NV Gold Announces Exploration Target at its SW Pipe Gold Project of up to ~70,000 Near Surface Oxide Gold Ounces
VANCOUVER, BC / ACCESSWIRE / June 7, 2023 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) (“NV Gold” or the “Company”) is pleased to provide an exploration update for the Company’s 100%-owned SW Pipe Gold Project (“SW Pipe”) located in Lander County, approximately 6 km (3.7 miles) southwest of the Pipeline Gold Mine in the central Cortez gold belt of north-central Nevada (see Figure 1). The environmental update has identified an estimated exploration target (the “Exploration Target”) of 35,000 - 70,000 oxide ounces of gold (see Table 1).
Table 1: Exploration Target potential grades and tonnages, with the potential tonnage and grade using a maximum and minimum of 20% increase/decrease to allow for uncertainty.
SW Pipe Exploration Target | |||
Project | Metric million Tonnage Range | Au ppm Range | Au Oz Range |
SW Pipe | 5-6 | 0.25-0.41 | 35k - 70k |
Exploration Target Summary:
NV Gold’s SW Pipe project is about 6 km (3.7 miles) southwest of the Pipeline/Gold Acres/Robertson Battle Mountain-Cortez Trend complex. The SW Pipe project has near surface oxide gold mineralization hosted in sandstone, chert, shaly siltstone, greenstone, and slate rock types. Past reports describe these rocks as presumed to be a part of the western facies associated with the Roberts Mountain Thrust.
There have been at least 7 historical drilling programs, resulting in 49 reverse circulation drill holes available for use in modeling. Based on drill holes with Au assay values available, there is not presently sufficient drilling density to calculate an Inferred Resource. The data currently available does provide an exploration target that contains between 5 and 6 million tons, with grades ranging from 0.25 to 0.40 g/t. The target has been developed on 2d sections 70 meters apart, using the mean grade of each intercept, and a range of +/- 25 percent. Density values ranged from 2.45 g/cm3 to 2.55 g/cm3, though at the nearby Battle Mountain trend gold deposits, values mentioned can range from 1.27 g/cm3 to 3.45 g/cm3. This exploration target contains 26 mineralized zones at least 3 meters downhole, in a zone at least 1.3km in a northwest-southeast trend, and 0.6km wide.
Qualified Person: The technical information in this document was compiled, reviewed, and approved by Jesse D. Wellman, CPG, an American Institute of Professional Geologists certified Professional Geologist, and is a Qualified Person as defined in the NI 43-101. Jesse D. Wellman, CPG is a consulting Economic Geologist, and Qualified Person with over 20 years’ experience in precious metals exploration, discovery, and development.
Thomas Klein, VP Exploration stated, “I am excited by the outcome of this new technical update (“Exploration Target”) and the potential ounces modeled by Mr. Jesse D. Wellman. NV Gold has successfully delineated a substantial near surface, oxide gold system at its SW Pipe property in Lander County, Nevada. This area of gold mineralization can be interpreted as possible “leakage” from a larger target at depth, emplaced through structural conduits. Given the favorable setting proximal to several large gold deposits, the modest deposit is further support for deeper exploration. “
Figure 1: SW Pipe Property Location.
SW Pipe Exploration Update
On May 10, 2023, the Company commenced drilling its initial drill hole at SW Pipe. Due to challenging ground conditions and in an effort to preserve capital, the Company has terminated the existing hole and relocated the drill rig to its Triple T Gold Project (“Triple T”).
John Seaberg, NV Gold CEO stated “SW Pipe remains a high priority target for the Company but the encountered ground conditions and expected depth of the drill holes requires a larger budget to adequately test the target at depth. In an effort to allocate our capital in a disciplined manner, we have elected to move the drill rig to the Triple T Gold Project where the holes are shallower and much less expensive. As such, crews have been mobilized to begin a ~1,000 - 1,500 meter RC Drill Campaign that will entail 10 - 15 drill holes designed to exploit the properties near surface, high-grade oxide gold potential. Triple T is 100% owned by NV Gold and is fully permitted”.
The Triple T Project comprises of 41 claims and is located in the Humboldt Range 9 kilometers (5.6 miles) east of the Rochester silver-gold operation and 42 kilometers (26.1 miles) southeast of the Florida Canyon gold mine (see Figure 2).
Figure 2: Triple T Location
About NV Gold Corporation
NV Gold Corporation is a well-organized exploration company with ~89 million shares issued and no debt. NV Gold has 21 exploration projects in Nevada comprising 639 100%-Company-owned lode mining claims totaling 53.4 square kilometers (20.6 square miles) The Company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2023 is expected to be highly productive for NV Gold.
On behalfof the Board of Directors,
John Seaberg, Director, and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Freeform Communications at 604.245.0054
Neither the TSX Venture Exchangenor 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 news release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and statements that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company and include, without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the potential quantity and grade of mineral resources identified in the Exploration Target and the Company’s current expectations regarding future exploration and development plans. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
SOURCE: NV Gold Corporation
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