 grid is located approximately 500 metres south of the Hornet
grid and covers the Goddard occurrence, an area highlighted by
extensive quartz boulders, historic pits and trenches all reportedly
associated with native gold occurrences. No drilling has been
previously reported from this area.
As with the Hornet grid, northwest trending fault (s) interpreted from a
VLF-EM survey crosscut the stratigraphic northeast trend and appear to
be associated with increased tungsten and arsenic levels in soils. Two
350 - 450 metre long, sporadic, gold in soil anomalies appear to follow
weak, northeast trending VLF-EM conductors. The soil anomalies are
locally bisected by an interpreted, main northwest trending fault.
Southwest of this fault, quartz and old prospecting pits are associated
with the anomalies while northeast of the fault, pits and quartz are
noticeably absent near the gold in soil anomalies. Maximum gold values
in soils along these two trends peak at 347 ppb Au. Elevated tungsten
levels in soils to 13 ppm also occur a short distance northwest of the
northern gold in soil trend immediately adjacent to the northwest
fault. The best rock analyses from recent prospecting activities in
this area returned 178 ppb Au and 319 ppm W.
The 2 main anomalous soil trends do not appear to be associated with the
Goddard occurrence as most of the soils in this area are not anomalous.
Two relatively isolated highs of 177 and 629 ppb Au, separate from the
2 trends noted above do, however, occur approximately 125m
east-southeast of this occurrence. Overburden depths are reported to be
in the 5-10 meter range at the Goddard occurrence.
Future work planned for the 667 Grid consists of IP Surveying on 50m
spaced lines in order to better refine the target area, and diamond
drilling which is planned for May or June of this year.
Seventy two bulk, 10kg till samples have been taken across the property
to date to explore for new gold occurrences, to help characterise gold
dispersion trains associated with the historic mines and to provide
information for refining drill target selection at the Hornet and 667
Results have been received for the first 25 samples, primarily from a
line of tills running northwest to southeast through the Fairbanks and
Gold Eagle Mines. Gold grain counts received to date are relatively low
with 20 to 25 samples reporting total counts of between 0 and 5 grains.
Two till samples appear to be anomalous with counts of 34 and 70
grains. The former till sample appears associated with the western
extension of the known mines while the latter 70 grain count sample
occurs approximately 300 meters down ice of the Gold Eagle Mine. This
sample also contained 28 pristine gold grains and is located along a
relatively unexplored, weak VLF-EM conductor that is within 100 meters
of another apparent northwest break in the VLF-EM. Gold counts from 4
till samples, located up ice of this sample in the direction of the
Gold Eagle only averaged 4 gold grains and preliminary interpretations
indicate this is either dispersion coming to surface from the Gold
Eagle or perhaps a new gold occurrence. Limited soil and rock analyses
received from the Gold Eagle Area do not show similar levels of
tungsten and arsenic as those seen or reported to date from the western
areas of the property.
In addition to the work being conducted on the ground, a more detailed
review of historical drill core from the Gold Eagle - Thompson Areas is
underway at the provincial facility in Stellarton, Nova Scotia. The
previous drill holes, completed from 1979 to 1984, are being examined
and additional historic core samples will be analysed. Additional
descriptive and compilation work related to rock types from the bulk
till samples is also underway to help in further defining targets on
"I am very pleased with the exploration results to date, especially in
the unexplored western portion of the property where the Hornet and 667
grids are located. We look forward to drilling these recently
identified anomalies in May or June of this year" said Gary Lohman, P.
Geo., President & CEO of Canuc Resources Corporation.
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
For further information:
Gary Lohman, President & CEO
Chris Chadder, CFO