July 23, 2019 - Vancouver, British Columbia – NV Gold Corporation (TSXV: NVX; US: NVGLF) (“NV Gold” or the “Company”) announces completion of site visit and sampling program at its 100% controlled Root Spring Gold-Silver Project in the East Range, Pershing County, Nevada.
Geological observations and next steps:
NV Gold’s technical team recently concluded a mapping, sampling, and drill targeting campaign to determine the varying geometry of the veins, and specific structural controls on larger and/or higher-grade gold-silver concentrations at Root Spring.
The Root Spring vein system is exposed at surface for more than 1,200 m along strike, and includes at least two spatially distinct vein sets.
39 rock-chip samples were collected and submitted for assay and multi-element geochemical analyses.
Results will be combined with structural data from recent mapping to develop a three-dimensional image of known mineralization and highlight feeder zones.
On completion of modelling, the Company will review a potential first round of drilling.
“There were hundreds of small-scale mines operating in the Trinity, Humboldt, and East Ranges when Nevada was granted statehood in 1864, but all public records were destroyed in a fire in 1918. Unless duplicates are in personal or surviving company files, the information from these early operations was completely lost,” stated Dr. Marcus Johnston, Vice President Exploration. “A small hill at the north end of Root Spring is an example with such historic workings, where a series of collapsed shafts and declines exploited an unknown amount of material. The older mines hauled nearly every bit of their mined vein material to various mills in the region, leaving generally small, and locally non-existent dumps. The underground workings near the north end of Root Spring mined a shallow, 1 to 10 plus meter wide vein within a larger sheared envelope. Spacing between declines, however, left enough surficial ore for a small slot cut later that historically yielded 40 tons grading 14 ounces per ton silver.”
Recent Observations by Dr. Johnston from July Site Visit:
The veins and associated alteration and mineralization at Root Spring are essentially identical to those observed directly in outcrop or drill-hole cuttings for deposits nearby at Rochester/Packard, Lincoln Hill, and Spring Valley. These deposits are characterized by milky quartz veins and veinlets in weakly to moderately metamorphosed rock, with Au occurring with Ag as free grains of electrum, and Ag mostly occurring as a substitute for Cu in tetrahedrite. Waste material comprises small grains of carbonate minerals, pyrite, galena, chalcopyrite, and sphalerite, or their oxidized equivalents, and nearly ubiquitous white quartz. Generally, the larger veins share common characteristics with veins on the Mother Lode in California, USA, and the Abitibi belt, southeastern Canada, and should be properly classified as “orogenic” for exploration considerations.
About Root Spring Gold Project
Root Spring comprises 54 lode claims on BLM ground, and is located 80 km south of the city of Winnemucca, and 26 km east of the world-class open-pit Rochester silver-gold mine operated by Coeur Mining. The project contains an Au-Ag vein system partly exposed at the edge of a large alluvial-covered valley. Mineralization is hosted by metavolcanic rocks that may be equivalent to parts of the Koipato Group, which were not previously identified in the area, and consist of felsic and mafic units. The Koipato volcanics host the Rochester silver-gold deposit as well as the Spring Valley gold deposit, 27 km northwest of Root Spring.
The project contains gently dipping quartz veins and quartz-vein stockwork zones exposed for at least 1.2 km along a northwest strike, with individual veins up to 10-meters thick. Extensions of the veins along strike, as well as surrounding country rock, are concealed by alluvial cover. Surface rock-chip values in veins reach 9.36 g/t gold, accompanied by high silver reaching 1500 g/t. The veins are surrounded by widespread, locally mineralized quartz-sericite-pyrite alteration.
A limited drilling program in 2012 intersected silver-gold mineralization down-dip of exposed veins, but the holes were very shallow (68 m average length). Results included 12.1 m grading 14.02 g/t Ag and 0.16 g/t Au, 10.7 m grading 17.23 g/t Ag and 0.14 g/t Au, and 9.4 m grading 16.47 g/t Ag and 0.53 g/t Au. Additionally, the drilling confirmed the presence of a metavolcanic host section, and also intersected encouraging disseminated Au within felsite far from the exposed veins.
NV Gold notes that there is no guarantee that the historical results are representative and cannot guarantee that the Company will be able to duplicate the results with future exploration programs. NV Gold’s management team does not view the Root Spring project material to the Company at this time.
Quality Control and Quality Assurance
Sampling activities at the Root Spring Gold project were conducted under the supervision of Dr. Marcus Johnston, VP Exploration for NV Gold. Samples were submitted to the ALS Global – Geochemistry Analytical Lab in Reno Nevada.
About NV Gold Corporation
NV Gold is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries. Leveraging its highly experienced in-house technical knowledge, NV Gold’s geological team intends to utilize its geological databases, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to prioritize key projects for focused exploration programs.
On behalf of the Board of Directors,
John E. Watson
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Peter A. Ball, President & COO
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, and historical assay information at the Root Spring Gold Project, geological interpretations of rock types and their similarity to rock types at other mines 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.