NV Gold Identifies Near-Surface Oxide Gold at Slumber High- Grade Targets Remain Untested at Depth
NV Gold Identifies Near-Surface Oxide Gold at Slumber High-
Grade Targets Remain Untested at Depth
VANCOUVER, BC / ACCESSWIRE / September 7, 2021 / NV Gold Corporation
(TSXV:NVX)(OTCQB:NVGLF) (Frankfurt:8NV) ("NV Gold" or the "Company") has
completed detailed mapping and Leapfrog modeling at its 100% controlled Slumber Gold Project
("Slumber") located approximately 50 miles northwest of Winnemucca, Humboldt County,
Nevada, USA. Permitting a 3rd drilling campaign and negotiations to secure adequate drilling
equipment are underway. Drilling is expected to commence in October 2021.
Key Highlights from previous Drilling Program at Slumber Gold Project
• Two drilling campaigns were completed in 2019/20 comprising 16 reverse circulation
("RC") drill holes, totaling 2,474 m (8,119 ft.).
• Drilling has outlined a new 600-meter-wide, near-surface mineralized oxide gold zone
with notable drill intercepts, including a very encouraging 18.3 m @ 0.52 g/t Au
beginning at 48.7 m in Hole SL-11, hosted in an oxidized and silicified rhyolite
correlating with a resistive blanket as seen in controlled sourced audio frequency
magnetotellurics (CSAMT) data (see Figure 3 & 4). Another hole, SL-14, intersected
134.2m @ 0.14 g/t Au starting from the collar and was terminated in gold mineralization.
• This newly discovered zone is separate from that discovered during the 2019 drill
program and will be prioritized for follow up in a Phase 3 drilling campaign in Q4 2021.
• The source of the mineralized CSAMT resistive blanket is believed to come from higher
grade feeder structures at depth (see Figures 1, 2 & 6).
Mapping and Leapfrog Modeling Conclusions
Mapping has identified extensive alteration favorable for gold mineralization in Upper Volcanic
Package (UVP) rocks (Trf & Trt in Figure 1) further north of the gold zone defined by previous
drilling. These findings are encouraging, suggesting the system is continuous and may be
covered by unaltered flow-banded rhyolite domes (Tr in Figure 1) and Quaternary (Qoa)
material.
Rhyolite breccias (tuff breccias and phreatomagmatic breccias of Trf) that were not identified in
previous drilling were discovered during detailed mapping of the northern portion of the
property. This mapping and specific rock textures and breccia descriptions were used as vectors
to the feeder for the system. The feeder target is interpreted, based on the location of a large
resistor and open gold mineralization, to be located in the northwest portion of the southern NVX
claim block (see Figure 1, 4, 5 & 6).
Structural and geophysical observations indicate the UVP is bounded by graben structures and
dips to the north, consistent with the extent of the CSAMT resistor blanket being open to the
north (see Figure 4). This resistor anomaly is interpreted as a continuation of the gold system
identified in the UVP from previous drilling and will be the main target for the next phase of
drilling expected to commence in October (see Figure 1 & 4).
A recently completed three dimensional model completed in Leapfrog software was used to
determine the gold volume encountered in the 2019/20 drilling campaigns. Comparing the gold
distribution with the reinterpreted geological information it appears that previous drilling might
have only peripherally intercepted the southwestern edges of two much larger, potentially
mineralized CSMT resistor zones. Combining the known geology with the new mapping and
Leapfrog modeling the silicified and mineralized system appears to have a strike-length of at
least 1 kilometer and a width of 600 meters and correlates well with two open and north-
plunging resistor zones (see Figure 4 & 5). The next drilling campaign will focus on this near-
surface oxide and has potential to push Slumber towards a discovery stage.
"I am pleased and extremely excited about the outcome of the recent Slumber mapping and
Leapfrog modeling. Slumber is advancing through comprehensive data collection and modeling.
Encountering an open, near-surface oxide gold zone is very encouraging. The goal of the Q4
drilling will be to find the source and higher-grade pathways of this gold mineralization. These
holes will focus on the north-plunging and open resistor zones. The geochemistry data as imaged
in Leapfrog modeling is very impressive and strongly supportive of our goal of delineating an
oxide gold resource during 2022 and to advance Slumber to a discovery stage." commented
Thomas Klein, VP Exploration of NV Gold.
On behalf of the Board of Directors,
John E. Watson
President & CEO
For further information, visit the Company's website at www.nvgoldcorp.com or contact:
Freeform Communications at 604.245.0054
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 Company's planned exploration activities, the interpretation of the
resistive blanket as having come from higher grade feeder structures and a continuation of the
gold system identified in the UVP, the appearance that previous drilling only peripherally
intercepted the southwestern edges of two much larger, potentially mineralized resistor zones,
the interpretations of the mapping exercise and the dimensions of the strike length and width 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, the lack of continuity
of mineralization, 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 because of new information, future events or otherwise,
except as otherwise required by applicable securities legislation.
Figure 1 - Geologic map of the Slumber Gold Project in Humboldt County, Nevada. Drill
holes from 2019 and 2020 are plotted. Only SL-09, SL-02 and SL-14 are projected on the
cross-section A-A' (Figure 2). SL21-1,2 & 3 are planned for Q4 Program (To view the full-size
image, please click here)
Figure 2 - Cross section of A to A'. The volcanic vent and potential feeder of the Slumber gold
system is interpreted on the north end of the property. (SL-2 and SL-14 showing anomalous
gold values) (To view the full-size image, please click here)
Figure 3 - Newly Discovered Resistor / Interpreted Near-Surface Oxide Gold Mineralization
(To view the full-size image, please click here)
Figure 4 - CSAMT depth slices at different elevation levels with plotted 2010/20 drill holes and
recently permitted new drill locations (pink). The blue colors represent resistive rocks versus
conductive rocks in red. (To view the full-size image, please click here)
Figure 5 - Leapfrog modeling is showing north-plunging, open Au-mineralization, and trace-
element geochemistry (To view the full-size image, please click here)
Figure 6 - Slumber Target with Hg overlay (To view the full-size image, please click here)
SOURCE: NV Gold Corporation