NV Gold Completes Geophysical Surveys and Announces the Discovery of a Hidden Structural Gold Target at Slumber Gold Project in Nevada
580 Hornby Street, Suite 588
Vancouver, British Columbia, V6C 3B6
Tel: +1 888 363 9883
www.nvgoldcorp.com
NV Gold Completes Geophysical Surveys and Announces the Discovery
of a Hidden Structural Gold Target at Slumber Gold Project in Nevada
July 18, 2019 - Vancouver, British Columbia – NV Gold Corporation (TSXV: NVX;
US: NVGLF) (“NV Gold” or the “Company”) is pleased to announce the completion of
mapping, sampling and two geophysical surveys at its Slumber Gold Project (“Slumber”)
and provides the following geological observations and next steps:
• Identification of a large hidden structural gold target previously obscured by
widespread alluvial cover.
• Gravity and ground magnetic surveys paint complementary images of the structure
and nature of bedrock geology.
• The gravity interpretation indicates the presence of a broad NNE-trending bedrock
trough, intersected by two deeper NE-trending fault-bounded basins.
• The magnetic data outline a distinct area of greatly reduced magnetic susceptibility,
which is interpreted to indicate a large area of hydrothermal alteration.
• The magnetic low measures about 2,000 meters long by 300 meters wide, elongate
in a NNE direction and coincident with the gravity low (see Figure 1).
• The geophysical surveys highlight hidden structural discontinuities, possible
conduits for hydrothermal fluids.
• The Company plans to commence drilling of the hidden priority geophysical target
in August.
"The Company is excited to have identified a previously unknown structural target through
our recent geophysical program at Slumber and we are now accelerating the permitting
for an immediate drill program in August," commented Peter A. Ball , NV Gold’s
President. “We will now have back-to-back priority drill programs planned for the
summer, as we finalize permitting for the upcoming secondary drill program at the Frazier
Dome Gold Project.”
NV Gold recently completed geological mapping, sampling and two geophysical surveys
over the Slumber project area. The limited area of rock outcrop exhibits multi -phase
hydrothermal silicifica tion, and historical rock geochemical sampling and sh allow
exploration drilling returned samples with elevated concentrations of gold, silver and
associated pathfinder elements. Most of the project area, however, is covered by
unconsolidated gravel up to 100 meters thick. Drill target selection will largely be based
upon geophysical information.
NV Gold completed two detailed ground geophysical surveys over the Slumber project
area. A gravity survey, with 200 -meter station spacing, and a ground magnetic survey,
with 25 -meter line spacing, were completed by Magee Geophysical Services of Reno,
Nevada. The geophysical surveys cover an area of about 4 square kilometers. The data
from both surveys were processed by Thomas V. Weis and Associates of Centennial,
Colorado.
The gravity and ground magnetic surveys paint complementary images of the structure and
nature of bedrock geology hidden at depth beneath the Slumber project area. The gravity
interpretation indicates the presence of a broad NNE -trending bedrock trough, crossed by
two deeper NE-trending fault-bounded basins. The magnetic data outline a distinct area of
greatly reduced magnetic susceptibility (Figure 1A), which is interpreted to indicate a zone
of hydrothermal alteration. The magnetic low measures about 2000 meters long by 300
meters wide, elongate in a NNE direction and coincident with the gravity low.
Figure 1: Comparison of Slumber and Sleeper Gold Projects
Widespread hydrothermal alteration (multi -phase silicification in outcrop and
hydrothermal breccia seen in float ) containing significant thickness es of elevated gold
mineralization in historic drilling demonstrate that the system is robust and gold-bearing,
with features similar to those associated with bonanza style epithermal veins at the nearby
Sleeper and Sandman-Blue Mountain area deposits. Sleeper, located 35 kilometers to the
500 meters
500 meters
B C
A shows a magnetic low coincident with a silicified
group of outcrops at the surface
B is an interpretive map of linear structural features
associated with the magnetic lows and highs in A
C shows an oblique view of the main veins at Sleeper,
looking down the axes of plunging structural
intersection zones, with warmer colors indicating
stronger gold grades commonly focused at the more
acute intersections
Blue areas =
magnetic lows
and interpreted
altered zones
Black lines =
likely faults
bounding the
magnetic lows
Orange areas =
mapped silicified
volcanic rocks
Black lines = likely
faults bounding the
magnetic lowsA
GT-series shallow
drill holes completed
in 1988 and 1989
500 meters
Wood Vein
Sleeper Vein
*Acute intersection
between Wood Vein
and an unnamed
NNW-striking vein
N
N
N
View 41 degree
plunge to NNW
Plan view
Plan view
east, produced 2.3 million ounces of silver and 1.68 million ounces of gold from 1986 to
1996).
In the case of Slumber, the Company ’s recent magnetic and gravity geophysical surveys
have identified at least one clearly developed and altered, lens-shaped zone at the center of
our target zone (Fig. 1). Our knowledge of this type of structural setting will assist in
identifying the best areas for potential localization of high -grade gold and/ or silver
mineralization, and with calculating drill targets. The Company interprets the magnetic -
low as an altered and mineralized lens, with magnetite-destructive alteration as the source
for the anomaly.
Detailed features in the magnetic data indicate the presence of a set of NNE-striking basin-
bounding normal faults. The geophysical surveys highlight hidden structural
discontinuities, possible conduits for hydrothermal fluids, and a significant area of
interpreted hydrothermal alteration, which will be the Company’s target for an upcoming
drill program in August 2019.
About Slumber Gold Project
NV Gold is exploring the Slumber Gold Project, located in the Jackson Mountains about
70 kilometers northwest of Winnemucca, Nevada, and approximately 35 kilometers west
of the Sleeper bonanza epithermal vein gold deposit. The exploration target is volcanic -
rock-hosted epithermal gold and silver mineralization.
Slumber is one of several epithermal gold systems on a trend from the Jackson Mountains,
through the Bilk Creek Mountains and continuing north into Oregon. These deposits, along
with the Sleeper, Sulphur-Hycroft, Goldbanks, Blue Mountain, Sandman, and other
precious metals deposits located along the western splays and associated fault -fracture
zones of the mid-Miocene (Tertiary) Northern Nevada Rift, define an important epithermal
province in northwestern Nevada. These vein deposits are localized along fractures formed
during brittle deformation of shallow crust, commonly at intersection zones of
synchronous, but non-parallel fractures.
Quinton Hennigh (Ph.D., P.Geo.) is a Qualified Perso n pursuant to National Instrument
43-101 and has reviewed and approved the technical information contained in this news
release. Dr. Hennigh is a director of NV Gold and is not independent and is also the
President, Chairman and a Director of Novo Resources Corp.
The Company announces that it has grante d incentive stock options to officers, directors
and consultants under its Stock Option Plan entitling them to purchase an aggregate of up
to 1,075,000 common shares of the Company. The stock options are ex ercisable on or
before July 17 , 2024 at a price of $0.20 per share , subject to TSX Venture Exchange
acceptance. The option pricing represents a n approximate 50% premium to the
Company’s current share price.
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. Leveraging its highly
experienced in-house technical knowledge, NV Gold’s geological team intends to utilize
its geological dat abases, which contains a vast treasury of field 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 or
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
interpretation of the area of greatly reduced magnetic susceptibility in the magnetic data as an indication of
a potential vein-controlled lens, with magnetite-destructive alteration and/or sulfidation, the possibility that
hidden structural discontinuities in the data from the geophysical surveys are conduits for hydrothermal
fluids, the completion of a formal Lease Agreement on the Slumber Gold 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 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.