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NV Gold Drills Gold Zones at Fisher Canyon

Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (“the Company”) is pleased to announce that significant intercepts of shallow, oxide gold mineralization have been returned from the 28 hole, phase one drill program recently completed on the 100% owned Fisher Canyon Project located in Pershing County, Nevada. The results included 55 ft at 0.039 oz per ton (opt) (16.7 m @ 1.345 ppm) in hole 09-03 and 45 ft @ 0.011 opt (13.6 m @ 0.393 ppm) in hole 09-01. Complete results are tabled below.  The company plans to begin preparation for its 2010 program following three-dimensional analysis and interpretation of these phase one results.

Two target areas were tested, the Tom-Tom Area in the central portion of the property and the SW Area, approximately one mile to the southwest.   The drilling tested soil and rock-chip geochemical targets that were defined earlier in the 2009 field program.

  • A majority of the 28 reverse circulation drill holes encountered significant gold intercepts.
  • Gold mineralization encompasses an arcuate trend at least 2,100 meters (6,900 ft) long and 50-150 meters (150-500 ft) wide. Similar nearby deposits, such as Relief Canyon have comparatively small surface dimensions, making exploration challenging for this type of deposit. 
  • Results indicate additional targets may lie between the Tom-Tom and SW areas as well as north of Tom-Tom. Hole 09-01 remains open to the north.

 

Significant results from the 28 hole program are as follows:

Hole TD (ft) Intercept (ft) Length (ft) Grade (ppm) Grade (opt) Area or Zone  
  09-01 235 65-110 45 0.393 0.011                          Tom-Tom
09-03 185 30-85 55 1.345 0.039 Tom-Tom
09-04 300 85-95 10 0.485 0.014                                                           Tom-Tom
    145-150 5 0.787 0.023  
    170-185 15 0.539 0.016  
09-05 125 115-125 10 1.082 0.032 Tom-Tom
    190-205 15 0.345 0.010  
09-07 385 210-225 15 0.794 0.023 Tom-Tom

09-08

260 25-40 15 0.454 0.013 Tom-Tom
    80-130 50 0.575 0.016  
09-09 165 40-65 25 0.826 0.024 Tom-Tom
09-10 150 65-85 20 0.665 0.019 Tom-Tom
09-16 265 5-20 15 0.813 0.024 Tom-Tom
09-19 195 5-35 30 0.200 0.005 Tom-Tom
09-20 285 15-20 5 0.548 0.016 Tom-Tom
09-21 300 20-40 20 0.348 0.010 Tom-Tom
09-23 300 160-180 20 0.214 0.007 SW
09-26 225 40-60 20 0.207 0.006 SW
09-29 180 115-120 5 0.754 0.022 SW

Hole 09-12 was not drilled.  Eleven of the remaining thirteen holes intersected at least 5 feet of greater than 50 ppb and were considered anomalous for gold.

John E. Watson, NVX’s President, said “This was the Company’s first exploration drilling program at Fisher Canyon and it succeeded in intersecting gold values in a high percentage of holes drilled.  The gold system at Fisher Canyon follows an altered, mineralized rock unit that is traceable over a strike length in excess of 3 kilometers, with several additional targets remaining to be tested.  Although the drilling of the Phase I program was considered successful, larger thicknesses will be required to yield an economic-size deposit.  The NT area will be mapped and sampled in the second quarter of 2010 to develop larger targets.  To date, higher elevations and steeper topography have made the NT area more challenging from a permitting perspective.”

Plans for additional work in 2010 will be made following three-dimensional analysis and interpretation of phase one results, as well as mapping and further surface sampling of the NT Area. 

Exploration activities at the Fisher Canyon Gold project were conducted under the supervision of Michael Gustin, P.Geo., of Mine Development Associates, an independent Qualified Person under NI 43-101. Assays reported were conducted by ALS Chemex (Reno, Nevada) using a fire assay with an AA finish.  The data verification procedures and QA/QC procedures followed for the recent drilling program were consistent with those outlined in the Technical Report on the Fisher Canyon Gold Prospect dated September 22, 2009 and available for review amongst the Company’s documents at www.sedar.com .  Mr. Odin Christensen, C.P.G., a director of the Company and a Qualified Person under NI 43-101, has reviewed and approved of the contents of this news release.

NVX is a Colorado-based company, whose objective is to create shareholder value by the acquisition, exploration, and development of gold projects located within the major gold producing areas of Nevada and the Basin and Range.

On behalf of the Board of Directors,

(sgd.) “John E. Watson”

President

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 future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 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 availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals, risks inherent in the mineral exploration and production industry, and other risks detailed from time to time in the filings made by the Company with securities regulators. The Company expressly 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.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Please direct information requests to John E. Watson at 303-674-9400 or via email to jwats@aol.com

Visit the Company website at www.NVGoldCorp.com