NovaWest et al. hire Aeroquest for True North survey
2004-08-24 12:47 ET - News Release
Also News Release (C-CJ) Cascadia International Resources Inc (3)
Also News Release (C-MNL) Minera Capital Corp
Mr. Patrick O'Brien of NovaWest reports
EXPLORATION FOLLOW-UP - AIRBORNE SURVEY SCHEDULED
NovaWest Resources Inc., Cascadia International Resources Inc. and Minera Capital Corp. have contracted Aeroquest Ltd. to undertake a 1,246-line-kilometre deep-penetrating, helicopter-airborne electromagnetic and magnetic survey on the True North property, beginning the week of Aug. 23, 2004. The property is host to a large, known magnetic anomaly and previous exploration and drilling of the company's Raglan properties have indicated the need to undertake this survey. The budget for the airborne is currently set at $175,000, and financing will be jointly supplied by NovaWest and Cascadia and will increase the total budget of their 2004 Raglan exploration program to $4.67-million.
The True North is a 30,774-acre property located on the north Raglan trend, adjoining the existing Raglan assemblage currently being explored by NovaWest and Cascadia. The property is held under an option agreement with Minera Capital Corp., which will retain a 30-per-cent interest once NovaWest and Cascadia have fulfilled their work commitments of up to the three-year earn-in period. NovaWest and Cascadia will each own one-half of a 70-per-cent interest in the property. Once NovaWest and Cascadia have fulfilled their commitments, Minera must begin contributing its portion of exploration and maintenance expenses toward the property.
The 2004 Raglan drill program is progressing very well and producing some encouraging initial results. Two drill rigs are currently in operation on the south trend and on the north trend. The company expects to continue drilling until late September.
