Cogonov Inc. and Stakeholder Gold Corp. to Drill Bass River
Toronto, Ontario--(Newsfile Corp. - November 24, 2014) - Cogonov Inc. ("Cogonov") and Stakeholder Gold Corp. (TSXV: SRC) ("Stakeholder") are pleased to report that the two companies have formed a Joint Exploration Committee ("Committee") to manage the exploration of Cogonov's Bass River IOCG project in Nova Scotia, Canada. The Committee is comprised of two representatives from each company.
The Committee has approved the proposed drill program and Stakeholder has signed a drill contract for a minimum of 3,500 meters with LanTech Drilling Services Inc., Dieppe New Brunswick, Canada. The ten hole drill program, anticipated to commence by the end of November 2014, has been designed to test four specific targets on the Bass River property in Nova Scotia. These targets include gravity anomalies NS23, NS23 West, VTEM cluster VT-BR-05 and a magnetite breccia zone within the Pleasant Hills Pluton.
The Pulse EM data for NS-23 and VT-BR-05 has been modeled by independent consultants to the Bass River project. Anomaly NS23, which will be drilled first, is a three (3) mgal gravity anomaly that is coincident with two potential target types - dense magnetic and dense non-magnetic associated with an extensive copper in soils anomaly. This combination of responses is consistent with disseminated copper in the IOCG model and supports the primary thesis of IOCG deposition in the Cobequids. NS23 drilling will be collared to penetrate the gravity anomaly and associated soil geochemistry trend.
The VT-BR-05 target, which will be drilled immediately pursuant to NS23, shows clear definition from VTEM and Pulse EM surveys. The Pulse EM survey over VT-BR-05 has outlined a NW dipping conductive body that is coincident with extensive "B" zone soil anomalies for zinc, lead and silver. The conductor has an indicated strike length of 750 meters and is open along strike to the NE and SW. This Pulse EM conductive response, which confirms the VTEM and soil anomalies and the shear controlled sulphide mineralization found in trenching, now constitutes another primary drill target for investigation.
Field exploration in 2014 has also located a magnetite / hematite breccia zone within the Pleasant Lake Pluton. Hosted within a micro-granite, this target has a surface expression of approximately 750 x 750 meters and lies in a trough between 2 gravity anomalies. Mineralization includes 1-2 % pyrite and chalcopyrite.
"Stakeholder has undertaken systematic review and completed gravity and VTEM surveys, as well as a comprehensive soil sampling program and a Pulse EM survey on the two primary targets identified at Bass River. Results to date are consistent with, and support, IOCG deposition. There are two primary drill targets, NS23 and VT-BR-05, each of which is supported by several levels of geological investigation. We are excited about the upcoming drill program, and our opportunity to prove the thesis of IOCG deposition in the Cobequids of Nova Scotia," said Chris Berlet, President and CEO of Stakeholder.
"This is a culmination of many years of field work, geophysical surveys and data compilation by the Cogonov Exploration Team including geologists, prospectors, Geophysical Advisors, the Technical Advisory Committee and Management. We are very excited to move the Company forward and bring the Bass River project to drill stage" said PJ. Cruickshank, President and CEO of Cogonov.
Mr. Gary H. Lohman, B.Sc., P.Geo., and a Qualified Person under NI 43-101, has reviewed and approved the technical portions of this news release.
About Cogonov Inc.
Cogonov is a private resource company focused on the advanced exploration and development of iron oxide copper gold (IOCG) deposits in central Nova Scotia, Canada. Formed for this specific purpose, Cogonov initially acquired 2,651 claims along the Cobequid Chedabucto fault zone, which covered exploration targets previously delineated by Minotaur Exploration Ltd. Australia. These targets were the result of years of fieldwork, including the largest ground based gravity and airborne survey conducted in Eastern Canada.
For more Cogonov Inc. information, please contact
PJ. Cruickshank, MBA.
President & CEO
pcruickshank@cogonov.com
647-558-6017
About Stakeholder Gold Corporation
Stakeholder Gold Corp. is a Canadian mineral exploration company headquartered in Toronto, Canada with the flagship property located in Nova Scotia, Canada. The primary focus of Stakeholder is developing the Bass River Iron Oxide Copper Gold (IOCG) project which the company has optioned, and which is located on the Cobequid-Chedabucto Fault Zone (CCFZ) in central Nova Scotia. The property is host to >100 mineral occurrences and small deposits of Iron-Oxide, Copper, Cobalt, Gold, Nickel and Barite. The CCFZ has only recently been recognized as a potential host for IOCG deposit types.
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 or accuracy of this release.
For more Stakeholder Gold Corp. information, please contact
Christopher J. Berlet, CFA
President & CEO
416 525-6869
manager@mineralprices.com
Michael Ballanger
Advisory Committee
416-786-5055
mballlanger@stakeholdergold.com