NV Gold Corporation Stakes High-Grade Gold System in the Tonopah District, Nevada and Completes Drill Program at Cooks Creek Project
NV GOLD CORPORATION
Suite 810 - 609 Granville Street
PO Box 10356 Pacific Centre
Vancouver, BC V7Y1G5
February 6, 2017 Trading Symbol: TSX-V: NVX
NV Gold Corporation Stakes High-Grade Gold System in the Tonopah
District, Nevada and Completes Drill Program at Cooks Creek Project
February 6, 2017: NV Gold Corporation (TSXV: NVX ; US: NVGLF) (“NV Gold” or “the
Company”) is pleased to announce that it has staked an outcr opping high-grade gold system 13
km north of the Tonopah Mining District. The new project, Frazier Dome, has yielded surface
rock-chip assays to 11.2 g/t Au (Company sampli ng), and historic shallow drilling intersected
both high-grade (7.5 g/t Au over 3 m) and low-grade (0.85 g/t over 15 m) mineralization.
Frazier Dome Project
The Frazier Dome Project consists of 50 unp atented mining claims recently staked by the
Company, 13 km north of the Tonopah Mining Distri ct. The Project contains a low-sulfidation,
volcanic-hosted epithermal gold system with high-grade mineralization in three settings:
Gold occurs in silicified br eccias adjacent to and appear genetically-related to a Middle
Miocene felsic dome (Company samples to 6.1 g/t Au over 3 m, historic samples to 14.7
g/t Au);
High-grade gold also occurs in north-nor thwest-trending quartz vein stockworks
(Company samples to 11.2 g/t Au ) within the volcanic rocks farther from the dome and
along the contact between the volcanics and underlying pre-Cenozoic basement (historic
drill hole with 7.5 g/t over 3 m at 58 m);
Lower-grade gold mineralization in silicified volcanics l acking veins (Company samples
to 0.50 g/t Au; historic dril ling of 0.85 g/t over 15 m). Mi neralization and alteration
project under thin post-mineral volcanic and alluvial cover. Veins have been traced for as
much as 370 m before projecting under cover.
The Tonopah Mining District contains two styles of volcanic-hosted epithermal gold
mineralization:
1. High-grade, intermediate-sulfidation Ag-ri ch veins which historically produced 174
million ounces (Moz) Ag and 1.9 Moz gold; and
2. Younger, low-sulfidation, gold -rich mineralization event re lated to intrusive rhyolite
domes which has been the focus of modern exploration (e.g., Hasbrouck deposit).
The Frazier Dome mineral system is similar to the later mineralization in the Tonopah district
and to Columbus Gold's (TSXV: CGT) Eastside Gold Project 32 km to the west across Smoky
Valley, where gold mineralization is associated with rhyolite domes.
Historic drilling between 1980 and 1991 intersect ed significant gold mineralization (refer to
Table 1), but was shallow (< 150 m) and didn’t historically te st all areas of outcropping gold or
for mineralization beneath the cover. Based on the Company's preliminary work, the priority
exploration target is gold mineralization adja cent to the intrusive dome, especially at the
basement contact, known to be mineralized farthe r from the dome and to be a setting conducive
to the development of high-grade epithermal mineralization seen elsewhere in Nevada.
Table 1 - Mineralized Intersections in Historic Drill Holes*
Hole
Length
(m)
Orientation From
(m)
To
(m)
Length
m
Au
(g/t)
80-2 55 Vertical 19.8 29.0 9.1 0.400
80-3 67 Vertical 57.9 61.0 3.0 7.457
including 57.9 59.4 1.5 10.388
82-3 101 Vertical 10.7 12.2 1.5 0.617
82-4 104 Vertical 73.2 77.7 4.5 0.240
91-1 152 300/-63 62.5 70.1 7.6 2.367
91-2 122 325/-60 6.1 21.3 15.2 0.852
FW1 152 Vertical 67.1 76.2 9.1 0.179
FW3 128 90/-45 36.6 39.6 3.0 0.161
77.7 80.8 3.1 0.217
96.0 97.5 1.5 0.349
105.2 108.2 3.0 0.181
109.7 114.3 4.6 0.266
121.9 125.0 3.1 0.338
FW4 91 270/45 0.0 7.6 7.6 0.540
FW5 104 90/60 0.0 3.0 3.0 0.301
36.6 38.1 1.5 0.300
86.9 89.9 3.0 0.297
* Composites calculated at a cutoff of 0.1 g/t gold; mineralized thicknesses do not necessarily equate to
true widths
NV Gold's President, John Watson, states: "Frazier Dome shows our continuing commitment
to growing our portfolio, and demonstrates our focus on exploration targets near historic and
active mining districts and in pr oductive gold trends. We will immediately complete a detailed
project summary report, and seek lease or venture partners to advance an exploration program."
Disclaimer: The Frazier Dome property is considered to be an early stage exploration property;
there are no known mineral resources. Not all historical assays reported in this news release can
be independently verified and ther efore none of the historical assays should be relied upon. All
non-Company information and references should not be relied upon and any data in this press
release is considered histor ical, is not 43-101 compliant and should not be relied upon as
accurate by the reader.
Cooks Creek Drilling
At Cooks Creek, two initial target areas were tested with 9 reverse-circulation drill holes totaling
1,475 m and ranged from 67 m to 244 m in length (see Table 2 below). Drilling in early
December 2016, tested two targets. Holes CC16-1 through CC16-7 tested a portion of the Dinner
zone, where previous surface sampling yielded gold to 2.45 g/t in sili cified hydrothermal
breccias believed to be localized along a north east-trending fault with poor surface exposure.
Holes CC16-8 and CC16-8A tested the Lunch fa ult, 1.2 km north of the Dinner zone, where
historic drilling intersected 2.32 g/t Au over 21.3 m. Hole CC16-8A was a redrilled twin of
CC16-8, which was lost above target due to dr illing problems. CC16-8A intersected anomalous
gold (0.470 ppm over 4.6 m) above (in the hanging wall of) the fault, similar to previous holes.
Table 2: Cooks Creek Drill Holes
Hole
Length
(m)
From
(m)
To
(m) Gold
CC16-1 152.4 Not assayed, alluvium
CC16-2 243.8 Anomalous to 0.200 ppm
CC16-3 243.8 No significant Results
CC16-4 76.2 No significant Results
CC16-5 221.0 Anomalous to 0.200 ppm
CC16-6 172.2 Anomalous to 0.270 ppm
CC16-7 182.9 No significant Results
CC16-8 67.1 Not assayed – hole re-drilled
CC16-8A 115.8 37.9 42.4 0.470 ppm
NV Gold's President, John Watson, states: "During the Cooks Creek program, a small target
was tested on this large prope rty which has exhibited widespread gold. Initial drilling, which
was designed to test this conceptu al target was not successful in yielding results of merit, but
opportunities remain elsewhere and the property wi ll continue to be eva luated to determine
additional targets. The volcanic-bas ement unconformity is intriguing noting that it has yet to be
determined if it's a more significant control to mineralization than prev iously envisioned. The
large alluvial basin adjacent to the mineralized zones conceals this unconformity, and the target
will be evaluated further. "
Dr. Jacob Margolis is a qualified person, as defined by National Instrument 43-101, and has
approved the technical information in this news rele ase. Dr. Margolis is engaged as a consultant
to NV Gold and holds stock options of NV Gold.
About NV Gold Corporation
NV Gold is junior exploration company based in Vancouver, British Columbia that is focused on
delivering value through mineral discoveries utilizing the prospector generator model.
Leveraging its highly experien ced in-house technical knowledge , NV Gold’s geological team
intends to use the Database, which contains a vast treasury of field knowledge spanning decades
of research and exploration, combined with its 13 gold projects in Nevada, to uncover
opportunities for lease or joint ventur e. This asset will have incr easing value in a strengthening
gold market. NV Gold continues to aggressively acquire additional land positions for the growth
of its business.
On behalf of the Board of Directors,
John E. Watson
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
Phone: 303.674.9400
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 forw ard-looking statements or information. All statements other than statements
of historical fact included in this release, including, without limitation, statements regarding the presence of
mineralization of certain types suggesting they are analogous to other mineral deposits or related to other geologic
formations, the potential to sell, lease or joint venture any of the Company’s properties, 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.