Canuc provides Mill Village gold project exploration update
05 November 2011 - 7:15PM
PR Newswire (Canada)
TSX Venture Exchange Symbol: CDA Shares Outstanding: 59,735,798
TORONTO, Nov. 7, 2011 /CNW/ - Canuc Resources Corporation ("Canuc"
or the "Company") is pleased to report on exploration in progress
at the Mill Village gold property located outside of Liverpool,
Nova Scotia. The property consists of 31 claims (496 hectares)
covering former historical producers at the Gold Eagle and Thompson
Mines and several other reported gold occurrences associated with
quartz veining within the Meguma Terrane of the north-eastern
Appalachians. In the past month, Hudgtec Consulting Limited
("Hudgtec") of Dartmouth Nova Scotia has continued with ground
exploration at Mill Village, focusing primarily on prospecting,
rock sampling, mapping and select VLF-EM and magnetometer traverses
in the northern and central portions of the claim group. In
addition to validating and reprocessing prior work conducted by
previous explorers on the property, this work has provided a
clearer picture of the structural and stratagraphic framework at
Mill Village as it may apply to structural controls on gold
mineralization. Several of the reported gold occurrences, historic
gold and/or arsenic in soil and areas of interesting quartz
boulders and or sulphide mineralization appear to be related to
breaks along distinct northeast-trending VLF-EM conductors. Field
checks indicate that these breaks are related to lower topographic
areas along distinct elevated ridges characterized by abundant
angular greywacke subcrop with lesser amounts of black argillite or
slatey material. Initial interpretative work suggests that the
breaks are likely related to northwest-trending faults and may
contain gold bearing, extensional fissure veins that have been
preferentially eroded by southeast advancing glaciers, the dominant
erosion pattern seen throughout southern Nova Scotia. Exploration
targets have been identified for immediate follow-up work at
several locations near the intersection of the breaks and the
northeast-trending stratigraphic sequences, the same setting that
also hosts the gold bearing, bedded quartz veins at the historic
Gold Eagle and Thompson mines. Future work will consist of grid
establishment, soil and till sampling and select areas may also be
trenched or test-pitted. Prospecting, mapping and select
geophysical traverses outside of the areas visited to date are also
planned in the remainder of 2011. The company is also planning to
implement an Airborne Light Detection and Ranging "LIDAR" survey in
the near future to assist in the definition of the topographic
breaks noted above. LIDAR is currently being used by other
explorers (NSGold at Mooseland) in the Meguma Terrane to enhance
more subtle topographic features related to structure and
stratigraphy and hence possible controls on gold mineralization.
"In examining the Mill Village gold project and its past producing
gold mines with modern techniques, we are developing a new picture
for control of gold mineralization on this property. Recent
successes and developments by Atlantic Gold NL and Acadian Mining
Corporation in the Northern part of the Province have led to a
renewed interest in the Meguma Terrane and its demonstrated
potential. Exploration efforts on the Mill Village gold
project in 2012 will provide more information on this exciting
prospect as it applies to this property," stated Gary Lohman, P.Geo
President and CEO of Canuc Resources Corp. 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. About Canuc 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. Forward-Looking Statements 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. Canuc Resources
Corporation CONTACT: Gary Lohman, President & Chris Chadder,
CFOCEO 416-867-1300416-867-1300
cchadder@canucresources.caglohman@canucresources.ca
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