Nevgold Provides Positive Update ON Limousine Butte: New Geological Model Identifies High Priority 2023 Drill Targets
NEVGOLD PROVIDES POSITIVE UPDATE ON LIMOUSINE BUTTE:
NEW GEOLOGICAL MODEL IDENTIFIES HIGH PRIORITY 2023 DRILL TARGETS
Vancouver, British Columbia – July 6, 2023 – NevGold Corp. (“NevGold” or the “Company”)
(TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce the completion of an updated
geological model and 2023 drill targeting at its Limousine Butte Project, Nevada (the “Project”) located
on the southern part of the Carlin Trend. The Company is also well-advanced in completing an updated NI
43-101 Technical Report for the Project, with targeted completion in July.
Key Highlights
• Updated Geological Model Identifies Significant Mineralization Potential and New High
Priority Targets: the updated geologic model for the Project has been completed incorporating
new project-wide mapping and 2022 drill data. The Company has re-interpreted the district-scale
and project-specific geology and has identified significant mineralization potential and numerous
high priority drill targets for the 2023 drill program.
• Resurrection Ridge: the updated geological model indicates additional potential for the key host
rock (Pilot Shale), particularly to the north and east of the currently defined mineralized footprint
at Resurrection Ridge. (Figure 1, Figure 2)
• Cadillac Valley: the 2022 drilling at Cadillac Valley South indicates the mineralization remains
open, specifically to the south and east. The Company inherited CSAMT data from McEwen
Mining (TSX:MUX, NYSE:MUX) which was a key data layer utilized in the 2022 discovery at
Cadillac Valley. (Figure 1, Figure 3)
• Additional Targets Identified: West Cadillac and Coffee Mug (Northeast Exploration area) have
been identified as areas with strong potential for the key Pilot Shale host rock. The Company plans
to drill both target areas in future drill programs. (Figure 1)
• Exploration Plan of Operations (“EPO”) Tracking According to Schedule : the EPO was
submitted to the Bureau of Land Management (“ BLM”) on February 8, 2023 (see News Release
on February 14, 2023) and the review process is tracking according to schedule. Once approved,
the EPO will allow up to 20 0 acres of disturbance which will permit more extensive future drill
programs at the Project.
• Updated Technical Report: the Company is well-advanced in completing an updated NI 43-101
Technical Report (the “Report”) at Limousine Butte. Targeted completion for the Report is July.
NevGold CEO, Brandon Bonifacio, comments: “Although we have started the year focusing our drilling
efforts at Nutmeg Mountain in Idaho, Limousine Butte remains an im portant asset for the company. After
our inaugural drill program, we have spen t the past approximate 6 months re -interpreting the data and
updating the geological model which has led to many key positive developments. A s expected over the
course of the 2022 drill program, we uncovered many promising areas at the project that were historically
not drill-tested. We have incorporated the new drill data into the geological database, and we have re-
envisioned the entire Limousine Butte Project. There are a number of new, high-priority targets that are
focused on expanding the mineralized areas at Resurrection Ridge and Cadillac Valley, and finding new
areas of mineralization within the larger project boundary. We are pleased with what we have been able
to accomplish over the past 24 months at Limousine Butte, and we are looking forward to having a drill rig
back on the project.”
NevGold VP Exploration , Derick Unger , comments : “Limousine Butte continues to show exciting
potential as we broaden our understanding of the geology and distribution of gold on the property. The
detailed work completed by previous operators and academic studies has given us a strong foundation to
build upon. Our work to compile all this data into an updated geologic model, along with our drilling,
mapping, and sampling, over the past 24 months has strengthened our targeting concepts and identified
promising new areas that have not been previously drill tested. The recognition that faulting has offset the
favorable host rocks and concealed them under unmineralized lithologies or post -mineral cover opens
significant new areas at Limousine Butte with no previous drilling . We are also closely monitoring the
extensive exploration activity occurring on neighbouring properties which forms an important aspec t of
the district-scale geology. We will continue to focus on expanding the gold mineralization at Resurrection
Ridge and Cadillac Valley, as well as targeting the discovery of new mineralized areas within the larger
Limousine Butte Project.”
Limousine Butte: Exploration and Geology Summary
Resurrection Ridge
Updated geologic mapping along with 3-D modeling of the 2022 drill results determined that the Exchequer
Fault, one of the main hosts of mineralization at the adjacent Cherry Creek Project, has significant right -
lateral strike-slip offset along the Cherry Creek Range. The right lateral strike-slip offset is specifically seen
immediately south of the historical Golden Butte mine where there is limited gold mineralization. This
development in the structural model has identified highly prospective area s southwest of Resurrection
Ridge in a new area named the “Connector Zone”, and northeast of Resurrection Ridge in the area leading
to the gold mineralization at Coffee Mug. (Figure 1)
Another key development at Resurrection Ridge is the identification of dolomite unit s having been thrust
faulted over the more prospective Pilot Shale unit on the northeastern portion of the target. (Figure 2) This
explains why historical drilling east of the previously mined Golden Butte pit had gold mineralization
situated beneath the older dolomite unit. The historical drilling was not followed up on previously because
of different interpretations of the faulting in the area. There are other prospective areas where this may have
occurred at the Project, and this remains a new target concept to drill test in the future.
Connector Zone (Connection Between Resurrection Ridge and Cadillac Valley)
Reinterpretation of the geology in the 2 km gap (Connector Zone) between the Resurrection Ridge and
Cadillac Valley zones indicates the Exchequer Fault has created significant right-lateral fault offset between
the two target areas. The minimal historical drilling in this area did not take the fault offset into account.
Additional drilling to test both sides of the Exchequer Fault where it is expected to cross-cut favorable host
rocks is needed to test for new gold zones between Resurrection Ridge and Cadillac Valley.
Cadillac Valley
Cadillac Valley was a key focus of drilling in 2022 and the results uncovered significant mineralization of
thick, oxide gold intercepts over a large footprint spanning over 1.6 km northeast to southwest, and over
450 meters laterally. (Figure 3) After interpretation and 3-D modeling of the 2022 results, the Company
has identified opportunities to discover new mineralization to the south and east, and within the large,
mineralized footprint that has been defined to date.
West Cadillac
At West Cadillac, preliminary drilling in 2022 identified Pilot Shale host rock with anomalous gold values
at the north end of Black Mountain Range under barren dolomites. Geologic mapping and modeling of this
area indicates the Exchequer Fault intersects northwest striking antithetic faults, which may be prospective
for gold mineralization.
Northeast Exploration
The Coffee Mug, Ticup, and Epex targets have been re -interpreted due to the new understanding of the
orientation of the Exchequer and Black Metals faults and their important role in the formation of the Carlin-
type gold deposits at the Project . Both faults are major hosts and fluid cond uits for the mineralization
historically mined at the adjacent Cherry Creek Project. The recent work by the Company indicates the
right-lateral movement along the Exchequer Fault north of Resurrection Ridge offsets the mineralization
east into the Coffee Mug zone and appears to have been the major fault related to the gold mineralization
at Epex. Similarly, mineralization at Ticup is formed where the Black Metals Fault cross -cuts and offsets
the Pilot Shale.
Limousine Butte 2023 Drill Program: The 2023 drill program will continue to focus on expanding the
mineralization at Resurrection Ridge and Cadillac Valley, as well as drilling the preliminary exploration
targets including the Connector Zone, Coffee Mug, and some of the other identified property-wide targets.
A key aspect of the updated geologic model is modeling the distribution of jasperoid developed in the Pilot
Shale and other gold -bearing host rocks. Jasperoid often forms during the gold deposition event and can
either be an important host of mineralization or serve as a vector ing tool towards mineralization. The
recently completed mapping and modeling of the jasperoids emplaced at the Project has highlighted
numerous important drill targets for the 2023 drill program. (Figure 1, Figure 2, Figure 3)
Resurrection Ridge continues to show strong potential for expansion of the near-surface, oxide gold
mineralized footprint. The 2023 drilling will focus on testing north and east of the currently defined oxide
gold mineralization, which remains open. These areas were previously not properly explored because of
the presence of older dolomite rocks , which are not viewed as a prospective host rock for gold
mineralization. Detailed mapping has determined these older dolomites were faulted over the top of the
favorable Pilot Shale unit, which is an important host of gold in Nevada. (Figure 2) Additionally, updated
geologic mapping data indicates the potential for right-lateral offset of mineralization along the Exchequer
Fault, which is the major gold-bearing fault in the historical Golden Butte mine. Testing for additional oxide
gold mineralization along the Exchequer Fault and under the barren dolomites will form the key targets at
Resurrection Ridge.
Cadillac Valley has strong potential for further oxide gold discovery. The 2023 drilling will focus on
expanding the currently defined mineralized footprint by testing the open ground south and east of the
Cadillac Valley South discovery holes (CV22 -006 and CV22 -007). CSAMT geophysics data and very
limited historical drilling indicates that there is additional discovery potential further south of CV22-006
and CV22-007. Other key targets are the open areas within the defined oxide gold mineralized footprint
with the goal of connecting the mineralized zones. There is also up-dip shallow mineralization potential to
the east of the defined Cadillac Valley oxide gold mineralization , and West Cadillac is a prospective area
with identified Pilot Shale and anomalous gold.
The Connector Zone is a newly identified target spanning over 2 km between Resurrection Ridge and
Cadillac Valley. The area has had minimal historical drilling, and due to the right -lateral offset along the
Exchequer Fault, there is the potential to connect the Resurrection Ridge and Cadillac Valley mineralized
zones.
Project-Wide Exploration is planned to follow-up on targets identified at Coffee Mug, Teacup and Epex.
The new understanding of the orientations and importance of the Exchequer and Black Metals faults in
these areas creates new target opportunities that have not been previously drill tested. Preliminary targeting
will be driven by additional geologic mapping, surface sampling, and geophysical surveys.
Figure 1 – Geologic map of Limousine Butte highlighting the major right-lateral (eastward movement) faults that offset the entire
mountain range including mineralization. Key targets where right-lateral faults intersect favorable host rocks are highlighted in
orange. To view image please click here
Figure 2 – Long-section looking northwest through Resurrection Ridge. Red outlines represent Au zones of greater than 0.1 g/t
defined from drilling. Orange dashed line represents area with additional mineralization potential where older barren dolomites
have been faulted over the favorable Pilot Shale host rock. To view image please click here
Figure 3 – Long-section looking northwest through Cadillac Valley with selected NevGold (black) and historical (grey) drilling
used to create the updated geologic model. Red outlines represent areas with extensive jasperoid development in the Pilot Shale
and underlying units. Jasperoid has strong associations with gold at Limousine Butte. To view image please click here
Figure 4 – Plan view of the Limousine Butte Project outlining the key target areas, deposit styles, and other projects operated by
Freeport-McMoran (NYSE:FCX), Centerra Gold (TSX:CG, NYSE:CGAU), and Ridgeline Minerals (TSXV:RDG).
To view image please click here
NevGold Limousine Butte Significant Drill Results
Hole ID Length, m* g/t Au From, m To, m Material Target Area
LB21-001 44.4 1.30 23.3 67.7 Oxide Resurrection Ridge
Including 11.1 3.11 26.7 37.8
LB21-002 78.9 0.65 39.3 118.3 Oxide Resurrection Ridge
including 25.0 1.45 49.7 74.7
LB21-003 37.8 1.17 44.8 82.6 Oxide Resurrection Ridge
Including 11.3 2.99 68.6 79.9
LB21-004 61.6 2.19 81.7 143.3 Oxide Resurrection Ridge
including 11.6 8.51 116.7 128.3
LB21-005 82.7 0.21 64.5 147.2 Oxide Resurrection Ridge
including 20.2 0.35 64.5 84.7
RR22-001 74.7 0.53 91.4 166.1 Oxide Resurrection Ridge
including 19.9 0.81 91.4 111.3
CV22-001 175.2 0.86 212.0 387.2 Oxide Cadillac Valley
including 58.2 2.13 212.0 270.2
also including 5.9 12.32 216.6 222.5
including 40.6 0.52 346.6 387.2
CV22-002 126.2 0.83 127.4 253.6 Oxide Cadillac Valley
CV22-003 94.4 0.23 60.4 154.8 Oxide Cadillac Valley
CV22-004 73.2 0.63 205.7 278.9 Oxide Cadillac Valley
including 19.8 1.00 205.7 225.5
CV22-005 45.7 0.52 125.0 170.7 Oxide Cadillac Valley
CV22-006 73.1 0.51 131.1 204.2 Oxide CV-South
CV22-007 36.6 0.44 146.3 182.9 Oxide CV-South
including 10.7 0.99 164.6 175.3
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70 to 90% of downhole
thickness.
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at [email protected], call 604-337-
4997, or visit our website at www.nev-gold.com.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance : All sampling was
conducted under the supervision of the Company’s geologists and the chain of custody from the Project to
the independent s ample preparation facility, American Assay Labs in Sparks, NV, was continuously
monitored. The samples were crushed, pulverized and sample pulps were analyzed using industry standard
fire assay methods. A blank and certified reference material was inserted approximately every 20th sample,
and field duplicates were collected and analyzed approximately every 20th sample. Data verification of the
analytical results included a statistical analysis of the standards and blanks that must pass certain parameters
for acceptance to ensure accurate and verifiable results. Details of Project drill hole locations, orientation,
and dip are show in Appendix A below.
Technical information contained in this news release has been reviewed and approved by Derick Unger,
CPG, the Company’s Vice President, Exploration, who is NevGold’s qualified person under National
Instrument 43-101 and responsible for technical matters of this release.
About the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven
districts of Nevada, Idaho, and British Columbia. NevGold owns a 100% interest in the Limousine Butte
and Cedar Wash gold projects in Nevada, and the Ptarmigan silver-polymetallic project in Southeast BC,
and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.
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 or accuracy of this
release.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward -looking statements that are based on the Company’s current expectations and
estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that
certain events or conditions “may” or “will” occur . Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward -looking statement, whether as a result of new
information, f uture events or results or otherwise. Forward -looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty
therein.
Appendix A: NevGold Limousine Butte Drill Details
Hole ID Drill Target Type Easting Northing
Elevation
meters Azimuth Dip°
Total
Depth
meters
LB21-001 Resurrection Ridge Core 666,931 4,417,383 2107 0 -90 156.1
LB21-002 Resurrection Ridge Core 666,979 4,417,343 2117 0 -90 151.8
LB21-003 Resurrection Ridge Core 667,062 4,417,417 2129 0 -90 183.5
LB21-004 Resurrection Ridge Core 667,243 4,417,388 2176 148 -75 252.1
LB21-005 Resurrection Ridge Core 667,279 4,417,487 2179 0 -90 253.8
LB22-009 Resurrection Ridge RC 667,140 4,417,652 2124 0 -90 221.0
LB22-010 Resurrection Ridge RC 667,235 4,417,689 2137 0 -90 213.4
LB22-011 Resurrection Ridge RC 667,463 4,417,826 2150 0 -90 256.0
LB22-012 Resurrection Ridge RC 666,914 4,417,702 2083 0 -90 457.2
LB22-013 Resurrection Ridge RC 666,797 4,417,551 2075 0 -90 457.2
LB22-014 Cadillac Valley RC 664,867 4,415,244 2015 154 -62 324.6
LB22-015 Cadillac Valley RC 664,865 4,415,244 2015 104 -56 422.2
LB22-016 West Cadillac RC 664,527 4,415,624 2026 0 -90 457.2
LB22-017 Cadillac Valley RC 664,742 4,414,720 2045 317 -79 349.0
LB22-018 Cadillac Valley RC 664,524 4,414,529 2079 118 -65 335.3
LB22-020 Resurrection Ridge RC 667,042 4,416,811 2215 0 -90 324.6
LB22-021 West Cadillac RC 663,804 4,414,768 2052 256 -88 365.8
LB22-021 West Cadillac RC 661,895 4,412,523 1959 0 -90 312.4
RR22-001 Resurrection Ridge RC 667,245 4,417,390 2176 69 -71 304.8
LB22-026 West Cadillac RC 664,527 4,415,624 2026 52 -53 434.3
LB22-027 Coffee Mug RC 672,174 4,420,495 2103 90 -70 274.3
CV22-001 Cadillac Valley Core 665,211 4,415,453 2031 254 -86 403.6
CV22-002 Cadillac Valley Core 664,692 4,414,921 2042 144 -77 379.8
CV22-003 Cadillac Valley Core 664,762 4,414,439 2054 119 -60 229.8
CV22-004 Cadillac Valley RC 664,691 4,414,921 2041 92 -61 278.9
CV22-005 Cadillac Valley RC 664,691 4,414,921 2041 193 -55 365.8
CV22-006 Cadillac Valley South RC 664,433 4,414,318 2096 116 -66 335.3
CV22-007 Cadillac Valley South RC 664,433 4,414,317 2096 319 -85 257.6
Easting and Northing coordinates are WGS 84 UTM meters.