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VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- NV Gold Corporation (NVX.V) (NVGLF) (“NV Gold” or the “Company) is pleased to announce that it has re-entered diamond drill hole ARC-6C and anticipates extending it up to an additional 600 meters. NV Gold also announces a private placement of units of the Company for gross proceeds of up to CDN$390,000 (the “Placement”).
As announced in its news release dated March 2, 2018, diamond drill hole ARC-6C intercepted carbonate-bearing sedimentary rocks thought to belong to the Comus Formation at its 100% controlled Across the Valley (“ATV”) Gold Project in north-central Nevada. Orebodies at the nearby Twin Creeks (Newmont) and Turquoise Ridge (Barrick and Newmont) mines are hosted by Comus Formation. After cutting approximately 120 m of this important rock unit, hole ARC-6C was terminated at 477.3 m. NV Gold drilling is inadequate to confirm with certainty the true width, however the Company believes that the dip of the unit is at or near horizontal and, since the drilling is vertical, the observed thickness should approximate true width.
Drilling has recently resumed and the hole has advanced approximately 120 meters to a depth of 597 m. What are interpreted as decalcified muddy, silty and sandy rocks have been encountered (Figures 1-3 below). Zones of silicification are also evident as are local accumulations of very fine-grained sulfide minerals. NV Gold interprets such alteration as evidence of hydrothermal activity.
The ATV gold project encompasses approximately 13,000 acres of lode mining claims on Bureau of Land Management lands and fee ground leased from Oro Vaca Ranch and is situated approximately 10 km southeast of the Twin Creeks and Turquoise Ridge mines on the Getchell trend. Mines of the Getchell trend have produced over 20 Moz gold from Carlin-type deposits hosted by Paleozoic sedimentary rocks, especially carbonate-bearing units of the lower plate of the Roberts Mountain thrust. NV Gold targeted the underexplored ATV area based on structural modeling that suggests faulted extensions of lower plate host rocks of the Getchell trend might be buried under young alluvium and volcanic rocks in this area.
NV Gold’s CEO, John Watson commented “We are glad to re-commence drilling hole ARC-6C. Already, we are seeing indications of hydrothermal alteration. If this is indeed Comus Formation, we should be able to adequately test the entire thickness of this important host unit over the next 600 m of drilling. Completion of the hole is anticipated to take several weeks.”
The Placement is an offering of up to 1,300,000 units (the “Units”) at CDN$0.30 per Unit. Each Unit consists of one Share and one-half of one Warrant exercisable at CDN$0.45 per share for two years from issue of the Units. The expiry date of each whole Warrant is subject to acceleration such that, should the volume weighted average price of the common shares of the Company exceed CDN$0.90 for ten consecutive trading days, the Company may notify the holder in writing that the Warrants will expire 20 trading days from receipt of such notice unless exercised by the holder before such date.
Closing of the Placement is conditional on acceptance of the TSX Venture Exchange. The proceeds of the Placement will be used by the Company for the acquisition and advancement of new properties and existing properties of the Company and for general working capital.
Quality Control and Quality Assurance
NV Gold staff, under the supervision of Dr. Quinton Hennigh, a director of NV Gold oversaw drilling of hole ARC-6C. Core to 477.3 m has been submitted to ALS Global, Reno, Nevada (“ALS”) where it will be split, sampled and assayed. Results are expected in a few weeks.
Quinton Hennigh (Ph.D., P.Geo.) is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. Dr. Hennigh is a director of NV Gold and is not independent and is also the President, Chairman and a Director of Novo Resources Corp.
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
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
Phone: 303.674.9400
Email: john@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 intercepted carbonate-bearing sedimentary rocks belonging to the Comus Formation and other interpretations of the rock types it has encountered, the intended depth of the drill holes, the timing of receipt of assay results, the structural modeling suggesting that faulted extensions of lower plate host rocks of the Getchell trend might be buried under young alluvium and volcanic rocks in the area of the ATV Project, the proposed raising of up to CDN$390,000 and the proposed uses of such funds and its timing, the potential to sell, lease or joint venture any of the Company’s properties, and other future plans and objectives of the Company, including exploration plans, 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.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/78195ae7-c7cc-4fc8-9bb9-6c172be67522
http://www.globenewswire.com/NewsRoom/AttachmentNg/c8f42990-af91-4bb0-9bfe-4539e2951e06
http://www.globenewswire.com/NewsRoom/AttachmentNg/569f7ffd-cf89-470b-a7f1-e28049046e2f
