Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company”) is reporting positive results from its initial bottle roll cyanidation test of drill cuttings from its 100%-owned Afgan/Kobeh Project located in Eureka County, Nevada. Test results for the near-surface oxide mineralization indicate the project will be amenable to low-cost cyanide heap-leaching. Highlights of the study results are given.
62 samples were selected from RC drill cuttings collected during the 2010 drill program performed by the Company. The samples were tested by Kappes, Cassiday and Associates (KCA) of Reno, Nevada.
A total of sixty-two (62) bottle roll tests were completed on as-received reject material during Phases I and II. All leach tests were run for a period of forty-eight (48) hours with solution sampling performed at 6, 24 and 48 hours. The tests utilized 1,000 grams of as-received (uncrushed) material slurried with 1,500 milliliters of tap water. Sodium cyanide was added and maintained at 5 grams per liter of solution. The pH of the solution was maintained at 11.0 with the addition of hydrated lime Ca(OH)2. The following recoveries were reported by rock type and general grade of gold:
- 79.5 per cent for the Webb Fm. Material low-mid (<2.9 gpt) grade,
- 77.1 per cent for the Webb Fm. Material high (>3.0 gpt) grade;
- 72.8 per cent for the Devil’s Gate Ls Fm. Material low-mid (<2.9 gpt) grade,
- 81 per cent for the Devil’s Gate Ls Fm. Material high (>3.0 gpt) grade;
- Gold recovery rates were fairly rapid, results were obtained in 48 hours of leaching.
These bottle roll tests give a good indication that cyanidation will likely work at Afgan, and that heap leaching might be possible. While additional work in the form of column tests will be required prior to feasibility analysis, NV Gold President and CEO John E. Watson stated, “These metallurgical results are very positive. It appears that we will have the option of heap leach processing at Afgan, with the attendant low capital and operating costs. Heap leaching is a low-cost mining and recovery technique commonly used in Nevada to recover gold from near-surface oxide gold ores.”
John Watson also said “As we approach a preliminary economic assessment of the project, we plan to continue to expand and upgrade the resources with further drilling.” With several untested drill targets and extensions of known mineralization, there is good potential to increase the current NI 43-101 resource. The company will carry out a 2,000+ meter program during July and August, designed to increase and upgrade the resources as well as initiate a preliminary economic assessment by year-end.
The Afgan Project has excellent potential to host an open pit gold operation utilizing the excellent infrastructure in place in northeastern Nevada. Afgan is located approximately 45 kilometers northwest of the town of Eureka.
aniel W. Kappes, President of KCA, is a qualified person under National Instrument 43-101 and has approved the technical information in this release.
On behalf of the Board of Directors,
(sgd.) “John E. Watson”
President and CEO
Investor Relations: Leo Karabelas, Tel: (416) 543-3120 Email: firstname.lastname@example.org
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the resource at the Afgan/Kobeh project being amenable to heap-leaching, the expansion and upgrading of existing resources, the initiation of a preliminary economic assessment by the Company and the potential of the Afgan/Kobeh project to host an open pit gold operation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include the risk that cyanidation may not achieve acceptable recovery rates on other parts of the resource or that these recovery rates may not be able to be replicated in a commercial scale operation, that additional exploration may not expand or upgrade the resource, that the Company may not pursue a preliminary economic assessment due to disappointing results or financial conditions, that the projected economics of the Afgan/Kobeh project will not be sufficient profitable to warrant commencing production, the uncertainty of continuity of observed mineralization assumed in mineral resource estimates, particularly inferred resources, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.