Vancouver, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — NevGold Corp. (“
NevGold
” or the “
Company
”) (
TSXV:NAU
) (
OTC
Q
X
:NAUFF
) (
Frankfurt:
5E50
) is pleased to announce further assays from the Company’s drill program 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 at the Project are expected over the coming months.
Key Highlights
-
Cadillac Valley South Discovery Ex
tends
Mineralization
6
50 Meters
From
CV22-002
:
CV22-006 intercepted
0.
5
1
g/t oxide Au over
7
3
.
1
meters
from a drill pad over 650 meters away from CV22-002 (
0.8
3
g/t oxide Au over 12
6
.
2
meters
released on April 6, 2022) expanding mineralization along strike to the southwest. (Figure 1)
Cadillac Valley South
is an important discovery as it significantly expands the mineralized footprint at Cadillac Valley. The newly discovered area requires follow-up drilling and drillholes have been planned in the current program. -
Large,
Open Mineraliz
ed
Footprint
at Cadillac Valley
Continues to Grow
:
the mineralized area at Cadillac Valley now extends over 1.6 km along strike and over 400 meters laterally. There is also another +1.5 km of untested strike length to the southwest of CV22-006. (Figure 3) -
More Oxide
Gold
Mineralization Building
the Path
to a
Near-Term
Resource:
Hole CV22-004 intercepted
0.63 g/t oxide Au over 7
3.2
meters
, including
1.00 g/t oxide Au over 19.8 meters
from the
top of the mineralized zone
,
and was lost in mineralization due to ground conditions.
Target depth
of the hole
extended
another
200
meters
from terminated depth
.
CV22-004 was angled to infill the mineralized footprint around CV22-002 (
0.8
3
g/t oxide Au over 12
6
.
2
meters
released on April 6, 2022). More drilling in this area will be required to understand the extents of mineralization and drillholes have been planned in the current program. -
Highly Oxidized Mineralization:
oxidized mineralization has been seen in all of the holes drilled to date by the Company at Limousine Butte. -
Exploration Upside:
large areas of the 67 km
2
Limousine Butte Project are untested and there are various identified targets based on the current Company geological model. (Figure 4) The mineralized system is open and growing as drilling occurs along strike with large step-out holes.
NevGold
CEO, Brandon Bonifacio, comments:
“
We are
continuing
to build a meaningful, near-surface, high-grade oxide
gold
story at Limousine Butte.
Intercepting
another
thick
, continuous
hole
with a
6
50 meter step out
(
Hole CV22-00
6
)
significant
ly
expands the mineralized footprint at Cadillac Valley.
It is very
encouraging
to see new areas
of
potential
mineralization being identified and
then
confirmed
by drilling
, and we believe this will continue as we apply the same targeting techniques
project wide
.
T
he thesis is building that we have a large
oxide gold
system
with higher
grade material than many
heap-leach
projects
in production or development
in
the
Western USA.
We have remained on
budget and on schedule
with our
10,000 meter
drill program
and expect further assays
shortly
.
”
NevGold
VP Exploration
,
Derick Unger
, comments
:
“
We are very
excited about this current batch of results as they further build
momentum around the Cadillac Valley target area.
A
s w
e have highlighted in the past,
our technical team
continues to increase
confidence
in our
geological model
,
which
driv
es
our drill program
.
We are seeing positive reconciliations of expectations against results in terms of thickness
and
grade, and this
trend
will continue
as
we further expand
the mineralized system
.
H
ole
CV22-004
that was lost
in mineralization
due to ground conditions
was targeted to extend another 200 meters in a very prospective
area
.
With the
continuous
reinforcement
of our geological model, we
have also identified
a number of
targets
on
untested ground
t
hat have the potential to
add to the mineralized footprint
.
”
Drill Results
|
Hole ID |
Length, m * |
g/t Au |
From, m |
To, m |
Material |
Target Area |
| CV22-001** | 175.2 | 0.86 | 212.0 | 387.2 | Oxide | Cadillac Valley |
| including | 58.2 | 2.13 | 212.0 | 270.2 | ||
| also including | 5.9 | 12.32 | 216.6 | 222.5 | ||
| including | 40.6 | 0.52 | 346.6 | 387.2 | ||
| CV22-002** | 126.2 | 0.83 | 127.4 | 253.6 | Oxide | Cadillac Valley |
| CV22-003** | 94.4 | 0.23 | 60.4 | 154.8 | Oxide | Cadillac Valley |
| CV22-004 |
73.2 |
0.63 |
205.7 |
278.9** * |
Oxide | Cadillac Valley |
| including |
19. 8 |
1.00 |
205.7 | 225.5 | ||
| CV22-005 | 45.7 | 0.52 | 125.0 | 170.7 | Oxide | Cadillac Valley |
| CV22-006 |
73. 1 |
0.51 |
131.1 |
204. 2 |
Oxide | Cadillac Valley |
*
Downhole thickness reported; true width varies depending on drill hole dip and
is
approximately
70 to
90% of downhole thickness.
**
Drill results from
core holes CV22-001
to CV22-003
w
ere
released on April 6, 2022.
Holes CV22-004 to CV22-006 were reverse circulation (“RC”) holes.
***
CV22-004
was lost in mineralization due to
ground
complexities.
Target depth extended another
200
meters.
Figure 1
–
Plan view of the drill pad
s with assays released at Cadillac Valley
outlin
ing
the large, mineralized system spanning over 1
.6
km northeast to southwest, and over
4
00 meters
laterally
.
Red
outline
represent
s
Au zones of
greater than
0.
1
g/t defined from
current and historical
drilling
.
To view image please click here
Figure
2
–
Long-section
looking
northwest
through
Cadillac Valley
.
Red
outlines
represent Au zones of
greater than
0.
1
g/t defined from
current and
historical
drilling
.
Orange dashed lines represent areas with additional mineralization potential.
To view image please click here
Figure
3
– Plan view of the
Cadillac Valley target area
with
the
extents of the
current drill
program
,
and
the remaining +1.5
km of un
tested
strike
length
to the southwest.
Red
outline
represent
s
Au zones of
greater than
0.
1
g/t defined from
current and
historical drilling
.
Orange dashed lines represent areas with additional mineralization potential.
To view image please click here
Figure
4
–
Plan view of
Limousine Butte outlining the key target
areas
within the
larger
, consolidated
67 km
2
project
area
.
To view image please click here
Engagement of Marketing Consultant
The Company has entered into an agreement with TD Media, LLC (“TD Media”) to provide strategic digital media and consulting services. The Company and TD Media act at arm’s length. Under the terms of the agreement, TD Media will provide strategic digital media services including marketing services, news dissemination, data analytics services, content development, media buying and distribution, campaign reporting and optimization. The Company has agreed to pay TD Media a total initial cost of US$100,000 over an expected 3-month period.
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 field duplicates were collected and 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 Vice President, Exploration, 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.
