hochschild

NV Gold Signs up to US$10 Million Option Deal with Hochschild on its 100% Controlled SW Pipe Gold Project

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



View source version on accesswire.com:
https://www.accesswire.com/642111/NV-Gold-Signs-up-to-US10-Million-Option-Deal-with-Hochschild-on-its-100-Controlled-SW-Pipe-Gold-Project

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less
A mining truck within the outline of Australia's map on a clear day.

Is Australia on the Brink of a New Mining Super Cycle?

Mining remains as a cornerstone of Australia’s GDP and export earnings, but current global challenges such as trade disputes and price changes may be straining its foundations.

A recent FocusEconomics report tackled Australia’s resource wealth, tracing from the gold rushes of the 1850s to the iron ore and coal booms of the 21st century.

Keep reading...Show less
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

 
  •   High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone  
  •  
  •   Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing  
  •  
  •   Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025  
  •  

 

 Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×