NV Gold Announces Letter of Intent to Acquire Slumber Gold Property in Nevada
580 Hornby Street, Suite 588
Vancouver, British Columbia, V6C 3B6
Tel: +1 888 363 9883
www.nvgoldcorp.com
NV Gold Announces Letter of Intent to Acquire
Slumber Gold Property in Nevada
May 30, 2019 - Vancouver, British Columbia – NV Gold Corporation (TSXV: NVX;
US: NVGLF) (“NV Gold” or the “Company”) is pleased to announce that it has executed
a binding letter of intent (the "LOI") with Tim Percival and Darryl Killian (“the Vendors”),
providing NV Gold the right to enter into a Lease Agreement to lease an undivided 100%
right, title and interest in the Slumber Gold Property in Nevada (“Slumber”). The LOI may
be subject to TSX Venture Exchange approval, and the transactio n is an arms-length
Transaction.
"The LOI to acquire the Slumber Gold Pr operty is part of our ongoing exploration and
acquisition strategy focused in Nevada, and we expect to be onsite in the next couple weeks
to initiate a preliminary exploration program. In addition, our spring field technical visit
at our Frazier Dome Gold Project is complete, and we are finalizing our upcoming drilling
plans for the summer. We are also currently reviewing a secondary project for a potential
drill program, pending review by our technical team ," commented Peter A. Ball, NV
Gold’s President. “We continue to review other quality properties in the mining-friendly
jurisdiction of Nevada, and we will look to pot entially add further projects as we extract
new projects from our extens ive Nevada geological databases . It will be a busy summer
for our exploration team!”
Slumber Gold Project Review
The Slumber Gold Project occurs along an intra-mountain graben in the Jackson Mountains
approximately 50 miles northwest of Winnemucca, Humboldt County , Nevada and is
approximately 21 miles west of the Sleeper bonanza epithermal vein gold deposit. Slumber
is one of several high-level epithermal gold systems on a trend from the Jackson
Mountains, through the Bilk Creek Mountains and continuing nort h into Oregon. These
deposits, along with the Sleep er, Sulphur-Hycroft, Goldbanks, Blue Mountain, Sandman,
and other precious metals deposits located along the western sp lays and associated fault-
fracture zones of the mid-Miocene (Tertiary) Northern Nevada Ri ft, define an important
epithermal province in northwestern Nevada.
Important geologic features observed at Slumber include:
Hydrothermal alteration, principally in the form of silicificat ion, associated with
widespread gold mineralization that is hosted by a series of Te rtiary tuffs
and tuffaceous sediments that in fill a northerly- trending grab en and
unconformably overlie pre-Tertiary basement rocks.
Two or more, northeast-trending erosional windows of gold-bearing, multi-phased,
hydrothermally silicified zones exhibiting crosscutting quartz veining,
hydrothermal brecciation, and oxidized pyrite exposed through and surrounded by
alluvium.
Rock chip gold values of up to +1.0 ppm associated with anomalo us Ag, As, Sb,
and Hg collected from exposed si licified zones. Soil geochemic al anomalies
exhibit a NE trend and are parallel to the strike of the silici fied zones and
mineralized fractures.
Mineralized pieces of quartz vein float occurring in an alluvial-filled valley located
east of the southern silicified zone (Rattlesnake Knob). This material exhibits
classic high-level epithermal features including multi-phase ba nding, comb and
cockade quartz textures.
Previous exploration (1985-93) tha t was focused on shallow bulk -minable gold
mineralization and consisted of 15 shallow (average depth ~380’ ) vertical reverse
circulation holes focused on and near these silicified outcrops . Seven of fifteen
holes contained anomalous gold intercepts of +0.010 oz/t Au ove r a thickness
ranging from 5 to 105 feet. Drilli ng was focused exclusively on and near the
silicified outcrops, yet ground-based geophysics suggests that several additional
targets occur under alluvium east of the outcrops and remain undrilled.
Widespread hydrothermal alterati on (multi-phase silicification and
hydrothermal breccia) containing a significant thickness of ano malous gold
mineralization and demonstrating that the system is a robust, g old-bearing system
exhibiting similar features to those associated with bonanza style epithermal veins
at the nearby Sleeper and Sandman-Blue Mtn.
Other low-sulfidation epithermal precious metals properties occ urring along the
east flank of the Jackson Mountains and further north along the rift zone including
the Bottle Creek and Happy Creek properties in the Bottle Creek district; the Quinn
property at the north end of the Jackson Mtns; and others conti nuing north into
Oregon.
NV Gold notes that there is no guarantee that the historical re sults are
representative and cannot guarantee that the Company will be ab le to
duplicate the results with future exploration programs. NV Gold ’s
management team does not view the Slumber project material to the Company
at this time.
NV Gold’s technical team believes that Slumber has excellent potential to host a bonanza-
type vein gold deposit. Initia l work includes gravity and grou nd magnetics to assess
structure and alteration that is obscured by widespread alluvial cover.
About NV Gold Corporation
NV Gold is a junior exploration company based in Vancouver, Bri tish Columbia that is
focused on delivering value through mineral discoveries. Levera ging its highly
experienced in-house technical kno wledge, NV Gold’s geological team intends to utilize
its geological databases, which contains a vast treasury of fie ld knowledge spanning
decades of research and exploration, combined with a portfolio of mineral properties in
Nevada, to prioritize key projects for focused exploration programs.
On behalf of the Board of Directors,
John E. Watson
Chairman
For further information, visit the Company’s website at www.nvgoldcorp.com o r
contact:
Peter A. Ball, President & COO
Phone: 1-888-363-9883
Email: [email protected]
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
proposed uses of such funds, the completion of the LOI into a formal Lease Agreement on the Slumber Project,
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 ma de 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.