VANCOUVER, BC / ACCESSWIRE / March 02, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) (“NV Gold” or the “Company”) is pleased to announce that the Company has completed its expanded reverse circulation (“RC”) drill program at its 100% owned Sandy Gold Project (“Sandy”), located within the Walker Lane, Lyon County, Nevada, USA. The expanded program was comprised of 17 RC drill holes totalling 3,811 m (12,505 ft), or an approximate 150% increase from the originally planned 1,500 m. All samples have now been delivered to the assay laboratory and are awaiting assay.
“Since announcing the expansion of our RC drill program at Sandy, further holes continued to yield intervals displaying intensely hydrothermally altered rock, quartz vein material and considerable pyrite. Because of these positive indications, NV Gold elected to expand its drill program by 150%,” commented Peter A. Ball, CEO of NV Gold. “Drilling provides an indication the newly discovered epithermal system has at least a 2.4-kilometer strike-length. Recent high-grade gold from surface rock chip sampling supports this observation. The Company is now planning to complete a property-wide induced polarization-resistivity (“IP”) survey to further evaluate this exciting system. The IP-resistivity survey will help to identify and distinguish zones of high chargeability, or sulphides, and resistivity to delineate silicification. It will also provide information regarding the depth to underlying shaly basement.”
Review of the Expanded Drill Phase I Program at the Sandy Gold Project
As previously stated in the news release dated February 9th, 2021, the Company believes that drilling has encountered a large epithermal gold system defined by extensive argillic to propylitic alteration with intervals of moderate to intense quartz and pyrite veining (Figure 1). Some of the quartz vein intercepts from the current drill program have measured up to 30 m (100 ft) wide. Quartz vein cuttings often display multi-phase brecciation, a sign of boiling in the system, a good indicator for potential high-grade mineralization. Most of NV Gold’s drill holes have far exceeded the depth of historical drilling conducted in 1993.
Based on the expanded drill program, the newly identified mineralized vein system now has a strike length of at least 2.4-kilometer (1.5 miles) and is hosted by a thick andesite volcanic package. Some of the underlying shaly basement rocks continued to show visual evidence of veining and alteration. Most of the property remains undrilled, and the system remains open at depth and in adjacent areas under late volcanic cover.
Figure 1: Example of extensive quartz veining and pyrite within Sandy Drill Hole SD-11.
Quinton Hennigh (Ph.D., P.Geo.) is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. Dr. Hennigh is a director of NV Gold and is not independent and is also the President, Chairman and a Director of Novo Resources Corp.
About NV Gold Corporation
NV Gold (TSXV: NVX; OTCQB: NVGLF) is a well-financed junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries in North America, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year.
On behalf of the Board of Directors,
Peter A. Ball
President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Peter A. Ball, President & CEO
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 Company’s belief that its drilling has encountered a large epithermal gold system on the Sandy property, the Company’s planned exploration activities, the timing of undertaking its work and disclosure of results, 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.
SOURCE: NV Gold Corporation
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