VANCOUVER, BC / ACCESSWIRE / April 27, 2023 / NV Gold Corporation (TSXV:NVX) (OTCQB:NVGLF) (FSE:8NV) ("NV Gold" or the "Company") is pleased to provide an exploration update for the Company's 100%-owned SW Pipe Project located in Lander County approximately 6 km (3.7 miles) southwest of the Pipeline gold mine in the central Cortez gold belt of north-central Nevada (see Figure 1).
Highlights
- Initial drill hole fully permitted; drill pad construction complete.
- The Company has filed Notice of Intent for four additional drill holes with the Bureau of Land Management (BLM).
- A drill rig has been secured; drilling will commence in the second half of April 2023.
Figure 1: SW Pipe Location in Proximity to the Cortez and Pipeline Gold Mines.
Figure 2: SW Pipe Soil Geochemistry and Mercury Vapor Target, and Proposed Drill Hole Location.
Historical Work and Geology
- Chip sampling by NV Gold in 2022 returned gold values up to 1.74 ppm, with high arsenic and antimony, elements enriched in productive Carlin-type gold deposits. Historic shallow drilling in 1989 yielded intersections that include: 0.442 g/t over 16.8 m; in 89-1, 0.654 g/t over 15.2 m in 89-2; 0.794 g/t over 9.2 m in 89-9; 0.580 g/t over 18.3 m in 89-11.
- Mineralization is largely within 100 m (328 feet) of surface and is hosted by siltstones and quartzite within the western-facies sequence (the upper-plate of the regional Roberts Mountains thrust fault).
- Preliminary results indicate that north-northwest-striking faults may have localized mineralization which also spread laterally away from these "feeder" faults in a stratiform style along a major geologic contact, possibly a thrust fault. The north-northwest striking faults have not been tested by drilling, and faults of this orientation are the key control to localizing gold mineralization along the Cortez gold belt, including the nearby Pipeline, Cortez Hill and Goldrush deposits, which contain at least 40 million ounces of gold.
2022 Exploration Soil Sampling Results
- A total of 567 soil samples were collected on the SW Pipe Project and later modeled in MapInfo. Modeling shows a large and comprehensive zone of overlapping Carlin-type geochemical anomalies including gold, arsenic, antimony, mercury, thallium, and selenium, adjacent to and merging with a "Magmatic Plume", which is characterized by strong Lead, Tungsten and Tellurium zones (see Figure 2).
Thomas Klein, VP Exploration stated, "I am excited to see the daily progress the Company is making on preparing to drill the first drill hole into this newly defined target at our SW Pipe gold project in Lander County, Nevada. The Company's team of experts is confident in the target concept and is looking forward to permitting four additional drill pads to further evaluate these square-kilometers-sized, geochemistry anomalies appropriately to uncover the next Carlin-type gold system in Nevada. We are in elephant mining country and less than 6 kilometers from Nevada Gold Mines' multi-million-ounce Pipeline and Cortez gold deposits. We are excited about the potential to make this exploration effort a discovery success story".
Qualified Person: Damir Cukor, P.Geo., is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
About NV Gold Corporation
NV Gold Corporation is a well-organized exploration company with ~80 million shares issued and no debt. NV Gold has 21 exploration projects in Nevada comprising 639 100%-Company-owned lode mining claims totaling 53.4 square kilometers (20.6 square miles) The Company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2023 promises to be highly productive for NV Gold.
On behalf of the Board of Directors,
John Seaberg, Director, and CEO
For further information, visit the Company's website at www.nvgoldcorp.com, or contact: Freeform Communications at 604.245.0054.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and statements that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company and include, without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the potential quantity and grade of any mineral resources that may be identified in the SW Pipe Project and the Company's current expectations regarding future exploration and development plans. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
SOURCE: NV Gold Corporation