NV Gold Doubles Land Position at Frazier Dome Gold Project and Highlights 2019 Exploration Program
Tuesday, April 2, 2019 8:30 AM
VANCOUVER, BC / ACCESSWIRE / April 2, 2019 / NV Gold Corporation (TSXV: NVX; OTC PINK: NVGLF) (''NV Gold'' or the ''Company'') announces the staking and approximate doubling of its land position around its 100% controlled Frazier Dome Gold Project, located in the Tonopah Mining District, Nevada, and highlights its upcoming 2019 exploration program.
Frazier Dome Gold Project Review and Fall 2018 Exploration Program Highlights:
- Gold occurs in silicified breccias adjacent to a Middle Miocene felsic dome, where Company surface samples grade up to 6.1 g/t Au over 3 m, and historical surface samples grade up to 14.7 g/t Au.
- High-grade gold also occurs in north-northwest-trending quartz veins, with Company surface samples grading up to 11.2 g/t Au, and a historical drill hole grading 7.5 g/t Au over 3 m.
- 2018 drilling (8 holes) yielded notable runs of detectable gold across altered and mineralized zones in FD-1: ~105 meters, FD-2: ~150 meters, and FD-5: ~135 meters.
- Re-surveying of hole FD-01 identified strong deviation of the drill hole, causing it to miss the priority target structure of the interpreted feeder zone beneath the identified rhyolite dome.
- 2018 drilling only tested 4 of 9 target areas, and only tested depths of 500 ft from the surface. Five of the eight widely-spaced holes delivered gold intersections greater than 0.10 g/t, and up to 1.035 g/t, pointing to what the Company believes could be a robust gold system at depth.
''Modelling of the Frazier Dome identified many geologic similarities with the shallow parts of low-sulfidation epithermal deposits, especially resources related to other rhyolite domes in the vicinity, such as the Eastside, Hasbrouk, and Three Hills gold deposits,'' commented Dr. Marcus Johnston, Vice President Exploration. ''The 8 reverse-circulation holes NVX drilled in 2018 all encountered significant runs of alteration and gold and silver mineralization. The lengths and widths of the mapped fracture/vein sets, combined with the long-runs of alteration and mineralization in drilling, and the shallow nature of the exposed system all point toward a potentially bonanza-grade deeper deposit(s), and the possibility of bulk-tonnage ore to be found on the property.''
Highlights of 2019 Frazier Dome Exploration Plan:
- Consolidate key property position in and around project. Completed in March 2019 by adding 71 claims (approx. 1466.9 acres) to the existing 72 claims (approx. 1,487.6 acres. Property position now totals approx. 2,954.5 acres (approx. 1,195.6 Hectares) - see attached map below.
- Focused mapping, sampling program and structural analysis in combination with geophysical program studies to define three-dimensional framework to enhance the quality of already known targets, and to identify new targets buried elsewhere on the property.
- Reverse Circulation drilling program planned for the summer of 2019:
- 80 percent of the property is covered by post-mineral volcanic rocks and alluvium, and five of the original nine targets permitted remain untested.
- Follow-up deeper holes are also being planned for the targets already tested.
- Given the exposed widths and lengths identified in 2018, and with the estimated depths and calculated volumes, the Company believes it is possible for a robust gold deposit to occur deeper on the claim block.
About Tonopah Mining District
The Frazier Dome Project, staked by the Company, is located 13 km north of the Tonopah Mining District, Nye County, Nevada. The Project contains a low- to intermediate-sulfidation, volcanic-hosted epithermal gold system with high-grade mineralization.
The Tonopah Mining District contains multiple styles of volcanic-hosted epithermal gold mineralization similar to that at Frazier Dome, including:
- High-grade, intermediate-sulfidation Ag-rich veins which historically produced 174 million ounces (Moz) Ag and 1.9 Moz gold; and
- Younger, low-sulfidation, gold-rich mineralization related to intrusive rhyolite domes, which has been the focus of modern exploration (e.g., Hasbrouck and Eastside deposits).
Dr. Michael Gustin of Mine Development Associates, an independent Qualified Person under NI 43-101, has reviewed and approved the technical information disclosed in this release. Mine Development Associates is a division of RESPEC.
About NV Gold Corporation
NV Gold is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries. Leveraging its highly experienced in-house technical knowledge, NV Gold's geological team intends to utilize its geological databases, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to prioritize key projects for focused exploration programs.
On behalf of the Board of Directors,
John E. Watson
For further information, visit the Company's website at www.nvgoldcorp.com or contact:
Peter A. Ball, President & COO
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the proposed uses of such funds and other future plans and objectives of the Company, including exploration plans, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE: NV Gold Corporation