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Enter Symbol
or Name
USA
CA



GeoNovus Media Corp
Symbol GNM
Shares Issued 51,534,402
Close 2015-05-14 C$ 0.04
Market Cap C$ 2,061,376
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Glenmark amends payment for Scotia property option

2015-05-14 17:06 ET - News Release

See News Release (C-GLM) Glenmark Capital Corp

An anonymous director reports

GLEMMARK AMENDS SCOTIA AGREEMENT

Glenmark Capital Corp. has amended its agreement, originally dated Nov. 11, 2014, with GeoNovus Media Corp. (the optionor), whereby the company can earn a 100-per-cent interest in the Scotia zinc-silver project, which covers an area of about 4,040 hectares in the Skeena mining division, located about 40 kilometres southeast of Prince Rupert in west-central British Columbia, Canada.

Under the new terms, Glenmark can earn a 100-per-cent interest in the Scotia project by issuing one million common shares to the optionor upon TSX Venture Exchange approval. The company made a cash payment of $75,000 to the optionor in January of 2015. The 100-per-cent interest is subject to an underlying 2-per-cent net smelter royalty, payable to Doublestar Resources Ltd., of which 1 per cent can be purchased by Glenmark for $1-million. This transaction is subject to TSX Venture Exchange approval.

Scotia zinc-silver project summary

The Scotia project hosts a metamorphosed massive sulphide deposit located within the Ecstall belt of metavolcanic rocks that extends through west-central British Columbia. Resource modelling of the Albere zone in 2009 established a vertical range of subeconomic to economic grades of mineralization of 95 metres, and a horizontal range of 205 metres. The high-grade core area widened to about 30 metres about 190 metres north of the outcropping main showing. The thickest drill intercept in the Albere zone was 26.7 metres grading 9.0 per cent zinc, 1.2 per cent lead, 21.5 grams per tonne silver and 0.3 g/t gold. A resource estimate was calculated for the Albere zone by Giroux Consultants Ltd., based on 42 drill holes totalling 4,343 metres. The results from a 1997 drilling program comprised most of the data used in the modelling, with much of the core reassayed in 2008 to confirm earlier results. Ordinary kriging was used to interpolate blocks based on mineralization content.

Based on a 1-per-cent zinc cut-off, the measured plus indicated resource within the 3-D mineralized shell totals 802,000 tonnes grading 4.9 per cent zinc, 13.9 g/t silver and 0.2 g/t gold with an additional 702,000 tonnes grading 4.5 per cent Zn, 13.7 g/t Ag and 0.2 g/t Au classed as inferred. Economic limits have not been defined by the current resource estimate as to an appropriate cut-off for various types of mining. Geological information and resource estimates for the Scotia property have been drawn exclusively from the Scotia property technical report (2011) by Arne Birkeland, PEng, and Gary Giroux, PEng. As part of this transaction, Glenmark contemplates filing its own technical report on the Scotia property.

To expand known mineralization, an airborne AeroTEM Mag/EM survey was conducted by Aeroquest in 2008. The survey identified a distinctive anomaly associated with the drilled portion of the Albere zone, as well as similar additional anomalies on strike and adjacent to the Albere zone. In 2010, a geochemical survey was completed to follow up on the airborne anomalies, and virtually all zones returned geochemically anomalous values. While no ore-grade showings were found, values of over 1,000 parts per million zinc were encountered from in-place rock chip sampling.

The technical contents of this news release have been prepared under the supervision of Peter Born, PGeo. Mr. Born is a qualified person as defined in NI 43-101, and has approved this news release.

In addition, the company has also accepted a resignation from the board of directors, Richard Grayston. The company thanks Mr. Grayston for his dedication and diligence and wishes him success in his future endeavours.

We seek Safe Harbor.

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