VANCOUVER, April 24 /CNW/ - Novawest Resources Inc. (TSXV - "NVE";
Frankfurt - "NWN"), is pleased to announce that its confidence in the Iron
Oxide Copper Gold ("IOCG") ore deposit model for Chibougamau has been greatly
increased by a report outlining significant concentrations of Uranium in
copper-gold rich sulfide veins in a deep drill hole. Radiometric prospecting
for Uranium will be applied as soon as possible to all the company's numerous
copper-gold sulfide vein showings on its Chibougamau holdings.
Since 2004 the Company has undertaken systematic property evaluations
including prospecting, mapping, line-cutting, geophysical surveys and diamond
drilling. Novawest has put together an extensive and strategically situated
assemblage of mineral titles in significant areas which are being actively
Copper-gold mineralization in the region has been mined for over 50
years. Novawest has been the first to recognize the larger potential of the
district using the IOCG ore deposit model. Globally, uranium can be a
significant by-product of IOCG deposits (i.e.: the renowned Olympic Dam
Deposit in Australia). Radiometric data (airborne surveys, field surveys) for
the Chibougamau region are relatively sparse compared to many other regions of
Canada which is why Novawest announces the discovery of the region's uranium
potential. The region's uranium potential is actually two-fold being 1) linked
to the IOCG copper-gold veins in the Chibougamau anorthosite and 2) the
company's Icon copper deposit at the southern extremity of the Mistassini
Basin which has similarities to the Proterozoic Basin- hosted uranium in
Saskatchewan, Elliot Lake and the Otish Mountains. Reports of pitchblende
associated with the copper-gold mineralization in the Springer / Opemiska
mines near Chapais are at present still anecdotal.
The basis of the uranium discovery comes from a recently found federal
The following excerpts are from the 1997 Geological Survey of Canada Open
File Report 3388 entitled Borehole Geophysical Logs at the Corner Bay Copper
Deposit, Chibougamau area, Quebec by K.A. Pflug and P.G. Killeen.
"In 1994, the GSC acquired borehole geophysical logs in one hole (F-101,
depth 966m) in the Corner Bay copper deposit near Chibougamau, Quebec."
"The mineralized zones (437.4-441.2m, 545.5-545.7m, 781.1-786.1m,
913-919m) are characterized by high gamma-ray activity, high Spectral
Gamma-Gamma ratio, high Magnetic Susceptibility (except for the zone at
913-919m) , low resistivity and high Induced Polarization. The high gamma-ray
activities are due to elevated uranium and thorium concentrations. Except for
a thin zone at 929m, the highest gamma-ray activities and uranium and thorium
concentrations occur within the main mineralized zone at 781.1-786.1m and
913-919m. The uranium and thorium concentrations in the mineralized zone from
781.1-786.1m are 98ppm and 27ppm, respectively. The uranium and thorium
concentrations in the mineralized zone from 913-919m are (greater than)90ppm
and (greater than)35ppm respectively. The high uranium and thorium
concentrations (about 18 times background) are the most distinctive features
of the mineralized zones"
Novawest recognizes the significance of these results is that the
significant uranium concentrations are associated with deep copper-gold veins
in the Corner Bay deposit area. Recent Crone PEM surveys on Novawest's claims
adjacent the Corner Bay deposit have outlined several anomalies for drill
testing. A large anomaly on the south edge of the Corner Bay deposit is of
particular interest and drill targets are being selected for testing as soon
as possible. Not only will the drilling be testing for copper-gold
mineralization but it will systematically assess the uranium potential of the
sulphide veins as well.
Robert Stewart is the Qualified Person for this program and responsible
for the contents of this release.
Further announcements will be made once the drill program has commenced.
ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RE
"Patrick D. O'Brien"
Patrick D. O'Brien - Chairman
Novawest invites the public to visit its website at
http://www.novawest.com or e-mail the company at firstname.lastname@example.org to be
added to the company's e-mail list for press releases and updates.
S.E.C.Exemption12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun
& Bradstreet Listed
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For further information:
For further information: Novawest Resources Inc., Suite 1000, The Marine
Building, 355 Burrard Street, Vancouver, British Columbia, Canada, V6C 2G8,
Tel: (604) 683-8990, Toll Free: 1-800-663-8990, Fax: (604) 683-8903,