VANCOUVER, BC / September 2, 2020 / NV Gold Corporation (TSXV:NVX)(OTC PINK:NVGLF) ("NV Gold" or the "Company") is pleased to provide an update on the ongoing exploration program at the optioned high-grade Exodus Gold Project, located in the Cariboo Mining Division, 40 km NNW of Prince George, British Columbia.
Highlights of recent exploration activity at the Exodus Gold Project:
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A soil geochemistry program is now complete over an area of 2 km x 2 km , where samples were taken across the central portion of the property (central zone) on a 100 x 50 meter grid, with an increased density within the immediate discovery area to a 50x25 meter grid. All samples (817) are currently being analyzed for gold and multi-element geochemistry. See below Figure 1.
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The Company currently has multiple geologists in the field, mapping and sampling both the newly identified veins (from trenching), and newly established road networks with identified mineralized outcrops. Assays for this work are pending.
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Our technical team at site has identified new outcrop exposures and vein systems from mapping and trenching activity, and is also currently prospecting for new outcrops across the favourable central zone.
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Positive discussions were held on August 28th, 2020 with Lheidli T'enneh First Nation with the goal of establishing a Mineral Exploration Agreement.
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An exploration drill permit has been submitted and is now in a review process. Initial drill permit is designed for future drilling up to 5,000 meters, utilizing up to 15 drill pads within a 1km x 1km central area over the next two years.
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Interpretation of the geophysical survey data has defined a number of linear breaks, which may represent key faults and/or structures that are important in controls on mineralization. See below Figure 2 and Figure 3.
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The NVX-Exodus aeromagnetic survey data was integrated with the public QUEST datasets to provide regional perspective to the geologic interpretation.
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Interpretation of the QUEST VTEM data has been used to define the depths to bedrock across the property, which will be a useful tool as we continue to explore the property for additional targets.
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As noted on July 29th, the land position was increased by 8.1% to 121.51 sq. km or 12,151 hectares.
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A COVID-19 Operation Plan in place for safe, but active summer exploration program.
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The 2020 exploration plan encompasses detailed mapping, trenching, soil sampling, project wide geophysics, and structural modeling with the aim of developing a fall diamond drilling campaign to test priority targets focused in the central zone.
Peter A. Ball, President & CEO commented, "The ongoing exploration program at the Exodus Gold Project continues to exceed expectations in regards activity, progress, and expansion of vein systems within the central zone. Our dedicated exploration team at site, led by Project Manager Max Keogh, P. Geo, and guided by our technical committee, continues to make excellent progress in identifying and expanding the interpreted vein systems along strike. During July, we were able to complete a 2 km x 2 km soil geochemistry grid over the central zone, with assays and geochemical results pending. The combination of newly identified (previously hidden) structures from the recent geophysical survey shows a strong correlation to previous areas where high grade mineralization was sampled at surface. We are now focused on an expansive trenching program in the central zone, followed by mapping and structural modelling of the multiple vein systems for a fall diamond drill campaign. In addition, we will be completing a property wide reconnaissance exploration program to assist in further understanding and interpretation of the local and regional geological model in building additional targets, noting we are in an area with very limited historical exploration."
Figure 1: Soil Geochemistry Program Plan Map
Figure 2: Central Zone and Newly Identified Linear Breaks (Hidden Structures)
Figure 3: High Resolution Aeromagnetic Survey and Identified Major/Minor Structures
Note: Interpretation by Goldspot Discoveries Corp. - Brenda Sharp - Chief Geophysicist
About Exodus Gold Project
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Located approximately 40km north of Prince George, BC.
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Since 2007, Geoscience BC has implemented the QUEST project, consisting of regional geophysical and geochemical surveys that identified favourable potential for gold mineralization on the Exodus Gold Project. This included a large-scale 15km long magnetic low thought to be associated with hydrothermal alteration.
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Structural interpretation of regional geology and geophysics has identified a significant north-south trending structure break transecting centrally through the property. This is inclusive of a possible interpreted deep-seated dilatational jog entirely confined within the claim block.
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Gold occurs in zones of stockwork quartz veinlets and in quartz veins up to 1.5 meters wide. Widespread gold and associated arsenic and antimony geochemical anomalism displayed by quartz vein and soil samples. Trenching in 2019 (Trench 1) yielded 14 rock samples grading greater than 5.0 g/t Au, including 9.01 g/t Au (35,600 ppm As, 609 ppm Sb), 13.70 g/t Au (26,000 ppm As, 295 ppm Sb) and 23.2 g/t Au (74,600 ppm As, 1,540 ppm Sb). Gold mineralization occurs with arsenopyrite and antimony minerals, suggesting a possible epizonal orogenic setting.
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The prospective mineralized corridor is interpreted to be approximately 5 km wide and extend approximately 15 km along strike. This corridor is highlighted by a regional trend of low magnetism in which new gold showings have been discovered.
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Channel rock chip samples of high-grade gold quartz veins has been the initial focus of exploration work at the Exodus Gold Project. Based on limited sampling, significant mineralization is believed to occur within altered and deformed host rocks surrounding these veins.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Exodus Gold Project has been reviewed and approved by Max Keogh, P.Geo, and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
COVID-19 Response
During the Covid-19 pandemic, NV Gold is committed to advancing exploration in a socially responsible manner, respecting good health and safety guidelines to protect its own employees, consultants, and contractors as well as the citizens of the communities in which it is working. NV Gold would like to thank all its stakeholders for their patience and support.
About NV Gold Corporation
NV Gold (TSXV: NVX, US:NVGLF) is a well-financed junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year. NV Gold controls multiple drill-ready projects in Nevada and has entered into an Option Agreement on a high-grade gold near-drill ready project in British Columbia, Canada.
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: peter@nvgoldcorp.com
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, the completion of a future drill program at the Exodus Gold Project and the Company's interpretations of exploration data, 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 statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, unexpected geological occurrences, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities 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.
SOURCE: NV Gold Corporation
