update
Carube stakes Stewart Brook Au project in Nova Scotia
2019-04-09 14:28 ET - News Release
Mr. Stephen Hughes reports
CARUBE ACQUIRES GOLD PROJECT IN NOVA SCOTIA'S PROLIFIC MEGUMA GOLD BELT
Carube Copper Corp. has acquired, through staking directly from the government, a 100-per-cent interest in 300 mineral claims covering the Stewart Brook gold project area (SBG), totalling over 46 square kilometres. The claims are located in Guysborough County, Nova Scotia. The SBG project area was staked because it shows district scale exploration potential for saddle-reef and vein style gold mineralization. Property highlights include:
Located along strike of Atlantic Gold's Cochrane Hill depositLarge gold in till anomaly defined, measuring 8000m by 4000mThree historical gold districts located within 5kmMapped anticline and synclines with cross cutting faultsExcellent infrastructure, access and investor friendly jurisdiction
Mr. Stephen Hughes, CEO, commented: "Having worked in Nova Scotia early in my career, I have always known the province is rich in gold. Atlantic Gold are proving that by operating the Touquoy Gold Mine and rated the lowest cost gold producer in the sector (All-in sustaining costs USD 566 per oz.). Atlantic recently announced total in-pit Measured and Indicated Mineral Resources for the Moose River Consolidated Mine topping 2 million ounces, confirming potential for large scale gold projects in the province. Carube staked the SBG project area because it shows significant exploration potential for saddle-reef and vein hosted gold mineralization. The large gold in till anomaly has never been followed up and the underlying Goldenville Formation is host to most of the gold produced historically in Nova Scotia. The Company is planning immediate boots-on-the-ground mapping and sampling in order to determine the source of the strong gold in till anomaly. Securing a prospective gold district in a favorable jurisdiction is just another step in positioning Carube for near term growth and creating long-term value for all stakeholders."
GOLD IN NOVA SCOTIA
Gold mining in Nova Scotia's dates back more than 150 years, commencing in the mid 1800's and continuing through to the early 1900's. It is estimated that over a million ounces of gold has been produced during that time, and the province is once again seeing a boom in mineral exploration and mining. Although not as well known as the Yukon gold rush, more than 60 gold districts were established in the province.
Forest Hills Gold District is located 6km north of SBG and records indicate more than 26,000 ounces was produced. The Forest Hills deposit is owned and operated by Resource Capital Gold Corp, who have defined an uncapped Indicated resource of 114,000 ounces gold grading 11.0 g/t Au and an Inferred resource of 308,000 ounces gold grading 10.6 g/t Au)(1).
Anaconda Mining's Goldboro deposit is located in the Upper Seal Harbour Gold District and 6.5km southeast of SBG, records indicate more than 57,000 ounces was produced. Anaconda recently announced PEA study results for the Goldboro deposit, indicating a 9-year mine life with gold production estimated at 375,900 ounces and an all-in sustaining cash(AISC) cost of $797 per ounce (~USD$615* per ounce)(2).
Country Harbour Gold District is located 5km west of SBG and historical records indicate more than 9,000 ounces was mined(3).
Atlantic Gold's Cochrane Hill open pit resource is located approximately 20km west of Carube Copper's SBG has a Measured and Indicated resource of 607,000 ounces of gold at 1.08 g/t and an inferred resource of 73,000 ounces of gold at 1.24 g/t (4). The close proximity of current gold resources and past gold production does not necessarily mean the same would be found on Carube Copper's SBG project area.