NV GOLD REISSUED EXPLORATION PERMIT FOR SWISS PROPERTY
Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company”) announced today that its wholly-owned Swiss subsidiary, SwissGold Exploration AG (“SGE”), has been issued a five-year exploration permit (the “Permit”) for gold and precious metals that covers an area of approximately 224 square kilometers within the Communes of Medel/Lucmagn, Disentis/Mustér and Sumvitg in Canton Graubunden, southeastern Switzerland (Figure 1).
Figure 1. Surselva Property
SGE previously held an exploration permit covering the same areas in the Communes of Disentis/Mustér and Sumvitg, however that permit indicated it was subject to amendments to the mining law in effect in each Commune, which had to be passed by vote of the residents of Sumvitg and the parliament of Disentis/Mustér. The residents of the two Communes subsequently approved the amendments to the mining law and the Communes replaced SGE’s old permit with this new Permit to clarify that the new Permit is governed by the terms of the amended mining law. Similarly, the residents of the Commune of Medel/Lucmagn recently voted to approve a mining law with the same terms as the law in Disentis/ Mustér and Sumvitg, and the Commune of Medel/Lucmagn also signed the exploration permit granting SGE exploration rights to its lands.
John E. Watson, the President and CEO of the Company, commented that: “The votes by the residents in each of these three Communes reflects the acceptance of mining as a possible industry in their communities. I am grateful to the mayors of the Communes of Medel/Lucmagn, Disentis/Mustér and Sumvitg for their efforts within their communities in support of a local mining industry. These mayors recognize the economic benefits that mining could offer their Communes, provided it can be undertaken responsibly.”
The Permit has a 5-year term, but is renewable for two additional 5-year terms. Under the terms of the Permit, the Company must pay an initial fee for the permit, pay an annual fee of CHF 4,500 (4,500 Swiss Francs) and incur exploration expenditures of CHF 120,000 before the end of 2015 and CHF 100,000 per year thereafter on the area of the Permit to maintain the Permit in good-standing. Excess expenditures may be carried forward to meet expenditure requirements in future years. Under the existing, identical mining laws of Medel/Lucmagn, Disentis/Mustér and Sumvitg, the Permit holder is entitled to a mining concession subject to completing: (i) a satisfactory feasibility study; (ii) an environmental impact study; and (iii) consent by the competent municipal organ.
The Company anticipates resuming its exploration program in 2015. This program would expand upon exploration completed by SGE geologists in 2011 in several areas on the property. Alluvial placer gold is present in streams draining the entire Surselva permit area, and previous exploration has defined a number of gold occurrences, including native gold, within crystalline basement rocks of the Tavetsch and Gotthard massifs of the Central Swiss Alps. The Gotthard massif consists of granite, granitoid and polymetamorphic basement rocks. The adjacent Tavetsch zone consists primarily of sericite schist with lesser volumes of pegmatite and lenses of ultramafic rocks and is interpreted as a major shear zone. Most of the known gold occurrences are hosted within various zones of sericite-quartz-pyrite schist of the Tavetsch zone. Sulfide minerals, dominated by pyrite and locally arsenopyrite, are usually associated with gold mineralization and occur as disseminations, veinlets with associated quartz, and often wispy layers or laminations of semi-massive sulfides with thicknesses of up to a few centimeters. The gold mineralization at Surselva may be classified as orogenic gold-type mineralization, with considerable similarities to numerous gold deposits worldwide, including those in Ontario, Canada.
A wide structural zone with multiple mineralized schist horizons was drilled on the property by the Narex-Micham joint venture in 1986 and 1987. A total of 17 diamond drill holes for 3864.45 meters of drilling tested the zone south of the village of Disentis (DDH-86-01 to 86-12 and DH-87-13 to 87-17). Figure 2 shows the location of the 1986-1987 drill holes, and Figure 3 is a plan map that includes summary results for those holes drilled in Lukmanier Gorge.
Figure 2. Location Map Showing 1986-1987 Drill Holes
Figure 3. Plan Map of Holes Drilled in Lukmanier Gorge of Medel Rhein
Two additional holes for 403.5 meters were drilled south of the village of Medel/Lucmagn in the Val Plattas area in 1991 by Micham to test the Bell zone (DDH-91-1 and 91-2). The two core holes were drilled to the north from the same pad, with hole 91-01 drilled at -45° and hole 91-02 at -85° (Figure 3).
Figure 4. Location Map and Cross Section of 1991 Drill Holes
Details of the significant drill intersections from all holes drilled at the Surselva in both of these programs are presented in the following table.
|Hole Number||From (meters)||To (meters)||Intercept (meters)||Gold (g/t)|
“EOH” = end of hole; Drill intersections reported are down-hole distances; true thicknesses of mineralization are not known.
SGE geologists completed a program of reconnaissance prospecting and rock-chip and soil geochemistry in 2011. This program confirmed existing targets identified by previous work (Chevron, Stavilatsch, and a number of others) and also identified new targets (notably Cazirauns).
A total of 298 rock-chip geochemical samples were collected across the property by SGE in 2011 (Figure 5).
Figure 5. Surselva Property: Principal Target Areas Defined To Date
Of particular note are the results of 34 rock and float samples from the Cazirauns target area and 26 rock samples in the Chevron area. Of these samples, 36 had gold concentrations greater than 1 g Au/t, and seven returned values greater than 5 g Au/t. The highest-grade samples had gold concentrations of 10.45, 13.55, 14.00, and 17.15 g Au/t at Cazirauns and 5.28 and 6.20 g Au/t at Chevron. Figure 6 shows the results from all rock samples collected in these two target areas, which may be related to the same mineralized structural zone.
Figure 6. Rock Sample Results from the Chevron and Cazirauns Targets
(gold values are colored as shown in Figure 5)
SGE also collected a total of 279 soil samples from two target areas. Nine soil lines were sampled across the Tavestch schist belt over a strike length of six kilometers. While many anomalous samples were obtained, infill lines will be needed to better identify trends within this large zone. Two additional soil lines were sampled on a steep slope between the Chevron and Cazirauns targets. Almost all of these samples returned anomalous results, with a high value of 0.97 g Au/t. The soil results support the concept of the continuity of the Chevron and Cazirauns target areas.
The Company is in possession of all known data from previous work, including all of the previously-drilled core. The structural setting and the mineralized gold systems are of substantial dimensions and are open laterally and at depth. Numerous additional targets have been identified that have received no drilling to date, and NV Gold believes that new targets remain to be discovered.
The exploration work by SGE at Surselva was completed under the direction of Dr. Odin Christensen, who is a Qualified Person under NI 43-101 and a director of NV Gold. SGE’s soil and rock samples were analyzed by industry-standard methods at the ALS Global laboratory in Sweden. The 1986-1987 drill-core samples were analyzed by standard fire assay at Assayers (Ontario) Limited of Toronto, Ontario, while those of 1991 were analyzed by fire assay at Barringer Laboratories. Drill logs indicate that core recoveries averaged 99%, which is consistent with visual inspections of the remaining core. While there are no quality assurance/quality control data relating to the drill samples available, the programs were undertaken prior to NI 43-101 standards and the data are otherwise well documented. Dr. Michael Gustin of Mine Development Associates, an independent Qualified Person under NI 43-101, has reviewed and approved the technical information disclosed in this release.
On behalf of the Board of Directors,
(sgd.) “John E. Watson”
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
or in Switzerland:
Managing Director, SwissGold Exploration AG
Phone: +41 79 657 41 81
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 Information
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 resumption of exploration work, the acceptance of a posible mining industry in the área, the geological potential of the properties, including any discoveries of new targets, continuity of, or connection between, areas of mineralization and other future plans and objectives of the Company 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 availability of capital and financing, regulatory issues, market prices, 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.