Vancouver, British Columbia – NV Gold Corporation (TSX.V: NVX) (“NV Gold” or the “Company”) is pleased to announce it has acquired, through staking of 217 lode mining claims, approximately 17 sq km of mineral rights covering a strategic area near Newmont Mining Corporation’s Twin Creeks mine, as well as Barrick’s Getchell and Turquoise Ridge operations in northwest Nevada. NV Gold has named the new claims the “Across-the-Valley,” or “ATV” project.
The ATV project is entirely covered by a veneer of young gravels and volcanic rocks, but interpretation of gravity data and structural modeling by NV Gold suggests potential for discovery of “Twin Creeks” type Carlin mineralization at shallow depths (Figure 1). Previous drilling near the property by Evolving Gold Corp determined favorable Paleozoic sedimentary rocks lie as close as 100 meters within surface.
NV Gold will soon undertake collection of additional gravity data to help refine targets. The Company plans to use proceeds from its recently closed private placement to undertake a first round drill program around mid-year. Dependent on interpretation of new gravity data, this program will comprise drilling of six to eight reverse circulation stratigraphic test holes, each to depths of a few hundred meters. The goal of this first program will be to verify depths to favorable sedimentary rocks as well as test and refine NV Gold’s overall structural model.
It should be noted that ATV is a high-risk, conceptual exploration project with no certainty of success. This said, should NV Gold verify its model and encounter favorable rocks at shallow depths as hoped, this program will open up a very important new exploration concept in Nevada, one of the most prolific gold provinces on Earth.
NV Gold’s CEO, John Watson added “The ATV project follows NVX’s primary directive, which is to create value through the experience and knowledge of its management team. This concept is both creative and compelling. Nevada has been the focus of significant gold exploration for several decades and new discoveries are made from new ideas and willingness to take risks.”
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, CEO and a Director of Novo Resources Corp. and a director of NV Gold.
(Figure 1: Schematic section through the Osgood Mountains to the ATV project, looking northeast. Structural modeling by NV Gold suggests favorable sedimentary host rocks for Carlin style mineralization potentially underlie the ATV project at shallow depths. A thin veneer of young gravels and volcanic rocks (yellow) overlie Paleozoic sedimentary rocks (purple). Red indicates gold mineralization or potential gold mineralization at ATV. Depth to favorable rocks is thought to be within a few hundred meters of surface within much of the ATV project area.)
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 its geological database, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to create 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,
(sgd.) "John E. Watson"
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
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 interpretation of gravity data, the structural modeling by NV Gold (including the diagram) and that it suggests potential for discovery of “Twin Creeks” type Carlin mineralization at shallow depths (within a few hundred meters) at the ATV property, the planned exploration consisting of drilling of six to eight reverse circulation stratigraphic test holes, each to depths of a few hundred meters, the goal of the program being to verify depths to favorable sedimentary rocks as well as test and refine NV Gold’s overall structural model and that, if achieved, it will open up a very important new exploration concept in Nevada, the depiction of potential gold mineralization in the diagram, the potential to sell, lease or joint venture any of the Company’s properties, 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.