NV Gold Corporation (TSXV: NVX; US: NVGLF) (“NV Gold” or the “Company”) is pleased to announce that it has executed a binding letter of intent (the “LOI”) with Tim Percival and Darryl Killian (“the Vendors”), providing NV Gold the right to enter into a Lease Agreement to lease an undivided 100% right, title and interest in the Slumber Gold Property in Nevada (“Slumber”).
NV Gold Corporation (TSXV: NVX; US: NVGLF) (“NV Gold” or the “Company”) is pleased to announce that it has executed a binding letter of intent (the “LOI”) with Tim Percival and Darryl Killian (“the Vendors”), providing NV Gold the right to enter into a Lease Agreement to lease an undivided 100% right, title and interest in the Slumber Gold Property in Nevada (“Slumber”). The LOI may be subject to TSX Venture Exchange approval, and the transaction is an arms-length Transaction.
“The LOI to acquire the Slumber Gold Property is part of our ongoing exploration and acquisition strategy focused in Nevada, and we expect to be onsite in the next couple weeks to initiate a preliminary exploration program. In addition, our spring field technical visit at our Frazier Dome Gold Project is complete, and we are finalizing our upcoming drilling plans for the summer. We are also currently reviewing a secondary project for a potential drill program, pending review by our technical team,” commented Peter A. Ball, NV Gold’s President. “We continue to review other quality properties in the mining-friendly jurisdiction of Nevada, and we will look to potentially add further projects as we extract new projects from our extensive Nevada geological databases. It will be a busy summer for our exploration team!”
Slumber Gold Project Review
The Slumber Gold Project occurs along an intra-mountain graben in the Jackson Mountains approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada and is approximately 21 miles west of the Sleeper bonanza epithermal vein gold deposit. Slumber is one of several high-level epithermal gold systems on a trend from the Jackson Mountains, through the Bilk Creek Mountains and continuing north into Oregon. These deposits, along with the Sleeper, Sulphur-Hycroft, Goldbanks, Blue Mountain, Sandman, and other precious metals deposits located along the western splays and associated fault-fracture zones of the mid-Miocene (Tertiary) Northern Nevada Rift, define an important epithermal province in northwestern Nevada.
Important geologic features observed at Slumber include:
- Hydrothermal alteration, principally in the form of silicification, associated with widespread gold mineralization that is hosted by a series of Tertiary tuffs and tuffaceous sediments that infill a northerly- trending graben and unconformably overlie pre-Tertiary basement rocks.
- Two or more, northeast-trending erosional windows of gold-bearing, multi-phased, hydrothermally silicified zones exhibiting crosscutting quartz veining, hydrothermal brecciation, and oxidized pyrite exposed through and surrounded by alluvium.
- Rock chip gold values of up to +1.0 ppm associated with anomalous Ag, As, Sb, and Hg collected from exposed silicified zones. Soil geochemical anomalies exhibit a NE trend and are parallel to the strike of the silicified zones and mineralized fractures.
- Mineralized pieces of quartz vein float occurring in an alluvial-filled valley located east of the southern silicified zone (Rattlesnake Knob). This material exhibits classic high-level epithermal features including multi-phase banding, comb and cockade quartz textures.
- Previous exploration (1985-93) that was focused on shallow bulk-minable gold mineralization and consisted of 15 shallow (average depth ~380′) vertical reverse circulation holes focused on and near these silicified outcrops. Seven of fifteen holes contained anomalous gold intercepts of +0.010 oz/t Au over a thickness ranging from 5 to 105 feet. Drilling was focused exclusively on and near the silicified outcrops, yet ground-based geophysics suggests that several additional targets occur under alluvium east of the outcrops and remain undrilled.
- Widespread hydrothermal alteration (multi-phase silicification and hydrothermal breccia) containing a significant thickness of anomalous gold mineralization and demonstrating that the system is a robust, gold-bearing system exhibiting similar features to those associated with bonanza style epithermal veins at the nearby Sleeper and Sandman-Blue Mtn.
- Other low-sulfidation epithermal precious metals properties occurring along the east flank of the Jackson Mountains and further north along the rift zone including the Bottle Creek and Happy Creek properties in the Bottle Creek district; the Quinn property at the north end of the Jackson Mtns; and others continuing north into Oregon.
- NV Gold notes that there is no guarantee that the historical results are representative and cannot guarantee that the Company will be able to duplicate the results with future exploration programs. NV Gold’s management team does not view the Slumber project material to the Company at this time.
NV Gold’s technical team believes that Slumber has excellent potential to host a bonanza-type vein gold deposit. Initial work includes gravity and ground magnetics to assess structure and alteration that is obscured by widespread alluvial cover.
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
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, the completion of the LOI into a formal Lease Agreement on the Slumber Project, 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.