Vancouver, British Columbia, March 08, 2022 (GLOBE NEWSWIRE) — NevGold Corp. (“
NevGold
” or the “
Company
”) (
TSXV:NAU
) (
OTC
QB
:NAUFF
) (
Frankfurt:
5E50
) is pleased to announce the initial portion of assays from the Company’s first drill hole (CV22-001) at the Cadillac Valley target area at its Limousine Butte Project, Nevada (the “Project”) located on the southern part of the Carlin Trend. Further assays from the Company’s inaugural 10,000 meter drill program are expected continuously from both the Resurrection Ridge and Cadillac Valley target areas (Figure 4) for the remainder of the first half of 2022.
Key Highlights
-
Building
a
High-Grade
,
Oxide
Gold
Resource
:
after the addition of a second drill rig at the Project in January 2022, drilling commenced on the highly prospective Cadillac Valley target area. The first assays received on CV22-001 include
2.1
3
g/t
oxide
Au
over
5
8.2
meters
including
12.3
2
g/t
oxide
Au over
5.9
meters
.
Further drill holes have been sent to the lab and assays are pending. -
Open Mineralization
:
the initial assays released are from the first portion of the hole received from the assay lab down to 277.6 meters depth.
Assays a
re pending for
the section from
277.7 meters to 403.6 meters depth.
-
Highly Oxidized Mineralization:
assay results from CV22-001 at Cadillac Valley reported oxidized mineralization throughout the hole. (Figure 3) -
Unlocking the District
–
New
Potential
Resource Area at Cadillac Valley
:
Cadillac Valley is a high-quality target that will have approximately 3,500 meters of the current 10,000 meter drill program. The Company is targeting a near-term resource estimate at Cadillac Valley after the current drill program is completed.
There are
several
target
a
reas around Cadillac Valley that will be drill-tested in the current program.
NevGold
CEO, Brandon
Bonifacio
, comments:
“
Building on the initial assays from our Resurr
ection Ridge target area
released
on February 8
, the first hole at Cadillac Valley has
drilled
a
n
important, highly prospective target zone
at Limousine Butte
. It is very exciting to see another thick intercept of mult
i
-gram oxide gold material at a location that is
o
ver
2
km from
Resurrection Ridge
.
We believe that the mineralized horizon may extend
between these
two areas
of the project
, and it is very promising
to see results
aligning with our geological model of the district. We are excited about
the
remaining
assays from
this first hole at Cadillac Valley
and
from
some of the
subsequent
holes
that
we have sent to the lab
.
Assays from
further holes will be continuously released over the first half of 2022
.
”
NevGold
Chief Geologist
,
Derick Unger
, comments
:
“
We are very
encouraged by
this initial data from
Cadillac Valley, which is
another key target area at our district-scale Limousine Butte
p
roject. Having results align with our geological model has improved our understanding of the
P
roject and opened up a number of other prospective
target
areas
within the large, consolidated
67 square kilometer
land package
.
We eagerly awa
it
the remaining part of
CV22-001
from Cadillac Valley
which is expected shortly. With two drill rigs on site
actively
drilling both Resurrection Ridge and Cadillac Valley, we expect
many
more
drill results as we advance towards
completing
a near-surface oxide gold mineral resource estimate
.”
Drill Results
|
Hole ID |
Length, m * |
g/t Au |
From, m |
To, m |
Material |
Target Area |
| CV22-001 |
5 8 . 2 |
2.1 3 |
212.0 | 270.2 | Oxide | Cadillac Valley |
| including |
5.9 |
12.3 2 |
216.6 | 222.5 | ||
|
a ssays pending |
277.7 |
403.6 |
*
Downhole thickness reported; true width varies depending on drill hole dip and
is
approximately
90% of downhole thickness.
Figure
1
–
Cross-section looking
north
east
through
Cadillac Valley
.
Red
outlines
represent Au zones of 0.1
g/t defined from historical drilling
.
Orange dashed lines represent areas
with additional mineralization potential.
To view image please click here
Figure
2
–
Long-section
looking
northwest
through
Cadillac Valley mineralization
.
Red
outlines
represent Au zones of 0.
1
g/t defined from historical drilling
.
Orange dashed lines represent areas with additional mineralization potential.
To view image please click here
Figure
3
– Photo of oxidized
jasperoid
breccia from
C
V
22-001
, interval
725
–
730
f
eet (
221.0
–
222
.
5
meters)
returned a value of 1
6
.
9
g/t Au
.
To view image please click here
Figure
4
–
Plan view of
the
Resurrection Ridge and Cadillac Valley mineralized zones at the
Limousine Butte
project.
Both
the
Resurrection Ridge and Cadillac Valley
areas
are currently being drilled
as per the January 19, 2022
news release
.
To view image please click here
ON BEHALF OF THE BOARD
“
Signed
”
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at [email protected], call 604-337-4997, or visit our website at
www.nev-gold.com
.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
: All sampling was conducted under the supervision of the Company’s geologists and the chain of custody from the Project to the independent sample preparation facility, American Assay Labs in Sparks, NV, was continuously monitored. The samples were crushed, pulverized and sample pulps were analyzed using industry standard fire assay methods. A blank and certified reference material was inserted approximately every 20
th
sample and duplicates of coarse reject material was analyzed approximately every 20
th
sample. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
Technical information contained in this news release has been reviewed and approved by Derick Unger, CPG, the Company’s Chief Geologist, who is NevGold’s qualified person under National Instrument 43-101 and responsible for technical matters of this release.
About
the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and British Columbia. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Ptarmigan silver-polymetallic project in Southeast BC.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur
.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future
events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
