Nv GOLD Corporation Provides Update ON 2022 Exploration Activities
580 Hornby Street, Suite 588
Vancouver, British Columbia, V6C 3B6
Tel: +1 888 363 9883
www.nvgoldcorp.com
NV GOLD CORPORATION PROVIDES UPDATE ON 2022
EXPLORATION ACTIVITIES
VANCOUVER, BC / ACCESSWIRE / November 17 , 2022. NV Gold
Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) (“ NV Gold ” or the
“Company ”) is pleased to provide an update on its 2022 exploration activity.
John Seaberg, Chief Executive Officer stated, “We made significant progress
on our 2022 exploration goals and objectives. Our “boots on the ground”
approach to collecting the necessary data to identify our highest priority targets
is bearing fruit. We are now well positioned to continue our exploration efforts
in 2023 to unlock Nevada’s next multi -million -ounce gold discovery.”
Figure 1: Nevada Property Portfolio
SW Pipe Gold Project, Lander County, Nevada
The SW Pipe Gold Project (“SW Pipe”) is in Lander County approximately
6 km (3.7 miles) southwest of the world- class Pipeline gold mine (> 20 million
ounces of gold) in the central Cortez gold belt of north- central Nevada. The
Property , comprising 84 unpatented mining claims , is 100%-ow ned by NV
Gold. Historical drilling established a near -surface, oxide- gold zone
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characterized by multiple intercepts of 15 m+ @ 0.5- 1.0 g/t Au . The
Company has recently conducted an extensive soils sampling program and
completed a mercury vapor survey on the Property. The target has
disseminated high-grade Carlin- type gold mineralization.
Results
• Modeling of 567 new soils samples shows a large and comprehensive
zone of overlapping Carlin- type geochemical anomalies highlighting a
new target area in a previously untested central -western portion of the
Property.
• The New Target is an interpreted Dilat ional zone, a perfect fluid
pathway for gold mineralization, and therefore a prime target location
to discover the next multi -million -ounce gold deposit (refer to October
26th, 2022 press release ).
• Next Steps: Waiting for completion of mercury vapor analyses and
planning to drill -test established soil target(s) .
Triple T Gold Project, Pershing County, Nevada
The Triple T Gold Project (“Triple T”) is located in the Humboldt Range 9
kilometers (5.6 miles) east of the Rochester silver -gold operation and 42
kilometers (26.1 miles) southeast of the Florida Canyon gold mine. The
Property , comprising 41 unpatented mining claims , is 100%-ow ned by NV
Gold. T he Company has recently received the approval of the Triple T “Notice
of Intent (NOI)” for 10 additional reverse circulation (“ RC”) holes and
commencement of drilling is projected for Q1 2023 (refer to October 11 th,
2022 press release ).
Results (historical)
• Three principal zones of gold mineralization have b een identified by
earlier exploration and drilling campaigns in 2007 and 2009.
• Triple T gives the Company the opportunity to delineate additional
near-surface, oxide- gold ounces by evaluating and following up on gold
grades up to 11.7 g/t Au from rock chip sampling and open drill
intercepts of 32 meters @ 0.73 g/t Au (Evolving Gold in 2007)
and 16.8 meters @ 1.345 g/t Au (NV Gold in 2009)
Next Steps:
• Preparation of new drill sites and commence drilling in Q1 2023.
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Slumber Gold Project, Humboldt County, Nevada
The Slumber Gold Project (“Slumber”) is located approximately 80.5
kilometers (50 miles) northwest of Winnemucca, and 36 kilometers (22.4
miles) west of the Sleeper Gold Deposit in Humboldt County, Nevada. The
Property , comprising of 82 unpatented mining claims , is 100%-o wned by NV
Gold. T he Company has conducted a Phase 3 drilling campaign and
completed 12 RC holes totaling 2,350 meters (7,710 feet) by the end of Q1
2022. The target is an untested, wide- op en zone of resistivity in the northern
extent of the property.
Results:
• Our Q4/Q1 -2021/22 RC drill program encountered a new zone of
alteration and gold mineralization which has not been drill -evaluated in
the past . The mineralized zone seems to correlate well with an
overlapping resistivity -chargeability anomaly identified by the 2021 IP
survey.
• The zone of silicified, oxide -gold mineralization is now distributed over
an area more than 800 meters long by 350+ meters wide with
remarkable thicknesses of 100- 150 meters or more of mineralized
material (see Table 1).
• The Company reported that Slumber has now been proven to host a
low-grade bulk -tonnage, oxide- gold system, which remains open in
multiple directions (refer to May 19 th, 2022 press release).
• A recently conducted mercury vapor survey has identified five new
zones (A -E) with potential for concealed gold mineralization under
gravel cover (refer to November 1 st, 2022 press release).
Next Steps:
• The Company will follow up on increasing gold grades of 1.5 g/t
intercepted in one of our last RC holes (SL -27) and drill -evaluate some
of the higher mercury vapor anomalies in the northern and
northeastern extent of the Property.
Sandy Gold Project, Lyon County, Nevada
The Sandy Gold Project (“Sandy”) is located in the Walker Lane, Lyon
County, approximately 22 kilometers (13.7 miles) southeast of the historical
Comstock Lode Deposit. The Property , comprising 20 unpatented mining
claims, is 100%-owned by NV Gold. The Company has conducted a Phase 2
drilling campaign and completed 4 RC holes totaling 487.7 meters (1,600 feet)
by the end of Q3 2022. The target was an untested structure interpreted by the
2021 IP survey (refer to September 28 th, 2021 press release ).
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Results:
• All four RC holes encountered a new zone of alteration and gold
mineralization and confirmed the predicted IP target, which has not
been drill -evaluated in the past . The mineralized zone seems to
correlate well with an overlapping resistivity -chargeability anomaly
which widens and stays open to the northeast (see Figure 2).
• Gold Intercepts 202 2
SD-18: 39.62m @ 0.128 g/t Au from 30.48m
SD-19: 36.58m @ 0.293 g/t Au from 30.48m(incl. 6.1m @ 0.89 g/t
at 30.48m)
SD-20: 60.96m @ 0.071 from 60.96m
SD-21: 35.05m @ 0.171 g/t Au from 41.15m (incl. 6.10m @
0.491 g/t Au at 44.20m )
• This new zone of gold mineralization is more of disseminated- type
nature with potential to grow much larger. (Note that some assays are
still pending and expected to be received within the next 6- 8 weeks)
Next Steps:
• The IP survey conducted in 2021 was limited in budget and therefore
incomplete. B ased on the successful encounter of a new, open gold
zone, the Company is intending to extend the IP survey in 2023.
• Sandy’s northeastern part of a square kilometer -sized, higher -level
alteration exposure remains untested and will be further evaluated in
2023.
• Having most of Sandy’s surface covered with gravel, a mercury vapor
test will be used to test the remaining unknown potential.
Discovery Bay Gold Project, Lander County
The Discovery Bay Project is located 14.5 kilometers (9 miles) southeast of
the McCoy -Cove Gold Deposits in Lander County, Nevada. The Company
has expanded its position to 107 unpatented mining claims and has
performed several geophysical and geochemical surveys since the land was
acquired in June 2021. The target is McCoy -Cove-style/Carlin -type gold
mineralization.
Results:
• The conducted ground gravity and ground magnetic surveys identified
a 6 kilometers (3.7 miles) long zone of a structurally controlled, north-
south-oriented gravity high, which is interpreted to reflect Triassic
McCoy-Cove host lithologies (see Figure 3).
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• In addition, a 2021 IP survey has detected a zone of elevated
chargeability suggesting that the anomaly in correlation with other
interpreted structures could be sourced by hydrothermal activity on the
property
• A mercury vapor survey study in early -2022 has identified two more
potential targets.
Next Steps:
• The Company is planning a Phase 2 drilling campaign to continue with
the evaluation of this extensive gravity high and to test the newly
identified mercury vapor and chargeability anomalies.
• The Company’s goal is to drill through the barren sulfide halo into high-
grade McCoy -Cove/Carlin -type gold mineralization, which is expected
to be hosted in the intrusive underlying carbonate rocks!
Pickhandle Project, Lander County, Nevada
The Pickhandle Gold Project is located 35 kilometers (21.7 miles) south of
the Discovery Bay project and 46 kilometers (25.6 miles) southwest of
Nevada Gold Mines operating Cortez and Pipeline Gold Mines in Lander
County, Nevada. The Property , comprising of 34 unpatented mining claims , is
100%-owned by NV Gold. The Company conducted the first drilling at
Pickhandle and completed 4 RC holes totaling 842.8 meters (2,765 feet) at the
end of Q3 2022. The target is Carlin- t ype gold mineralization in Edna
Mountain Formation and/or other time- equivalent rocks.
Results:
• Most RC holes have intercepted short portions of the targeted Edna
Mountain Formation before entering the underlying Valmy Quartzite at
about 100 meters (304 feet). The upper carbonates and siltstones were
altered and oxidized.
• However, the first hole (PH -1) intercepted approximately 30.48 metres
(100 feet) of continuously altered, carbon- rich, silicified, and weakly
gold-bearing rock (10-20 ppb Au) at the end of the hole.
• Some assays are still pending and are expected to be received within
the next 6- 8 weeks.
Next Steps:
• The Company will evaluate and balance the Pickhandle drill results
with other priorities.
• The Company needs a significant amount of additional data at
Pickhandle to justify a Phase 2 drilling campaign ahead of higher
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priority targets. Therefore, the Company plans a mercury vapor test in
the first quarter of 2023 prior to deciding the Project’s future.
Thomas Klein, VP Exploration stated, “I am excited about the results NV
Gold has achieved since our drilling campaign started in late- October 2021.
The Company drilled four of our Active Projects (Slumber, Discovery Bay,
Pickhandle & Sandy) and completed an extensive soil sampling and mercur y
vapor program at SW Pipe and at Slumber . The geochemical results and
interpretations, which have delineated five more drill targets at Slumber and
identified an outstanding new Carlin- type anomaly at our SW Pipe Project,
are more than encouraging. Doing our homework right and spending
investors’ money most efficiently is the key to success . Continuation of
professionalism, optimism, and having the Goldspot (AI) targets, and the
Triple T and other Exploration Pipeline Projects standing in line to be
explored is a fundamental advantage for NV Gold to make the next multi -
million -ounce discovery in Nevada”
Table 1 - Slumber 2019- 2022 significant drill intercepts .
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Figure 2: Sandy 2022 drill -test of open Chargeability Anomaly (red Colors) and 2021
Drill Hole Locations (in Black).
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Figure 3: Discovery Bay Project Location Map with Gravity High in Neighborhood to
McCoy- Cove.