NV Gold Significantly Enlarges Epithermal Gold Mineralization at its Slumber Project, Nevada
NV Gold Significantly Enlarges Epithermal Gold Mineralization at its Slumber
Project, Nevada
Hole SL -27 Returns 112m @ 0.26 gpt, Hole SL 25 Returns 47m @ 0.32 gpt
May 19, 2022
VANCOUVER, BC / ACCESSWIRE / Ma y 19, 2022 / NV Gold Corporation
(TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) (“NV Gold” or the “Company”) The
Company reported an update today on its 2021-2 Slumber Project in Nevada,
USA.
NV Gold is pleased to announce positive results from the successful
completion of the 2021 -22 drilling program a t its 100% -owned Slumber
Project . In addition to enlarging the footprint of the epithermal mineraliz ing
system, this recent program intersected higher grades in certain areas and
indicates mineralization remains open laterally and to depth.
Figure 1: Location of Slumber project and nearby mining operations, past and present.
Slumber Gold Project, Humboldt County, Nevada
Three drill campaigns have been conducted between August 2019 and
early 2022; 29 RC holes (reverse circulation) have been completed,
totaling 5,200.9 m (17,063.3 ft).
The initial two drilling campaigns focused on a bonanza-style model and
targeted a tightly-confined , silicified, and mineralized area in the central
part of the Property. While the early drilling did not encounter the desired
high-grade structure s, it did intercept significant zones of low-grade-oxide
gold along the northern limits of the initial drill area. In 2021 NV Gold
reinterpreted this zone of mineralized silicification , using CSAMT data and
IP-Resistivity to evaluate a wide -open resistivity zone illuminating its
correlation with gold mineralization to the north. As a result, most of the
2021-2022 drill holes did encounter significant thicknesses of low -grade-
oxide gold distributed over an area of 800+ meters by 3 50+ meters with
thicknesses of 100 -150 meters or more (see figures 2 -5). Most 2021-2022
holes bottomed in gold mineralization . While drilling was depth-limited by
ongoing equipmen t breakdowns , labor challenges and ground wa ter, the
results were highly encouraging .
The Company reports that Slumber has now been demonstrated to host
a low -grade bulk -tonnage, oxide gold system, which remains open in
multiple directions. Drilling remains very widely-spaced over this large
area, with reasonable expectations of locating structural and lithologically
favorable zones of stronger grades.
“NV Gold has successfully delineated a substantial near-surface, oxide -gold
mineraliz ed gold system on its Slumber property in Humboldt County, Nevada.
The gold zone is very homogenous and continuous, and preliminary AuCN tests
returned potentially high gold recoveries. The gold system remains open in
multiple directions and at depth . The northern part of the Property and most of
the southern part remain untested. However, having mostly gold values of
around 0.2 g/t Au compels NV Gold to test for better grades and thicker
intercepts . Recently received assays of up to 1.5 g/t Au in SL-27 are indicators
that higher grades can be present in the area. More fieldwork and results from
the undertaken Mercury -vapor and biochemistry surveys will assist pinpoint ing
higher-grade structures with the goal of enhancing Slumber to economic grade
levels. The property now appears to have good potential for a +million-ounce
target. While the grades encountered so far are sub-economic at current
conditions , the drill -spacing is wide and good upside remains for more
favorable zones of structural preparation or favorable lithologies”, stated
Thomas Klein , VP Exploration , NV Gold.
Drill Intercepts:
Table 1 – Slumber 2019 -2022 significant drill intercepts.
Figure 3 – Drill hole locations with gold intercepts (Au >100 ppb) and cross-sections.
Figure 4 – Cross-section A-A’ with gold intercepts (Au >100 ppb) on interpreted geology.
Figure 5 – Cross-section B-B’ with gold intercepts (Au >100 ppb) on interpreted geology.
NV Gold CEO, John Watson commented – “These encouraging results have
extended our understanding of this large, oxide gold system, elevating ou r
expectations for an ultimate economic discovery. Oxide gold discoveries have
been rare in Nevada over the past 15+ years despite intensive exploration
efforts by many companies. Slumber remained undiscovered primarily because
of its setting, largely obscured by recent sediments and volcanics. Its lateral
and vertical extent remains open and compelling. The sheer size of the
mineralized system is important, given the implications of a large , new, gold
system in a relatively unexplored part of Nevada. The next program at Slumber
will be a modest core program, designed to twin and deepen two of our existing
reverse circulation holes. The goal is to further extend the mineralization and
identify any potential RC sampling loss of values. We look forward to the next
phases for Slumber, looking to extend the system both laterally and at depth.
As drill density adds understanding, we can target zones of higher grades, such
as demonstrated in hole SL -27.”