VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 24, 2016) – NV Gold Corporation (TSX VENTURE:NVX) (“NV Gold” or “the Company”) is pleased to announce that it has acquired through staking, a significant land position covering a known, historical shallow gold system located along the Cortez Gold Belt 6 km southwest of the Pipeline Gold Mine, operated by Barrick Gold Corp. 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 Company’s new project, SW Pipe, adjoins claims controlled by Barrick Gold and Newmont Mining and represents the first property acquisition since NV Gold purchased the properties and exploration database of Redstar Gold Corp. (TSX VENTURE:RGC) (“Redstar”), as announced on September 30, 2016.
The newly staked land position, named the SW Pipe Project, covers approximately 6.5 square km (2.5 square miles) and is reported to host a shallow, sediment-hosted gold system, and is currently being evaluated by NV Gold. Historic vertical drilling, (as outlined in Table 1), mostly between 1989 and 1997 and within 150 m of surface, intersected significant shallow gold mineralization, including:
* 0.44 g/t over 17 m containing 2.36 g/t over 1.5 m, and
* 0.75 g/t over 11 m containing 1.83 g/t over 3 m, and
* 0.60 g/t over 18 m containing 1.35 g/t over 5 m.
NV Gold’s President, John Watson, states: “The SW Pipe Gold Project, acquired for minimal cost through direct staking only, demonstrates our commitment to not only continue to grow the recently-acquired property portfolio, but ensures we minimize the costs and expenses going forward. We will immediately complete a detailed analysis of the historical data, and then present the property available for farm-out.”
Mineralization 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.
The Company has obtained and is continuing to review the historic exploration data, 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 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.
In addition to reviewing these datasets, the Company will be developing a 3D model of the drilling and plans to conduct further geologic field studies. This 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 have been tested by the historic vertical drilling.
|Selected Drill Hole Gold Composites*|
|Hole||Hole Length (m)||From (m)||To (m)||Length (m)||From (ft)||To (ft)||Length (ft)||Au g/t|
|*||Composites calculated at a cutoff of 0.1 g/t gold; mineralized thicknesses do not necessarily equate to true widths; all holes were vertical.|
To view Figure 1 – Location of SW Pipe to other Central Nevada Gold occurrences, please visit:http://media3.marketwire.com/docs/1073579f1.jpg
Dr. Jacob Margolis is a qualified person, as defined by National Instrument 43-101, and has approved the technical information in this news release. Dr. Margolis is engaged as a consultant to NV Gold and holds stock options of NV Gold.
The Property is considered to be early stage exploration property; there are no known mineral resources. Historical assays reported in this news release cannot be independently verified and should not be relied upon. All information and references are not being relied upon and any data in this press release is considered historical and are not 43-101 compliant and should not be relied upon as accurate by the reader.
About NV Gold Corporation
NV Gold is junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries utilizing the prospector generator model. Leveraging its highly experienced in-house technical knowledge, NV Gold’s geological team intends to use the Database, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with its 12 gold projects in Nevada, to uncover opportunities for lease or joint venture. NV Gold plans to aggressively acquire additional land positions for the growth of its business.
On behalf of the Board of Directors,
John E. Watson, President and CEO
For further information, visit the Company’s website at www.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 planned geologic field studies, the geological potential for mineralization on the Southwest Pipeline property or the potential to sell, lease or joint venture any of the Company’s properties, the generative value of the Database and other future plans and objectives of the Company, including exploration plans, 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.