Cogonov Inc. and Stakeholder Gold Corp. Form a Joint Exploration Committee to Manage the Exploration of Cogonov's Bass River Iocg Project in Nova Scotia, Canada
Nov 24 14
Cogonov Inc. and Stakeholder Gold Corp. reported that the two companies have formed a Joint Exploration 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 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.