TSXV:NVX

NV Gold Highlights Positive CSAMT Geophysical Results and Expedites Permitting for a Fall Drill Program at its Slumber Gold Project in Nevada

NV Gold Corporation (TSXV:NVX)(OTC PINK:NVGLF) ("NV Gold" or the "Company") is pleased to present its interpreted results from a controlled source audio-magnetotelluric ("CSAMT") geophysical survey completed in early September 2020 at its Slumber Gold Project in Nevada. NV Gold is expediting permitting of a fall exploration drill program to test some compelling targets that have emerged

Highlights of Slumber Gold Project and Recent CSAMT Geophysical Program

  • Preliminary 2019 exploration drill program identified a potentially large, buried gold-bearing hot spring system.
  • Newly acquired CSAMT survey data compliment earlier gravity and ground magnetic geophysical data as well as drilling results from late 2019.
  • CSAMT survey identifies multiple high priority drill targets thought to be associated with the hydrothermal plumbing of the hot spring system.
  • NV Gold now interprets that its 2019 drill holes stopped short of these newly identified high priority targets.
  • NV Gold is expediting permitting for a 2020 Fall exploration drill program to test a series of structural targets under areas drilled in 2019.

"Our recent CSAMT data clearly defines multiple promising drill targets immediately below our 2019 drill holes,"commented Peter A. Ball, President & CEO of NV Gold."Our technical team, consisting of Dr. Quinton Hennigh and Dr. Odin Christensen, felt the use of the CSAMT would help highlight structural targets at Slumber like it has at other epithermal projects around the globe. Given its similar geology to other epithermal systems in the area such as the famous historic Sleeper high grade bonanza gold deposit 21 miles to the east, we believe Slumber may potentially host a buried high grade gold system at depth."

About Slumber Gold Project

The Slumber Gold Project covers an area about 3.9 square kilometers comprised of 55 unpatented lode mining claims owned by the company and 5 unpatented lode mining claims leased from a third party.

Important geologic features observed at Slumber include outcrops of chalcedony-cemented conglomerate and sandstone with textures consistent with sinter-cemented sediment overlying modern geothermal systems and with outcrops found over other epithermal mineral systems. These rocks display elevated concentrations of gold and pathfinder elements. Chalcedony-cemented conglomerate overlies a stratigraphic section comprised of Tertiary rhyolite tuff and tuffaceous sedimentary rocks that infill a northeast-trending graben and unconformably overlie pre-Tertiary basement rocks. Previous exploration drilling (1985-93), focused on shallow bulk-minable gold mineralization, consisted of 15 shallow (average depth ~115 m) vertical reverse-circulation ("RC") holes drilled on or near these silicified outcrops. Seven of fifteen holes contained anomalous gold intercepts of 0.3 g Au/t over thicknesses ranging from 2-32 m.

In 2019, NV Gold completed an initial 7-hole, 1,091 m drill test of the Slumber Gold Project. The drill program was driven by surface geological evidence and available geophysical information. The program encountered anomalous gold mineralization in four of the seven holes. The most notable intercept was a 39.6 m interval grading 0.34 g Au/t and 1.3 g Ag/t beginning at 36.6 m down hole, including 22.8 m grading 0.47 g Au/t and 1.6 g Ag/t beginning at 53.4 m down hole encountered in hole SL-02. Hole SL-01, situated approximately 450 m northeast of hole SL-02, encountered five mineralized intervals from surface to 167.7 m. Mineralization remained open in all directions around these holes.

Quotation from an October 28, 2019 Company news release:

"Our initial drill program at Slumber has identified a promising gold system. This blind target was identified by geophysics," commented Dr. Quinton Hennigh, Director of NV Gold. " Anomalous mineralization encountered over significant lengths in holes SL-02 and SL-01, some 450 meters apart, suggests the presence of a large gold-bearing hydrothermal system in the sub-surface. Its characteristics exhibit similarities to several other high-grade mid-Miocene gold systems in the region. The Company plans further data review and more refined geophysical interpretation, to target potential high-grade structures that have given rise to the anomalous plume we have encountered in the recent drilling."

Encouraged by the results of the initial 2019 drill program, NV Gold contracted a CSAMT survey of the project area to assist in drill targeting at depth.

Zonge International of Reno, Nevada, performed the CSAMT (controlled source audio-magnetotelluric) survey on the Slumber Gold Project area in September 2020. The survey was completed with data acquisition along 6 lines, each 1000 m in length, spaced at 200 m apart, with a station-spacing along lines of 25 m. The data quality was considered to be of good to excellent quality. The CSAMT survey data complements the known gravity, ground magnetic geophysical surveys, and drilling conducted in late 2019.

Figure 1: Map of Slumber project area, colored by the Analytic Signal of Total Magnetic Intensity. The white ellipse highlights the area of low magnetic response, interpreted to reflect magnetite-destructive hydrothermal alteration. Black lines are the lines of the CSAMT survey.

Subsequently, Thomas V Weiss and Associates Inc. of Centennial, Colorado, was engaged to complete a comprehensive geophysical interpretation incorporating the gravity, ground magnetic and CSAMT geophysical datasets. Results of the three surveys provided extensive complementary information to generate the cross section maps of the Slumber Gold Project area geology at depth.

The ground magnetic survey highlighted an elliptical area of low magnetic response, and was interpreted to be due to magnetite-destructive hydrothermal alteration. The form of the magnetic anomaly suggests a central area of dilation within a larger zone of structural deformation (Figure 1). High-grade ore shoots in epithermal deposits frequently are concentrated in dilatant zones along faults. This zone is now a priority exploration target.

Interpretation of the new CSAMT data highlights several high-angle high-resistivity zones within a north-northeast-oriented focus area generally coincident with the area of reduced magnetic response. Such high-resistivity zones, surrounded by zones of greater conductivity, are a key feature characteristic of epithermal veins. These relationships are illustrated on one representative geophysical cross-section in Figure 2. Similar features are present on five of the six CSAMT lines.

Figure 2. Slumber Project Area CSAMT Line 4 viewed looking northeast. Cooler colors image rock masses with greater resistivity. The image has been interpreted to show several high-angle resistive zones, surrounded by more conductive rock. The blue resistive cap corresponds to silicified outcrops.

When compared to past drilling, the new model suggests that past drilling, primarily targeted by surface geologic features, did not test deep enough as illustrated in Figure 3.

Figure 3: Slumber Project Area CSAMT Line 4 viewed looking northeast. Cooler colors image rock masses with greater resistivity. The traces of several historic drill holes are shown and indicates that the holes were not drilled deep enough to intersect possible zones of high-angle veining and mineralization.

Based upon the integrated interpretation of the known geology and geophysics, the NV Gold technical team and Board Directors, consisting of Dr. Quinton Hennigh and Dr. Odin Christensen, are finalizing the fall drill program to test the potential identified deeper targets. The planned exploration drill program will initially include up to eight (8) RC drill holes, all to target a minimum depth of at least 300 m for a total program of approximately 2,400 m. Permitting for the drilling program is in progress, with a potential start date during the fall of 2020.

About CSAMT

The various measured electrical and magnetic responses from a CSAMT survey are used to model the resistivity structure of the earth, which relates directly to the underlying geology. CSAMT is highly effective in the exploration of epithermal systems such as Slumber, and assists in identifying areas of silicification that develop within the structural conduits of hot-spring systems (places where mineralized veins might be found).

CSAMT assists in the vertical geophysical mapping of a project in the 20-1000-m depth range. The prospective boiling zone, where high-grade mineralization can occur within an epithermal system, is commonly believed to exist at depths ranging from 300-500 m below the paleo-surface. The high-grade centers of low-sulfidation epithermal precious-metal deposits can be relatively small exploration targets, surrounded by much larger volumes of altered and geochemically anomalous rock, making precise drill targeting critical.

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.

About NV Gold Corporation

NV Gold (TSXV: NVX, US: 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. NV Gold controls multiple drill-ready projects in Nevada, and has entered into an Option Agreement on the high-grade Exodus Gold Project in British Columbia, Canada.

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
Phone: 1-888-363-9883
Email: peter@nvgoldcorp.com

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, plans to complete further drilling at the Slumber Gold Project, that the Slumber Gold Project may contain a buried high grade gold system at depth, and the timing and other future plans and objectives of the Company, 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, measures required to be taken in response to the COVID-19 pandemic, 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



View source version on accesswire.com:
https://www.accesswire.com/606937/NV-Gold-Highlights-Positive-CSAMT-Geophysical-Results-and-Expedites-Permitting-for-a-Fall-Drill-Program-at-its-Slumber-Gold-Project-in-Nevada

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)
Gold bars.

5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Soars Above US$2,200

The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 1.41 points last week to close at 552.31.

At its latest meeting this past Tuesday (March 19) and Wednesday (March 20), the US Federal Reserve decided to continue holding its benchmark interest rate at 5.25 to 5.5 percent. Chair Jerome Powell indicated that before it begins reducing rates, the central bank wants to see more data showing inflation is moving toward its 2 percent target.

He also said the Fed is still anticipates three cuts before the end of 2024, but declined to say when they will begin.

Keep reading...Show less
Siren Gold

Managing Director Appointment Update

Siren Gold Limited (ASX: SNG) (Siren or the Company) refers to the announcement dated 26 February 2024 in respect to the appointment of Mr Victor Rajasooriar as Managing Director and Chief Executive Officer of the Company effective 2 April 2024.

Keep reading...Show less
Brightstar Resources

Compelling Scoping Study for Jasper Hills Gold Project

Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to announce the results of a positive Scoping Study for the Jasper Hills Gold Project located in WA’s eastern Goldfields region.

Keep reading...Show less
Brightstar Resources

Logical Consolidation to Create a Growing West Australian Gold Producer

Merger of Brightstar Resources Limited and Linden Gold Alliance Limited

This presentation (Presentation) regarding the merger of Brightstar Resources Limited (Brightstar or the Company) and Linden Gold Alliance Limited (Linden) has been prepared by Brightstar and has been authorised for release by the Board of Directors of Brightstar on the basis it is to be read in conjunction with the Key Risks in Appendix 8 and these important notices and disclaimers.

Keep reading...Show less
Brightstar Resources

Brightstar Makes Recommended Takeover Offer for Linden Gold Alliance Limited

Brightstar Resources Limited (ASX:BTR) (Brightstar) and unlisted Linden Gold Alliance Limited (Linden) are pleased to announce that they have entered into a Bid Implementation Agreement (BIA), pursuant to which Brightstar will acquire all of the issued ordinary shares and options in Linden via an unanimously recommended off-market scrip takeover offer (Offer).

Keep reading...Show less
Brightstar Resources

Brightstar Resources Limited (ASX: BTR) – Trading Halt

Description

The securities of Brightstar Resources Limited (‘BTR’) will be placed in trading halt at the request of BTR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 27 March 2024 or when the announcement is released to the market.

Keep reading...Show less

Latest Press Releases

Related News

×