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.
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.
SOURCE Canuc Resources Corporation