VANCOUVER, BC / December 17, 2020 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) ("NV Gold" or the "Company") is pleased to announce that drilling is now underway at the 100% controlled and fully permitted Slumber Gold Project ("Slumber") located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA. Drilling at Slumber will encompass up to 2,500 m in up to 10 RC drill holes. For additional information on the Slumber Gold Project, please refer to NV Gold's press releases, dated September 25th, October 27th, 2020 and November 25th, 2020. In addition, the Company has completed its geological review of the Exodus Gold Project in British Columbia and decided to terminate its option to acquire an interest in it.
"Drilling has commenced at the Slumber Gold Project during the week of December 6th, targeting a potential buried high-grade gold vein system," commented Peter A. Ball, President and CEO of NV Gold. "The Company has also completed its due diligence review of the optioned Exodus Gold Project and has determined the project not to be a property of merit that fits into NV Gold's exploration strategy and focus. NV Gold's management team is always focused on minimizing dilution and preserving capital when related to exploring or acquiring new gold opportunities."
NV Gold completed a due diligence review of the Exodus property from August through October 2020. The project was re-interpreted from an orogenic lode gold target to a distal mineral gold occurrence that was small, discontinuous and likely related to localized intrusions. The extensive glacial till cover, proximity to nearby main tributaries and farmland and also not being able to form an Early Engagement Agreement with the local First-Nations group limited further property exploration.
The Company has determined that, based on its interpretation of the size of the system and the lack of any material results from NV Gold's exploration to-date, the Exodus Gold Project does not merit further expenditure under the terms of the current option agreement. The deal structure of the Exodus property option ensured that a preliminary geological review could be completed with minimal initial cash and share payments to the property vendors during the first six month option period (refer to the Company's press release dated July 6, 2020).
About NV Gold Corporation
NV Gold (TSXV: NVX; OTCQB: NVGLF) is a well-financed junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries in North America, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year.
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, statements regarding the Company's planned exploration activities, including executing a drill program at the Sandy and Slumber Gold Projects, the timing of undertaking its work and disclosure of results, 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, 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
