NV Gold Corp - Progress Update Q3 and Q4, 2021
NV Gold Corp - Progress Update Q3 and Q4, 2021
August 23, 2021 - NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV)
(“NV Gold” or the “Company”) The Company announced today an update on its
active projects in Nevada, USA.
Slumber Gold Project, Humboldt County, Nevada
Our Q4, 2020 drill program at Slumber expanded the margins of known
mineralization from previous work. Additional geophysics (CSAMT) followed by
detailed mapping and sampling have advanced and enlarged our target
interpretation which will focus the placement of the next round of drilling,
anticipated in Q4, 2021. Details of the recent work will be outlined in a separate
press release.
Sandy Gold Project, Lyon County, Nevada
Our maiden drilling at the Sandy Project in Q1, 2021 returned successful results,
even though no high-grade intercepts were encountered. A large volume of gold
mineralization was outlined, covering a strike length of 2 kilometers and a width of
up to 500 meters. Water and equipment limitations kept the drilling depths to 300
meters.
Narrow gold-quartz-pyrite veining was encountered in most of the 17 holes drilled,
suggesting a deeper target or targets may be present. A follow-up IP-Resistivity
geophysical program is set to initiate within the next 2 weeks. Additional details of
the planned geophysical work will be outlined in a separate press release.
Depending upon availability of drilling equipment, the next drill program at Sandy is
likely to be scheduled in Q1, 2022.
Discovery Bay Gold Project, Lander County, Nevada
The Discovery Bay Project is located less than 10 miles southeast of the (previously-
producing) Cove McCoy Mine in Lander County. The target area is a kilometer long,
elongate window of Triassic Osobb Mountain Quartzite and Cane Springs Limestone
(host rocks at McCoy), and other underlying favorable host lithologies. Most of the
target(s) is covered by thin layers of Tertiary volcanics (Basal Tuffs) and Quaternary
rocks.
NVX has expanded its claim position in preparation for a 4–6-hole initial RC
program, expected to commence in early Q4 2021.
Pickhandle Project, Lander County, Nevada
NV Gold plans a Phase 1 exploration program during Q4 2021 leading to a potential
RC drilling program, in Q1 2022, to be focused on exploring a small window of
Permian Antler Sequences, hosting anomalous jasperoids and mineralized dikes.
Like the “Lone Tree Gold Mine Model” the target is mostly covered and extends
underneath Tertiary volcanic cover and into the pediment. There is no historical
drilling at Pickhandle, and it represents a “virgin” opportunity for a Nevada
discovery!
Spanish Canyon Project, Nye County, Nevada
NV Gold plans a Phase 1 reconnaissance program during Q4 2021. The project is a
“Carlin-type” disseminated gold-silver system hosted in the calcareous sediments of
the Triassic Luning and Sunrise Formations. The area is characterized by multiple
stages of faulting, replacement silicification, hydrothermal and tectonic breccia-
bodies and argillic-decalcification alteration of carbonates over a 4 square-kilometer
area.
Although there has been no historical drilling at Spanish Canyon, the project is an
exciting prospect owing to its numerous mineralized jasperoid zones in an area up
to a kilometer long and contains previous outcrop sampling that assayed up to 2.5
g/t Au and over 1,000 ppm As.
Spanish Canyon represents an untested gold system, with bulk mineable potential,
which is situated in favorable geologic and geographic environments.
Drill targets have been identified and include a large basin pediment area, range-
front structural zone, with mineralization exposed in the outcrops along the low-
lying hills of the range. A maiden drilling program could be initiated in Q1 or Q2,
2022.
The Near-Term Strategy and Outlook
The Company continues its focus on Nevada and the Great Basin, one of the largest
and most productive gold provinces in the world. On a regional-scale, Nevada is
thought by many to be a thoroughly explored gold province. Much of the near-
surface gold that has been found over the past 40 years has already been mined or is
being mined today. To find significant new deposits, the successful explorer needs
to employ modern, sensitive sampling techniques combined with regional-scale
structural interpretation and a willingness to drill, drill, drill. The breadth of
experience of our staff and advisors gives us our advantage. Over 50% of Nevada is
covered by recent basin sediments or volcanic cover, which often obscures the
classic, visible expressions of mineralization. These covered areas are composed of
the same rocks with the same temporal placement as the gold deposits found in the
nearby ranges. There is a strong likelihood that other, similar-sized deposits await
discovery! Significant discovery potential remains in one of the preeminent gold
provinces on Earth. The Company has a strong property position with over 20
projects, ranging from Greenfields to advanced “pre-discovery”. Our property
portfolio covers a number of geologic environments and at varying levels of
advancement. Holding costs for most of these properties are minimal, particularly
those that are held as joint venture or lease-out possibilities.
It is our plan to drill 4-6 projects in the 12–18-month time horizon, providing a good
news flow and multiple opportunities for success. We look forward to a productive
and successful exploration season ahead.
About NV Gold Corporation
NV Gold ( TSXV:NVX) (OTCQB :NVGLF) (FSE:8NV) is a well-financed exploration
company with ~80 million shares issued, a solid treasury and no debt. The Company
is based in Vancouver, British Columbia , and Reno, Nevada and is focused on
delivering value through mineral discoveries in Nevada, USA. L everaging its
expansive property portfolio, its highly experienced in-house technical team, and its
extensive geological data library, 2021 will be NV Gold’s busiest exploration year in
its corporate history.
On behalf of the Board of Directors,
John E. Watson
President & CEO
For further informati on, visit the Company’s website at www.nvgoldcorp.com or
contact:
Phone: 1 -303-674-9400
Email: [email protected]
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 Company’s planned exploration activities, the potential fo r a discovery at its properties,
and acquisition of new gold projects 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 financ ing, general economic, market
or business conditions, timeliness of government or regulatory approvals, the extent to which
mineralized structures extend on to the Company’s Projects 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.