VANCOUVER, British Columbia, Oct. 03, 2018 (GLOBE NEWSWIRE) -- NV Gold Corporation (TSX.V: NVX; OTC Pink: NVGLF) (“NV Gold” or the “Company”) highlights recent results from its drill program at its 100% controlled Frazier Dome Gold Project, located in the Tonopah Mining District, Nevada. The August 2018 reverse-circulation (“RC”) drilling tested four of nine targets identified on the property, with two holes each, for a total exploration program of 4,620 feet (1,408 m) in eight holes.
John Watson, Chairman and CEO of NV Gold commented, “We are pleased with our initial exploration program on the Frazier Dome Gold Project, which yielded notable runs of detectable gold across altered and mineralized zones up to 150 meters in width. Five of the eight widely-spaced holes delivered gold intersections greater than 0.10 g/t, and up to 1.035 g/t, pointing to what we believe could be a robust gold system at depth. Noting epithermal veins are zoned vertically, the results provided the lateral focus required to assist in targeting possible bonanza or boiling zones within the system. The Company is currently evaluating a potential deeper drill program at Frazier to test this concept, and also to accelerate testing of the additional five known target zones on the property.”
All eight holes encountered runs of altered and mineralized rock, with the most intense alteration typically associated with local introduction of silica and pyrite in breccia zones. Most of the altered rock is associated with anomalous gold +/- silver. Drilling identified low concentrations of Au (typically 0.005 to 0.020 g/t), but of significance, nearly continual runs of detectable Au were identified: approximately 105 m in FD-1, 150 m in FD-2, and 135 m in FD-5. In addition, hole FD-8 intersected 0.53 g/t over 12.2 m (40 ft) (from 13.7 m below surface) and hole FD-5 intersected 0.38 g/t over 7.62 m (25 ft) (from 62.5 m below surface). Drilled widths are currently reported, and true widths are not known at this time.
Given the exposed widths and lengths, with the estimated depths and calculated volumes, the Company believes it is possible for a robust gold deposit to occur deeper on the claim block.
The expected follow-up program should include a pre-drilling gravity survey, with or without additional geophysics, to help identify additional vein zones, especially on the 80 percent of the property covered by post-mineral volcanic rocks and alluvium. Five of the original nine targets permitted remain untested, and deeper holes should be planned for the targets already tested. The geologic environment at Frazier Dome remains favorable to host a significant deposit.
About Frazier Dome Project
The Frazier Dome Project, staked by the Company, is located 13 km north of the Tonopah Mining District, Nye County, Nevada. The Project contains a low- to intermediate-sulfidation, volcanic-hosted epithermal gold system with high-grade mineralization where:
- Gold occurs in silicified breccias adjacent to a Middle Miocene felsic dome (Company surface samples up to 6.1 g/t Au over 3 m, with historical surface samples grading up to 14.7 g/t Au);
- High-grade gold also occurs in north-northwest-trending quartz veins (Company surface samples grading up to 11.2 g/t Au) within the volcanic rocks farther east from the dome and along the contact between the volcanic rocks and underlying pre-Cenozoic basement (historical drill hole with 7.5 g/t Au over 3 m at 58 m);
The Tonopah Mining District contains multiple styles of volcanic-hosted epithermal gold mineralization similar to that at Frazier Dome, including:
- High-grade, intermediate-sulfidation Ag-rich veins which historically produced 174 million ounces (Moz) Ag and 1.9 Moz gold; and
- Younger, low-sulfidation, gold-rich mineralization related to intrusive rhyolite domes, which has been the focus of modern exploration (e.g., Hasbrouck and Eastside deposits).
Quality Control and Quality Assurance
Exploration activities at the Frazier Dome Gold project were conducted under the supervision of Dr. Marcus Johnston, Exploration Manager for NV Gold. Assays were performed by ALS (Reno, Nevada and Vancouver, BC, Canada). The data verification procedures and QA/QC procedures for the program included inserting certified standards and blanks into the sample stream.
Dr. Michael Gustin of Mine Development Associates, an independent Qualified Person under NI 43-101, has reviewed and approved the technical information disclosed in this release.
About NV Gold Corporation
NV Gold is a 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 experienced in-house technical knowledge, NV Gold’s geological team intends to use its geological database, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to create opportunities for lease or joint venture. NV Gold plans to aggressively acquire additional land positions for the growth of its business.
On behalf of the Board of Directors,
John E. Watson
Chairman and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
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.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements or information, regarding the existence of a potential robust gold deposit at depth on the property and the securing of future drilling permits and undertaking further drilling on the property. These statements are based on certain assumptions regarding the geological formations encountered, continuity of observed mineralization and the permitting process and are subject to a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include not receiving approval of a drilling permit and uncertainties associated with continuity of mineralization, including unsuccessful exploration results, the availability of funding for mineral exploration and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.