TORONTO, ONTARIO – (May 19, 2015) – Cogonov Inc.. ("Cogonov" or the "Company") is pleased to report on recent progress for the Bass River Exploration Project in Nova Scotia.
In January 2015, 72 line km of airborne VTEM and magnetics were flown by Geotech Ltd. in an area to the northeast of VTEM cluster VTBR-05 that was defined in the 2013 VTEM survey. Previously recognized as prospective due to anomalous Pb / Zn soil geochemistry, the preliminary interpretation of this new target (Castlereagh) has been received and appears substantially larger and of greater magnitude than VTBR-5 (Figure 1). Previously defined by 9 individual airborne VTEM anomalies, VTBR-05 was the focus of drilling following the discovery of Pb / Zn mineralization at surface and its further delineation by soil geochemistry (Gamble Lake grid).
Detailed research by geologists from the Department of Natural Resources, Nova Scotia has assisted in interpreting the geology and style of mineralization. Approximately 1,500+ XRF analyses have been conducted on the Gamble Lake drill core and it appears that the host rocks are a sequence of mafic to felsic volcanics with mineralization associated with sericitized basalts containing pyrrhotite bands and fractures. The mineralized zone is underlain by rhyolite and rock geochemistry shows the Pb / Zn content to increase to the northeast.
When reviewed in a regional context, the Castlereagh anomaly appears to be a separate entity, the LiDAR image showing a distinct east west break along the boundary between it and VTBR-05. The new geological interpretation suggests the host to be lower in the sequence than the Gamble Lake occurrence with potential mineralization sitting at a rhyolite / felsic contact.
In 2015, Minotaur Exploration Ltd. (Australia) will continue to assist the Bass River program. Their team is presently reprocessing and interpreting the VTEM data, further defining the individual targets. Soil geochemistry and ground based Pulse Electro-Magentic surveys will follow. Results will be interpreted by Minotaur who will propose potential drill collars.
This Press Release has been prepared by Gary Lohman, P.Geo. (QP under the terms of NI 43-101).