February 13, 2020 - Vancouver, British Columbia – NV Gold Corporation (TSXV: NVX; US: NVGLF) (“NV Gold” or the “Company”) is pleased to review the Company’s Surselva Gold Project located in the Surselva district of the Graubunden (also called Grisons) Canton, Switzerland. NV Gold holds 100% of the project through its wholly owned subsidiary, SwissGold Exploration AG (“SwissGold”), a private Swiss corporation.
Surselva Gold Project Highlights:
- Identified an underexplored district scale gold system in SE Switzerland (1981 - by David Knopf and Karl Naert), with informal placer gold production over hundreds of years.
- Drilling (1986-1991) by David Bell (co-discoverer of Hemlo Gold Camp) yielded significant intercepts.
- SwissGold recently received 5-year exploration permit and drill permits in 2019 in the community of Medel/Lucmagn.
- NI43-101 Technical Report completed by Mine Development Associates (“MDA”) in 2014.
- 17 holes totaling 3,865 meters drilled near Lukmanier in 1986-87. Micham drilled two holes totaling 403.5 meters in Val Plattas in 1991, with one of the holes intersecting 1.13 g/t Au over 75 meters.
- MinAlp conducted surface exploration during 2006-2008, creating an exceptional technical database.
- Exploration programs by SwissGold highlighted three priority exploration targets, which are drill-ready.
- All modern exploration data has been compiled to a solid Geographic Information System database to support ongoing exploration.
“The Surselva Gold Project is an exciting gold project and represents a significant opportunity for a strategic partner focused on exploration opportunities in Europe. We are now preparing for our upcoming exploration program at the Slumber Gold Project, and continue to focus our energy and capital in Nevada,” commented John Watson, Chairman of NV Gold.
The Surselva project is comprised of an exploration permit that lies in contiguous portions in the community of Medel-Lucmagn, largely south of the Vorderrhein River. The exploration permit grants SwissGold the exclusive right to carry out geological, geophysical, and geochemical surveys, drilling, and excavation on public lands within the exploration territory for the location and evaluation of mineral resources for five years.
Surselva Gold Project Geology and Mineralization:
Gold has been known in the Vorderrhein River and tributaries since Roman times, with small-scale placer mining recorded since 1700; there has been no production of gold from a bedrock source. Gold was discovered in outcropping schist in the 1980’s. Two early exploration programs culminated in the drilling of 19 core holes. Multiple intersections of 3 to 6 g Au/t were encouraging, but were not economic at the time. SwissGold acquired the Surselva property in 2011 and completed geologic reconnaissance and geochemical exploration programs in 2011, 2013 and 2015.
Switzerland’s complex geologic framework is the result of successive continental collisional events from Early Paleozoic to Tertiary time that together assembled the European continent. The Surselva area includes the Aar and Gotthard Massifs of the central Swiss Alps. These massifs consist of granitic cores and surrounding metamorphic rocks. The Aar and Gotthard massif are separated by the Tavetsch Belt of highly sheared and metamorphosed gneiss and schist with lesser volumes of pegmatite, diorite igneous intrusions and lenses of ultramafic rock.
Gold mineralization in the area occurs in a number of East-West elongate lenses of sheared metamorphic rocks in the Tavetsch Belt and adjacent Gotthard Massif. Mineralized zones are marked by shear deformation and mineral alteration that impart a distinctive mineralogy and fabric to the host rock. Sulfide minerals associated with gold include pyrite, arsenopyrite and pyrrhotite occurring as shear-zone-hosted disseminations, occasional semi-massive sulfide lenses, and sulfide disseminations associated with quartz veins.
Gold mineralization is best characterized as an orogenic gold occurrence - gold mineralization emplaced during and as a direct consequence of the Alpine mountain building event. This style of mineralization is similar to Archean-age deposits in the Canadian Shield or to Mesozoic-age deposits in the Sierra Nevada foothills gold belt of California, USA. Sericite-muscovite schist with zones of pyrite-arsenopyrite occur over a distance of ~15 kilometers in the Tavetsch Belt and extend at least 5 km in the Gotthard massif in Val Plattas. Geochemical enrichments of As, Sb, Bi, Cu and Se are recognized.
The SwissGold exploration programs advanced project understanding through compilation of exploration data from previous exploration programs with geologic information from public and private sources, geological prospecting and mapping to better define the geological framework, and geochemical sampling. The company database currently contains analyses for 661 rock and 276 soil samples.
Three priority target areas are identified:
- Cazirauns – where alluvial boulders containing up to 13.5 g Au/t discovered in 2011 led to discovery of the bedrock source, with grades to 14 g Au/t in outcrop;
- Bell Zone – where sampling in 2015 encountered an outcrop containing 30.5 g Au/t; and
- Stagias – where multiple zones of gold mineralization are exposed in road cuts, with a maximum sampled gold contenet of 6.2 g Au/t. Where exposed, the zones are narrow, but they project eastward toward the other target areas.
Surselva Gold Project Next Steps:
Exploration completed at the Surselva project since the 1980s has resulted in the identification of a number of significant gold occurrences over a large area where gold was previously no more than a curiosity. A number of discrete exploration targets have been defined, with early exploration data available.
The existing exploration targets are supported by the presence of gold in soils, rocks, and drill core, all of which have returned highly significant results. The historic drill holes intersected long continuously mineralized intervals grading in excess of 0.3 g Au/t that include local shorter intercepts of higher-grade gold. This work has, however, not been comprehensive and other target areas may be discovered by continued exploration; much of the project area has significant soil and forest cover.
Continuing exploration might proceed along three courses:
- All three of the priority areas are considered “drill-ready” with identified drill targets.
- Continuing detailed exploration within and immediately surrounding the area of Val Plattas may identify other mineralized zones.
- Geophysical investigation of Val Plattas, either by ground geophysical surveys or drone-based geophysical surveys may highlight both the known mineralized structural zones or identify new zones.
The Surselva project is an exceptional exploration property, with identified high-grade gold within an orogenic mineral deposit, with quality exploration data pointing to drill-ready targets.
Please visit: https://www.nvgoldcorp.com/properties/other-projects/switzerland-project/ for additional information, Surselva Gold Project Presentation and MDA 43-101 Technical Report.
Dr. Odin D. Christensen, C.P.G., a Director of NV Gold, is a qualified person, as defined by National Instrument 43-101, and has approved the technical information in this news release.
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 and project advancement. 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 and Arizona, to prioritize key projects for focused exploration programs. The Company currently has under 47 million shares outstanding, with close to 20% owned by NV Gold’s management team.
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:
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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, the plans monetize the Surselva Gold Project, complete exploration or development of the 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.