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Sampling Results From Medel Property In Switzerland Very Encouraging - Include Samples Of Over 10 G/T Gold

 

Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the "Company") announced today that its wholly-owned subsidiary, SwissGold Exploration AG (“SGE”) has completed initial gold exploration reconnaissance work on its Medel concession in eastern Switzerland, with highly encouraging results. The 2011 program was centered on the Medel concession, which covers 129 square kilometers in Canton Graubunden. Of the 86 surface rock samples taken from the Medel concession that were assayed, 72 samples returned gold values in excess of 150 ppb Au, with 48 of those in excess of 1.0 g Au/t. Seven samples returned values in excess of 10 g Au/t.

As previously announced, the 2011 field program was designed to provide initial reconnaissance of the geology and mineralization of the area, plus focus on several specific prospect areas that could present viable drill targets for the 2012 season. The work has been completed, all results have been received, and NVX personnel are engaged in technical review of all historic and current information on the property.

The primary targets currently identified on the Medel concession include the Chevron, Cazirauns, Bell and Stavelatsch showings. Each was prospected on the surface with the collection of selected rock samples submitted for geochemical analysis. Additionally, two lines of soil geochemical samples were collected and analyzed.

A total of 86 surface rock samples and 20 soil samples were collected from the Medel concession area in 2011. Rock samples were analyzed by ALS Laboratories for gold by fire assay and multi-element geochemistry with aqua regia digestion for 51 elements by ICP-AES and ICP-MS. Soil samples were analyzed for 51 elements by ICP-AES and ICP-MS with aqua regia digestion. A team of ten persons was engaged in the 2011 exploration program.

The area of greatest current interest on the Medel concession extends as a trend over 6 kilometers. Primary targets within this area are:

  • the “Chevron” zone, so named because of the chevron map-form of the favorable sulfide-bearing quartz-muscovite schist unit. The prospect appears open to the west and may connect to the Cazirauns and/or Bell areas to the east.
  • the Cazirauns outcrop zone and associated boulder-rich downslope alluvial fan; it also appears open to the east;
  • the Bell zone, which was drilled in 1991, also open in all directions beneath cover;
  • the Stavelatsch zone, located nearly 4 km east of the Bell and Cazirauns Zones.

Mineralization consists of disseminated to semi-massive or laminated sulfide in quartz-muscovite schist; identified sulfide minerals are pyrite, arsenopyrite and pyrrhotite. Tourmaline, ankerite and fuchsite are commonly associated minerals.

Two lines of soil geochemical samples were collected, both 450 meters in length and spaced 350 meters apart, with samples collected at 50-meter spacing along the lines, for a total of 20 soil samples. These soil sample lines were designed to trace the connection of the Chevron zone with the Cazirauns or Bell zones beneath heavy soil and vegetation cover. Results were highly encouraging with both lines returning strong gold anomalies throughout their lengths.

The rock geochemical program was designed to test the grade and areal extent of gold mineralization within the widespread quartz-muscovite schist units. Field prospectors were instructed to sample selectively for visible sulfide mineralization in outcrops of all types. Results were highly encouraging. Of the 86 samples assayed, 72 samples returned gold values in excess of 150 ppb Au, with 48 of those in excess of 1.0 g Au/t. Seven samples returned values in excess of 10 g Au/t. The sampling program was completed under the supervision of Dr. Odin Christensen, a Qualified Person under NI 43-101 and Director of NVX. Samples were secured while on site and transported in sealed containers by rail to the analytical laboratory. Duplicate samples confirm the grade and extent of mineralization.

While many samples were selected for visible mineralization, the wide geographic extent of favorable results supports the Company’s opinion that they are significant indications of the grade and lateral continuity of mineralization in this area. The gold systems at Medel appear to be very large and quite robust. While these systems have been discussed in the literature and subject to limited prior exploration programs, this large area remains little explored.

The Medel concession was the subject of a modest drilling program in 1991 (International Micham Resources Inc.). Two diamond drill holes, totaling 403.5 meters, were completed under the direction of Mr. David Bell. Both holes were drilled from a single pad location in order to establish the true thickness and dip of the host unit. The target zone was mapped in the area of the drilling and the holes were targeted to intersect the zone at a high angle.

Both holes intersected long intervals of disseminated gold mineralization, containing shorter intervals of higher grades (see chart). Outcrop samples collected by NVX in the area of the 1991 drill collar contained gold concentrations to 8.1 g Au/t. This Bell prospect area is open beneath cover in all directions.

1991 Drilling Results, Bell Zone

Drill Hole

Intervals

Grade

 

From (m)

To(m)

Length (m)

Length (ft)

g Au/tonne

oz Au/ton

 

 

 

 

 

 

 

 

DDH 91-1

 

44.2

139.2

95.00

313.50

0.980

.029

 

includes

66.2

81.2

15.00

49.50

1.620

0.047

 

 

87.2

96.2

9.00

29.70

2.200

0.064

 

 

100.2

103.2

3.00

9.90

4.103

0.120

 

 

 

 

 

 

 

 

 

 

173.7

174.7

1.00

3.30

4.011

0.117

 

 

 

 

 

 

 

 

DDH 91-2

 

53.6

145.65

92.05

303.77

0.711

0.021

 

includes

103.6

110.65

7.05

23.27

2.170

0.063

 

 

 

 

 

 

 

 

 

 

190.85

195.85

5.00

16.50

1.180

0.034

 

The 1991 program suffered from budget limitations and weak gold prices, and as a result, the holes were never offset.

A similar sub-parallel zone, named Cazirauns, has been identified by NVX some 300 meters to the north of the Bell Zone. Twenty-six rock geochemical samples collected from outcrop and from coarse boulder alluvium beneath the zone returned values as high as 17.2 g Au/t. Sixteen of the samples returned assays in excess of 1.0 g Au/t. The area has received no drilling to date.

The Chevron Zone is located 1-1.5 kilometers northwest of the Bell and Cazirauns zones. Initial mapping indicates that it may connect to one or both of these zones under an area hidden beneath soil and vegetation cover. Soil sampling of this covered area suggests continuity between the zones. Should the zones be confirmed to connect, the combined target would each have a potential strike length in excess of 2 kilometers.

The 2011 SwissGold program at Medel and the surrounding area was highly encouraging. The 2011 work, combined with the historical drilling results will form the basis for an aggressive exploration program in 2012. Additional surface sampling and geophysics will be combined with diamond drilling for this season. It is anticipated that the Bell 1991 drilling will be offset and the Cazirauns target will be drill tested for the first time. Other targets are being analyzed and may be drill-tested.

The Company owns a 100% interest in the Medel concession and has applied for an exploration permit in respect of the remainder of the Surselva District, which includes the Communes of Medel/Lucmagn, Disentis/Muster, Sumtvig/Somvix, Trun and Tujetsch.

Dr. Odin Christensen supervised the preparation of the exploration information that forms the basis of this news release.


On behalf of the Board of Directors,

(sgd.) "John E. Watson"
President and CEO

For further information, visit the Company’s website at www.nvgoldcorp.com or contact:

John E. Watson,
Phone: 303.674.9400
Email: jewats@aol.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 geological potential of the properties, including any continuity of, or connection between, areas of mineralization and other future plans and objectives of the Company 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.