Precious Metals

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) ("NV Gold" or the "Company") reports that Hochschild Mining (US) Inc. ("HOC US"), a subsidiary of Hochschild Mining PLC ("Hochschild") (LSE:HOC), has entered into an option agreement (the "Agreement") with it in respect of the Company's 100% controlled SW Pipe Gold Project (the "Property"), located along the Cortez Gold Belt approximately 6 km southwest of the Pipeline Gold Mine operated by Nevada Gold Mines (joint venture between Barrick Gold Corp. and Newmont Corporation

Highlights of the Option Agreement:

  • Within 30 days of signing the Agreement HOC US will pay the Company US$50,000 plus the annual renewal costs of the Property in 2020.
  • HOC US can earn a 51% interest in the Property by incurring US$7.5 million in exploration expenditures over 5 years ("Phase 1 Earn-in") and making additional cash payments to NV Gold totalling US$750,000.
  • HOC US may earn-in an additional 24% interest in the Property by incurring an additional US$2.5 million in exploration expenditures and delivering a completed Feasibility Study within 3 years of the Phase 1 Earn-in date (which may be extended by up to 3 further years subject to agreed payments by HOC US for each 12 month extension ("Phase 2 Earn-in").
  • At anytime after earning in a 51% interest in the Property (but prior to the expiry of the Phase 2 Earn-in period), HOC US can purchase 100% of the Property for US$25 million or 12,500 ounces of gold, at NV Gold's election, and NV Gold would retain a 2% Net Smelter Royalty.

"The close proximity to a larger operating gold mining complex operated by Nevada Gold Mines, and the known low grade gold system present at the SW Pipe Gold Project, provides the opportunity for a major discovery at depth. NV Gold will remain operator of the initial exploration programs on the project and we are excited to work with Hochschild to test the project at depth for extensions of the neighbouring multi-million ounce gold deposit at the Pipeline Mine. Initially the work will be aimed at assessing the potential for mineralization beyond the historic drilling and, in particular, for mineralization within steep "feeder" structures, which have not been tested by the historic vertical drilling. This will be an exciting exploration program," commented Peter A. Ball, President and CEO of NV Gold.

About the SW Pipe Gold Project

The SW Pipe Gold Project, strategically located and adjoining claims controlled by Nevada Gold Mines and the Pipeline Mine (refer to Figure 1), is a significant land position covering a known, historical shallow gold system. Publicly available reports indicate that the Pipeline Mine is estimated to contain at least 20 million ounces of gold (comprised of past production plus publicly-reported reserves). The SW Pipe Project covers 84 claims, or approximately 6.5 square km (2.5 square miles), and is reported to host a shallow, sediment-hosted gold system.

Figure 1: SW Pipe Gold Project, Cortez Trend, Nevada

Mineralization at SW Pipe is observed largely within 100 m of surface, and is reportedly within the Silurian Elder Sandstone, a unit within the western-facies sequence within the upper-plate of the regional Roberts Mountains thrust fault. Historical work by previous operators has identified gold mineralization over a vertical range of at least 320 m within an area of at least 1,200 m by 800 m.

NV Gold has obtained and has recently reviewed the historic exploration data with Hochschild, which includes original assay certificates and drill logs from drill holes, surface rock-chip and soil data, internal third party reports and geologic and geophysical interpretations.

Although the historic exploration data at SW Pipe was generated by reputable companies, NV Gold cannot verify the data or determine the quality assurance and quality control measures applied in generating the data other than to review the assay certificates and drill logs. Accordingly, the Company cautions that the exploration data reported in this news release may not be reliable.

Peter A. Ball, President and CEO of NV Gold also commented, "This is a strategic milestone for the Company to secure an exploration partner like Hochschild. NV Gold controls an extensive portfolio of projects in Nevada, at various stages of exploration, and is currently touring other interested mining companies for potential other joint ventures. In addition, assays from the recently completed drill programs at the Company's Slumber and Sandy Gold Project are expected shortly."

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; OTCQB: NVGLF) is an 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.

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, statements regarding the Company's planned exploration activities, the potential for a discovery at its properties, the presence of a shallow, sediment hosted gold system on the SW Pipe Project, 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, the extent to which mineralized structures extend on to the Company's Projects 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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https://www.accesswire.com/642111/NV-Gold-Signs-up-to-US10-Million-Option-Deal-with-Hochschild-on-its-100-Controlled-SW-Pipe-Gold-Project

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NV Gold

NV Gold

Overview

NV Gold Corporation (TSXV:NVX,OTC Pink:NVGLF) is a junior exploration company focused on delivering value through mineral discoveries and a highly-experienced in-house technical team. The company owns 16 gold properties throughout Nevada, which was named the number one mining jurisdiction in the world by the Fraser Institute. NV Gold is primarily focused on developing its Frazier Dome project.

The Frazier Dome project is located near the Tonopah mining district and is 32 kilometers from Columbus Gold’s (TSX:CGT) Eastside project. The company’s 2018 drill program tested four of nine target areas and intersected between 0.10 g/t gold and 1.035 g/t gold in five holes. The company is currently conducting a surface mapping, sampling, geophysics and drilling program that’s targeting the gold mineralization adjacent to the intrusive dome.

NV Gold’s 15 other Nevada properties are all in various stages of development. The company intends to develop each of its properties one at a time and is continuously looking to acquire additional projects. The company also intends to drill on one of these projects.

NV Gold has gained access to AngloGold Ashanti’s (ASX:AGG,NYSE:AU) and USMX Inc.’s historical databases, giving the company an edge over its peers when it comes to exploration. The company has also attracted the attention of Eric Sprott, Redstar Gold Corp. (TSXV:RGC) and US Global Investors who collectively own 16 percent of shares.

The company also boasts three highly-regarded and skilled management team members who all have experience working in Nevada. Heading the team is Chairman and CEO John Watson who has over 30 years of experience in the mineral resource industry in Nevada. Joining him are directors Dr. Quinton Hennigh, Dr. Odin Christensen and VP Exploration Dr. Marcus Johnston, who collectively have over 55 years of mining experience in Nevada.

Company Highlights

  • Operating in the number one mining jurisdiction in the world according to the Fraser Institute.
  • Owns 16 projects throughout Nevada with the potential to add more projects.
  • Access to AngloGold Ashanti’s and USMX’s historical databases.
  • Exploration program currently underway at Frazier Dome project.
  • Drill program planned on a second property.
  • Eric Sprott, Redstar Gold and US Global are strategic shareholders.
  • Management collectively bought 30 percent of shares in the last round of financing.

Key Project

Frazier Dome Project

The Frazier Dome project is comprised of 50 unpatented mining claims. The project is 13 kilometers north of the Tonopah mining district in Nevada. The Tonopah district contains two styles of volcanic-hosted epithermal gold mineralization: high-grade, intermediate sulfidation veins and low-sulfidation, gold-rich mineralization. The mineralized system at Frazier Dome is similar to the low-sulfidation mineralization found in the district and at Columbus Gold’s Eastside project which is located 32 kilometers to the west.

Exploration

The project contains a high-grade, low-sulfidation, volcanic-hosted epithermal gold system in three areas: silicified breccias and veins, north and northwest-trending quartz vein stockworks and silicified volcanic lacking veins. The veins have been traced up to 370 meters before projecting under a thin post-mineral volcanic and alluvial cover.

Between 1980 and 1991, historical drilling intersected an area of shallow gold mineralization. Drilling, however, failed to test all areas of outcropping gold or for mineralization beneath the cover. Notable historical drill results included 1.5 meters grading 10.38 g/t gold and 15.2 meters grading 0.85 g/t gold.

Based on preliminary exploratory work, NV Gold has identified a target area adjacent to the intrusive dome that could be conducive to the development of high-grade epithermal mineralization. The company’s 2018 drill program tested four of nine target areas. Five of the eight widely-spaced holes intersected between 0.10 g/t gold and 1.035 g/t gold.

“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,” said NV Gold VP Exploration Dr. Marcus Johnston. “The eight 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 and 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.”

Moving forward

NV Gold is currently conducting an exploration program at Frazier Dome. The program includes surface mapping, sampling, geophysics and drilling that will target the gold mineralization adjacent to the intrusive dome.

NV Gold’s Other Projects

NV Gold has 14 additional properties in Nevada that are in different phases of development. The company intends to continue to move each property forward with plans to acquire additional properties.

SW Pipe

The 6.5-square-kilometer SW Pipe project resides in the Cortez Gold Belt in north-central Nevada. The project is six kilometers southwest of Barrick Gold Corp.’s (TSX:ABX) Pipeline gold mine, which contains approximately 21 million ounces of gold.

Between 1989 and 1997, the property saw historical vertical drilling. Within 150 meters of the surface, a previous operator intersected gold mineralization. Notable results from the program include 17 meters grading 0.44 g/t gold, 11 meters grading 0.75 g/t gold and 18 meters grading 0.60 g/t gold.

NV Gold’s first-phase rock sampling returned gold values up to 1.74 ppm gold with high arsenic and antimony levels. The mineralization at SW Pipe is predominantly within 100 meters of the surface. Gold can be found over a vertical range of at least 300 meters within a 1.3-kilometer by 500-meter area.

The company’s preliminary results from the project indicate that north and northwest-striking faults may have localized mineralization which spread laterally away from these faults. The faults have not been drill tested to date.

NV Gold is reviewing historical exploration data which includes original assay certificates and drill logs, surface rock chip and soil data, internal third-party reports and geological and geophysical interpretations. Aside from its data review efforts, the company also intends to continue to assess the property for mineralization at the feeder structures and outside of historical drilling areas.

Richmond Summit

The Richmond Summit project is four miles northwest of Newmont Goldcorp’s (NYSE:NEM) Mike copper-gold deposit in the Maggie Creek district and five miles south of Newmont Goldcorp’s Carlin gold mine. The Maggie Creek district has a gold production, reserves and resource total of approximately 29 million ounces with 10 million ounces concentrated in the Carlin mine area alone.

Carlin-type gold mineralization occurs in several widely-spaced areas on the property. Select surface samples from the Main zone returned 7.75 ppm gold, and historical trenching samples returned 20 feet grading 3.048 ppm gold, 10 feet grading 4.960 ppm gold and 10 feet grading 3.59 ppm gold.

Before 1991, limited historical drilling intersected shallow gold mineralization within 200 feet of the surface, returning 10 feet grading 2.54 ppm gold. Mineralization in the area is accompanied by elevated arsenic, antimony and mercury levels, which are typically associated with Carlin-type gold mineralization.

The Ridge zone is 1,200 feet west of the Main zone which is another area of interest for NV Gold. Trenching returned 72 meters of anomalous gold with values of up to 1.97 g/t gold, and a rock-chip sample returned values of 3.7 g/t gold.

Two drill holes were completed at the Main zone and one at the Ridge zone. One of the holes at the Main zone intersected anomalous gold and arsenic values of up to 400 ppb gold and 2,600 ppm arsenic.

Root Spring

The Root Spring project is 80 kilometers south of Winnemucca, Nevada and 26 kilometers east of Coeur Mining’s (NYSE:CDE) Rochester silver mine. A 1.2-kilometer-long vein system has been identified on the property to date. Significant gold and silver values have been recovered as well, including up to 9.4 g/t gold and up to 1,500 g/t silver.

As part of NV Gold’s 2019 exploration program, the company completed mapping, sampling and drill target generation at the Root Springs project. The company traced the Root Springs vein system at surface for over 1,200-meters along strike and determined that there are two spatially distinct vein sets present. NV Gold also collected 39 rock-chip samples from the property. Sampling returned values up to 1,495 g/t silver and up to 8.02 g/t gold, along with positive base metal results of up to 0.51 percent copper, 0.68 percent lead and 0.89 percent zinc.

Painted Hills

The Painted Hills property is 17 miles southwest of Denio, Nevada. A historical exploration program tested a portion of the 1.5-kilometer strike length on the property. Previous operators have conducted historical drilling on the property which identified a Middle Miocene gold system that shares similarities with the Sleeper vein deposit which is 85 kilometers southeast of the property.

Cooks Creek

The Cooks Creek project is eight miles west of Barrick Gold’s Pipeline mine and is adjacent to the Cortez and Cortez Hills deposits, which contain over 25 million ounces of gold. NV Gold has intersected 21.3 meters grading 2.32 g/t gold at the Main zone in 2016. Samples from the Dinner zone returned up to 2.45 ppm gold.

Baker Spring

The Baker Spring project is a sediment-hosted, Carlin-style gold project located 12 miles north of Newmont’s Long Canyon mine, which contains a mineral reserve of 1.2 million ounces of gold grading 2.31 g/t gold. The Baker Spring project remains undrilled to date.

Seven Devils

The Seven Devils project is 55 miles south of Winnemucca, Nevada. Widespread gold has been identified on the project, grading up to 2.6 g/t gold over a 3.3-kilometer strike length.

Larus

The Larus project is 23 miles northwest of Eureka, Nevada, 30 miles southeast of Barrick Gold’s Cortez Hills mine, two miles northwest of General Moly’s (TSX:GMO) Mt. Hope molybdenum deposit and six miles east of the Gold Bar district. Previous operators recovered values of 3.2 g/t gold on the property and delineated a strike length of approximately 4,000 feet.

Silicified Ov black shale from megabreccia below detachment fault 1.495 ppm

Gold Cloud

The Gold Cloud project is 17 miles south of Barrick Gold’s Ruby Hill gold mine in the Eureka mining district. The property has seen limited historical exploration where anomalous gold values were traced for 2,300 feet along a 6,000-foot system. Values of 2.8 g/t gold have been recovered on the property.

Queens

The Queens project is eight miles southeast of Kinross’ Round Mountain gold mine and five miles northeast of the Manhattan gold district. Approximately 500 meters of historical shallow drilling was completed in the early 1990s. Results include 23 meters grading 0.793 g/t gold, 17 meters grading 0.462 g/t gold and 14 meters grading 0.530 g/t gold.

Long Island

The Long Island project is 12 miles southeast of Kinross Gold’s (TSX:K) Round Mountain gold deposit and 6.5 miles east of the Manhattan gold district. The property has seen limited historical exploration to date and hosts anomalous gold, arsenic and mercury values.

Oasis

The Oasis project is located within the Goldfield mining district, which has produced 4 million ounces of gold in the Walker Lane Belt. NV Gold has recovered a surface gold sample that graded 6 g/t gold.

Centerra Gold (TSX:CG) completed a drill program on the property in 2010 and 2011. Results from the program include 96.1 meters grading 0.26 g/t gold, 30.5 meters grading 0.40 g/t gold and 169.2 meters grading 0.22 g/t gold.

The gold mineralization on the property correlates with copper, molybdenum, tin, potassium, potassium alteration and a-type quartz veinlets. There is potential to expand the copper-gold system at depth and to the south.

Slumber

NV Gold is acquiring the Slumber gold property located in the Jackson Mountains. The property is approximately 50 miles northwest of Winnemucca, Humboldt County and 21 miles west of the Sleeper gold deposit.

The Slumber project is one of several high-grade epithermal gold systems on trend with the western splays and associated fault-fracture zones throughout the Jackson Mountains, Bilk Creek Mountains and up into Oregon. The splays and fault zones host numerous deposits, including Sleeper, Sulphur-Hycroft, Goldbanks, Blue Mountain and Sandman, among others.

To date, NV Gold has completed an initial exploration program at Slumber comprised of mapping, sampling and two geophysical surveys. Through the program, the company has identified a large hidden structural gold target that coincides with a 2,000-meter-long by 300-meter-wide magnetic low. NV Gold intends to follow up on the anomaly with a 1,200-meter drill program.

Management Team

John Watson - Chairman & CEO

Mr. Watson has over 45 years experience in the mineral resource industry. Mr. Watson is the Founder of the Company and served as Chairman and CEO from 2009 through 2017 and Chairman since 2017. From 2002 to 2007, Mr. Watson was the President of Pan-Nevada Gold Corporation which, prior to the completion of its plan of arrangement with Midway Gold Corp. effective April 13, 2007, was a TSX Venture Exchange listed company focused on the acquisition, exploration and expansion of advanced stage gold projects in Nevada. Pan-Nevada performed extensive exploration and resource expansion of the Pan Project in Nevada, now in production. From 1979 to 1993, Mr. Watson was the President and CEO of Horizon Gold Corporation, which was listed on NASDAQ from 1986 to 1993. Horizon Gold Corporation built and operated two open pit, heap leach mines in Nevada during the period from 1985 to 1992. Mr. Watson holds a B.A. in Geology from the University of Texas and an M.Sc. in Mineral Economics from the Colorado School of Mines.

Howard Golden - Director

Mr. Golden brings over 40 years of experience in the mining industry, across six continents. He has held senior executive roles with some of the largest mining operators in the world and played a pivotal role in the discovery of the Syama, Oyu Tolgoi, Agbaou and West Musgrave ore deposits. Prior to assuming his current role leading ASX listed Arrow Minerals Ltd, Mr. Golden was the Global Exploration Manager for Nordgold, with projects spanning across Africa, South America, Canada and Russia. Mr. Golden also held the role of General Manager, Exploration of Rio Tinto, responsible for discovering and acquiring resources in Central and West Africa. Prior to Rio Tinto, he spent three years as Regional Director of Exploration at Kinross Gold Corporation in Russia, where amongst other tasks, he was responsible for increasing the company’s gold reserves through the discovery, identification, acquisition, and economic evaluation of gold deposits in Russia. He also held the role of Chief Geophysicist of WMC Resources in Australia and was Principal Geoscientist for BHP Minerals for 18 years. Mr. Golden has a proven global track record of leading multi-disciplined exploration programs in different climates, conditions and regulatory regimes.

Alfred “Alf” Stewart - Director

Alfred (Alf) Stewart has a career spanning over 40 years in the resource and investment industries. His career includes time spent as a geologist, stock exchange regulator, investment banker, analyst and investment advisor. He has worked for firms such as Bank of Montreal, Esso Minerals, Erickson Gold Mining, Canaccord Capital, Haywood Securities, Golden Capital and Raymond James. He has been involved in financing mining companies for over two decades, including discoveries in the base and precious metals sectors.

John Watson - Director and Chairman

John Watson has over 30 years of experience in the mineral resource industry. From 2002 to 2007, he was the President of Pan-Nevada Gold Corporation which, prior to the completion of its plan of arrangement with Midway Gold Corp. effective April 13, 2007, was a TSXV-listed company focused on the acquisition, exploration and expansion of advanced-stage gold projects in Nevada. From 1979 to 1993, Watson was the President and CEO of Horizon Gold Corporation, which was listed on NASDAQ from 1986 to 1993. Horizon Gold Corporation built and operated two open-pit, heap leach mines in Nevada during the period from 1985 to 1992. Currently, he is a director of Prospero Silver Corp., a TSXV-listed company operating in Mexico. He holds a B.A. in Geology from the University of Texas and an M.Sc. in Mineral Economics from the Colorado School of Mines.

Thomas Klein - VP Exploration

Thomas Klein brings over 25 years of distinguished global exploration experience. He has made very important contributions to multiple gold discoveries and/or project advancements in the USA, South America, West Africa, and the Middle East, and has spent the last decade exploring and generating exploration opportunities for Newmont Mining in Nevada. Klein discovered the Kupfertal Cu-Au Porphyry in Peru, is credited as the co-discoverer of the Amulsar Gold Deposit in Armenia, holds a Masters in Mineralogy from Ruprecht-Karls University in Heidelberg, Germany, and is a Member of the Geological Society of Nevada.

Ron Schmitz - CFO

Ron Schmitz is the Principal and President of ASI Accounting Services Inc., which has provided administrative, accounting and office services to public and private companies since July 1995. He has served as a Director and/or Chief Financial Officer of various public companies since 1997, and currently holds these positions with various public and private companies.

Peter A. Ball - Advisor

Peter Ball brings over 25 years of experience as a mining professional at all levels of leadership. Throughout his career, he has held various senior management roles with international precious metals mining companies in corporate finance, securities trading, mine engineering, business development, corporate communications, public relations and marketing functions throughout North and South America, Asia and Europe.

Ball began his career in the late 1980s working as a mining engineer, a technical representative and in various management and senior executive roles for numerous companies including Redstar Gold, Columbus Gold, Hudson Bay Mining & Smelting, Echo Bay Mines Ltd., RBC Dominion Securities, Eldorado Gold Corp., Adriana Resources Inc. and Argentex Mining Corp. He is a graduate of the Haileybury School of Mines, Georgian Business College, UBC’s Canadian Securities Course and is a member of CIMM.

Dr. Quinton Hennigh - Advisor

Dr. Quinton Hennigh is currently Chairman and former CEO of Novo Resources Corp., a Canadian corporation actively exploring for gold in Western Australia. Prior to founding Novo, he was the President of Exploration and Chief Geologist of Evolving Gold Corporation. He is credited with the discovery of the Rattlesnake Hills deposit in Natrona County, Wyoming. From May 2007 to March 2008, he was the Vice-President of Exploration for Evolving Gold Corp. From May 2004 to March 2007, he served as Senior Research Geologist with Newmont Mining Corporation.

Dr. Hennigh has worked throughout North America, in Europe, Australia, Asia and South America with several mining companies and has spent years developing regional concepts for the exploration for buried gold deposits, particularly in Nevada. He holds a Bachelor of Science from the University of Missouri and an MSc. and Ph.D. from the Colorado School of Mines. He is a member of the Society of Economic Geology and of the Mining and Metallurgical Society of America.

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