NV Gold Corporation is pleased to announce that based on positive visual indications, it is increasing its current reverse circulation drill program at its 100% owned Sandy Gold Project located within the Walker Lane, Lyon County, Nevada, USA to approximately 3,100 m from the originally planned 1,500 m. In addition, the Company has received positive results up to 18.1 gt gold in rock grab samples from recent a …
NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) (“NV Gold” or the “Company”) is pleased to announce that based on positive visual indications, it is increasing its current reverse circulation (“RC”) drill program at its 100% owned Sandy Gold Project (“Sandy”), located within the Walker Lane, Lyon County, Nevada, USA to approximately 3,100 m from the originally planned 1,500 m. In addition, the Company has received positive results up to 18.1 gt gold in rock grab samples from recent a surface sampling program
“Our first RC few holes at Sandy yielded extensive intervals of cuttings displaying intensely hydrothermally altered rock, quartz vein material and considerable pyrite,” commented Dr. Quinton Hennigh, Director of NV Gold. “We have also confirmed that the target area is mantled by late volcanic rocks and that the buried mineralizing system is quite extensive. In short, we think we have discovered a major epithermal mineralizing system on our Sandy claims. Recent surface rock chip samples indicate this system can generate high gold grades. Based on this encouragement, we have decided to double our current drill program to over 3,000 m to give this target a more thorough initial test.”
High Level Notes from Current Sandy Gold Project Phase I Drill Program
RC drilling at NV Gold Corporation’s Sandy Gold Project in the Walker Lane, 15 kilometers east of Dayton within the wider Comstock Mine district, is in progress with 11 RC drill holes encompassing 2,671 m (8,765 feet) completed to date. Many samples have been delivered to the assay laboratory and are awaiting assay, and labs currently are on a 90-day turn around for receipt.
After review of the RC drill chips, the Company believes that drilling has encountered a large epithermal gold system defined by extensive argillic to propylitic alteration with intervals of moderate to intense quartz and pyrite veining. Some of the quartz vein intercepts from the current drill program have measured up to 30 m (100 ft) wide. Quartz vein cuttings often display multi-phase brecciation, a sign of boiling in the system, a good indicator for potential high-grade mineralization (Figure 2). Most of NV Gold‘s drill holes have far exceeded the depth of historical drilling conducted in 1993.
Thus far, the newly identified mineralized vein system has a strike length of over 800 m, and is hosted by a thick andesite volcanic package. Some of the underlying shaly basement rocks also showed visual evidence of veining and hydrothermal fluid flow. The alteration footprint at the surface has a strike length of 2,400 m and a width of approximately 300 to 500 m. Most of the property remains undrilled, and the system remains open at depth and under late volcanic cover.
A small surface rock chip sampling program completed at the Sandy Gold Project yielded positive gold values from anomalous to high grade. Of note, three samples yielded 11.3 g/t Au and 11.6 g/t Ag, 11.5 g/t Au and 14.1 g/t Ag, and 18.1 g/t Au and 43.2 g/t Ag (refer to Figure 1).
Figure 1: Sandy Gold Project – Gold in Rock Samples
To view full size image (click here)
Based on positive visuals in RC drill cuttings, the Company has elected to double the planned drill program to better understand the total extent of the epithermal vein system by drilling deeper and through fresh volcanic cover, especially in the northeastern strongly silicified portion of the property.
Figure 2: Coarse vein fragments from RC drilling at NV Gold‘s Sandy project.
Such brecciated quartz probably formed within the boiling zone of a
hot spring system, a potential location for high-grade gold mineralization.
To view full size image (click here)
Quinton Hennigh (Ph.D., 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. Dr. Hennigh is a director of NV Gold and is not independent and is also the President, Chairman and a Director of Novo Resources Corp.
Gold was assayed using fire assay with an atomic-absorption finish (ALS Code Au-AA23), and silver was assayed using standard atomic-absorption spectrometry (ALS Code Ag-AA61). All standards and blanks inserted by NV Gold returned values coincident with expectations.
About NV Gold Corporation
NV Gold (TSXV: NVX; OTCQB: NVGLF) is a well-financed junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries in North America, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year.
On behalf of the Board of Directors,
Peter A. Ball
President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Peter A. Ball, President & CEO
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 Company’s belief that its drilling has encountered a large epithermal gold system on the Sandy property, the Company’s planned exploration activities, the timing of undertaking its work and disclosure of results, 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
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