NV Gold Identifies New Near-Surface Gold Mineralizing System at Slumber; High-Grade Targets Remain Untested at Depth
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www.nvgoldcorp.com
NV Gold Identifies New Near-Surface Gold Mineralizing System at
Slumber; High-Grade Targets Remain Untested at Depth
May 20, 2021 - NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) (“NV Gold” or
the “ Company”) has received all assays of the Phase 2 drill program at its 100%
controlled Slumber Gold Project (“Slumber”) located approximately 50 miles
northwest of Winnemucca, Humboldt County, Nevada, USA. The drill program was
comprised of 9 reverse circulation (“RC ”) drill holes, totaling 1,859 m (6,100 ft).
Key Highlights from Phase 2 Drill Program at Slumber Gold Project
• Drilling has outlined a new 600 meter -wide mineralized oxide gold zone close
to surface 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, and hosted in an oxidized and
silicified rhyolite which correlates with a resistive blanket as seen in CSAMT data
(please refer to Figure 1). Another hole, SL-14, intersected 134.2m @ 0.14 g/t
Au starting from surface.
• The near surface oxidized gold intersection is of signficance noting Argonaut Gold
(U.S.) Corp.’s Florida Canyon Gold Mine , down the highway from Slumber, is in
operation with reserves grading 0.43 g/t Au.
• This newly discovered zone is separate from that discovered during the 2019
drill program , and will be prioritized for follow up work in 2021.
• Recent s tream sediment and rock chip sampling has identified two additional
parallel structures which remain untested.
• The source of the mineralized resistive blanket is believed to be higher grade feeder
structures at depth.
• As previously reported , due to unexpected high volumes of ground water,
priority targets in drill holes SL-9, SL-10, SL-13, SL-14, SL-15 and SL-16 were
not adequately tested, due to the holes being terminated short of planned depth
(refer to Figure 2 below) .
• The primary CSAMT-interpreted targets , where NV Gold was targeting a
potential “Sleeper -type” gold system at Slumber , remain untested.
“It is exciting to discover a new near surface oxide gold zone at Slumber. Hole SL-11,
intersected 18.3m grading 0.52 g/t Au in silicified rhyolite. To follow up, NV Gold will be
initiating its new field season at Slumber with additional detailed mapping and execution
of a new soil sampling grid to assist in delineating this newly discovered near-surface oxide
gold zone. Structural data from mapping will also help us target the potentially higher
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grade mineralized structure s that fed this system . We anticipate being able to conduct
follow up drilling later this year,” commented Peter A. Ball, President and CEO of NV
Gold. “In addition, we appreciate the incredible response to our recent private placement
announced May 5th, 2021, which is expected to close in the next few days.”
In a future Phase 3 drill program, NV Gold’s plans to utilize RC and diamond core
drilling to overcome groundwater issues faced during Phase 2 drilling. Phase 3 drilling
will be planned once additional mapping and soil sampling programs are complete .
Figure 1- Newly Discovered Resistor / Interpreted Near Surface Oxide Gold Mineralization
Figure 2 – Slumber holes terminated before reaching desired depth due to water in holes.
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Quinton Hennigh (Ph.D., P.Geo.) is a Qualified Person 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.
Gold was assayed using fire assay with an atomic -absorption finish (ALS Code Au -
AA23), and silver was assayed using standard atomic -absorption spectrometry (ALS
Code Ag -AA61). All standards and blanks inserted by NV Gold returned values
coincident with expecta tions.
About NV Gold Corporation
NV Gold ( TSXV: NVX ; OTCQB: NVGLF) is a well-financed exploration company
based in Vancouver, British Columbia that is focused on delivering value through mineral
discoveries in Nevada, USA , leveraging its highly experienced in -house technical
knowledge.
On behalf of the Board of Directors,
Peter A. Ball
President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or
contact:
Peter A. Ball, President & CEO
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 Company’s planned exploration activities ,
including the planned Phase 3 deep core hole program at the Slumber Gold Project, that
source of the mineralized resistive blanket is believed to be higher grade feeder structures
at depth, the potential for a discovery at its properties, and the closing of the May 5th, 2021
private placment , 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
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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 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 securitie s 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.