NV Gold Corp - Progress Update Q3 and Q4, 2021
VANCOUVER, August 23, 2021 - NV Gold Corp. (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") The Company announced today an update on its active projects in Nevada, USA.
Slumber Gold Project, Humboldt County, Nevada
Our Q4, 2020 drill program at Slumber expanded the margins of known mineralization from previous work. Additional geophysics (CSAMT) followed by detailed mapping and sampling have advanced and enlarged our target interpretation which will focus the placement of the next round of drilling, anticipated in Q4, 2021. Details of the recent work will be outlined in a separate press release.
Sandy Gold Project, Lyon County, Nevada
Our maiden drilling at the Sandy Project in Q1, 2021 returned successful results, even though no high-grade intercepts were encountered. A large volume of gold mineralization was outlined, covering a strike length of 2 kilometers and a width of up to 500 meters. Water and equipment limitations kept the drilling depths to 300 meters.
Narrow gold-quartz-pyrite veining was encountered in most of the 17 holes drilled, suggesting a deeper target or targets may be present. A follow-up IP-Resistivity geophysical program is set to initiate within the next 2 weeks. Additional details of the planned geophysical work will be outlined in a separate press release. Depending upon availability of drilling equipment, the next drill program at Sandy is likely to be scheduled in Q1, 2022.
Discovery Bay Gold Project, Lander County, Nevada
The Discovery Bay Project is located less than 10 miles southeast of the (previously producing) Cove McCoy Mine in Lander County. The target area is a kilometer long, elongate window of Triassic Osobb Mountain Quartzite and Cane Springs Limestone (host rocks at McCoy), and other underlying favorable host lithologies. Most of the target(s) is covered by thin layers of Tertiary volcanics (Basal Tuffs) and Quaternary rocks.
NVX has expanded its claim position in preparation for a 4-6-hole initial RC program, expected to commence in early Q4 2021.
Pickhandle Project, Lander County, Nevada
NV Gold plans a Phase 1 exploration program during Q4 2021 leading to a potential RC drilling program, in Q1 2022, to be focused on exploring a small window of Permian Antler Sequences, hosting anomalous jasperoids and mineralized dikes. Like the "Lone Tree Gold Mine Model" the target is mostly covered and extends underneath Tertiary volcanic cover and into the pediment. There is no historical drilling at Pickhandle, and it represents a "virgin" opportunity for a Nevada discovery!
Spanish Canyon Project, Nye County, Nevada
NV Gold plans a Phase 1 reconnaissance program during Q4 2021. The project is a "Carlin-type" disseminated gold-silver system hosted in the calcareous sediments of the Triassic Luning and Sunrise Formations. The area is characterized by multiple stages of faulting, replacement silicification, hydrothermal and tectonic breccia bodies and argillic-decalcification alteration of carbonates over a 4 square-kilometer area.
Although there has been no historical drilling at Spanish Canyon, the project is an exciting prospect owing to its numerous mineralized jasperoid zones in an area up to a kilometer long and contains previous outcrop sampling that assayed up to 2.5 g/t Au and over 1,000 ppm As.
Spanish Canyon represents an untested gold system, with bulk mineable potential, which is situated in favorable geologic and geographic environments. Drill targets have been identified and include a large basin pediment area, range front structural zone, with mineralization exposed in the outcrops along the low lying hills of the range. A maiden drilling program could be initiated in Q1 or Q2, 2022.
The Near-Term Strategy and Outlook
The Company continues its focus on Nevada and the Great Basin, one of the largest and most productive gold provinces in the world. On a regional-scale, Nevada is thought by many to be a thoroughly explored gold province. Much of the near surface gold that has been found over the past 40 years has already been mined or is being mined today. To find significant new deposits, the successful explorer needs to employ modern, sensitive sampling techniques combined with regional-scale structural interpretation and a willingness to drill, drill, drill. The breadth of experience of our staff and advisors gives us our advantage. Over 50% of Nevada is covered by recent basin sediments or volcanic cover, which often obscures the classic, visible expressions of mineralization. These covered areas are composed of the same rocks with the same temporal placement as the gold deposits found in the nearby ranges. There is a strong likelihood that other, similar-sized deposits await discovery! Significant discovery potential remains in one of the preeminent gold provinces on Earth. The Company has a strong property position with over 20 projects, ranging from Greenfields to advanced "pre-discovery". Our property portfolio covers a number of geologic environments and at varying levels of advancement. Holding costs for most of these properties are minimal, particularly those that are held as joint venture or lease-out possibilities.
It is our plan to drill 4-6 projects in the 12-18-month time horizon, providing a good news flow and multiple opportunities for success. We look forward to a productive and successful exploration season ahead.
About NV Gold Corporation
NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-financed exploration company with ~80 million shares issued, a solid treasury and no debt. The Company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2021 will be NV Gold's busiest exploration year in its corporate history.
On behalf of the Board of Directors,
John E. Watson, President & CEO
For further information, visit the Company's website at www.nvgoldcorp.com or contact:
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, and acquisition of new gold projects 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 Corp.
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