NevGold Corp. (“
NevGold” or the
“
Company”) (
TSXV:NAU)
(OTCQX:NAUFF)
(Frankfurt:5E50) is
pleased to announce further oxide, gold results intercepted from
surface at the Nutmeg Mountain gold project (the
“
Project”, “
Nutmeg Mountain”) in
Idaho. The Project hosts a 2020 historical mineral resource
estimate of 910,000 Indicated ounces of gold (43.5 Mt @ 0.65 g/t
Au), and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au)
(see Note 1). A Nevgold Qualified Person has not done sufficient
work to classify this historical resource estimate as current
mineral resources, and NevGold is not treating the estimate as
current mineral resources or mineral reserves.
The Company
also announces that it is
well-advanced on completing a
current Mineral Resource Estimate (“MRE”)
at Nutmeg Mountain with targeted completion
in early July.
Key Highlights
- More
Gold Intercepted
from Surface That Suggests
The Project Will Be Amenable To Heap Leach
Processing: the Company intercepted
0.80 g/t
Au over
51.5
meters from Surface
(oxide),
including 1.40 g/t Au over
11.3
meters from 9.8 meters
depth
(oxide) (Hole
NMD0004). Assays are pending for the remaining
approximate 130 meters of this hole.
- Metallurgical
Testwork Has Commenced: Hole
NMD0004 was drilled to commence metallurgical testwork at the
Project. The Company has engaged McClelland Laboratories out of
Sparks, Nevada. The focus of the metallurgical testwork is to
evaluate optimization opportunities related to grinding,
comminution, and recovery methods.
- Building
Large, Near
Surface,
Mineralized
Footprint: other drill results released
from the 2023 drill program include
0.72 g/t Au over
79.3 meters from 10.4
meters depth (oxide),
including 2.32 g/t Au over
13.4 meters from
25.6 meters depth
(oxide) (Hole
NMD0003), and 0.56 g/t Au over 23.9 meters from 24.1 meters depth,
including 0.89 g/t Au over 11.4 meters from 25.6 meters depth with
4.33 g/t Au
intercepted near the bottom of the
hole (Hole NMD0001, hole was lost in mineralization) (See
news release from April 13, 2023).
- Current Drill Program
Update: the orientated core drilling portion of the drill
program is now complete, and the program will shift to Reverse
Circulation (“RC”) drilling.
- Advancing
Mineral Resource Estimate: the Company is
well-advanced in completing a current MRE at the Project, with
targeted completion in early July.
NevGold CEO, Brandon
Bonifacio, comments:
“The further results from our inaugural drill program at Nutmeg
Mountain continue to highlight the at-surface, oxide gold
mineralization at the project that we anticipate will be amenable
to heap leach processing. Drillhole NMD0004 will also be utilized
for the commencement of metallurgical testwork with focus on
optimization opportunities in the grinding and comminution area. We
are looking forward to the remaining approximate 130 meters of
assays pending from Drillhole NMD0004, which is at the assay lab
undergoing further testwork. We are also
pleased to announce that we
are advanced in completing a
current Mineral Resource
Estimate at Nutmeg Mountain, with
targeted completion in
early July. Nutmeg Mountain is
one of very few oxide gold, heap-leach projects of scale and grade
with mineralization starting at surface in the Western USA.”
Drill Results
Hole ID |
Length, m* |
g/t Au |
From, m |
To, m |
Comment |
NMD0001** |
23.9 |
0.56 |
24.1 |
48.0 |
hole terminated in mineralization |
including |
11.4 |
0.89 |
25.6 |
37.0 |
|
NMD0001a** |
53.3 |
0.20 |
29.0 |
82.3 |
poor core recovery |
NMD0001a** |
24.2 |
0.28 |
135.2 |
159.4 |
poor core recovery |
NMD0002** |
10.0 |
0.16 |
4.8 |
14.8 |
intercepted up to 0.43 g/t Au down to 93.6m |
NMD0003** |
79.3 |
0.72 |
10.4 |
89.6 |
|
including |
13.4 |
2.32 |
25.6 |
39.0 |
|
NMD0004 |
51.5 |
0.80 |
0.0 |
51.5 |
|
including |
11.3 |
1.40 |
9.8 |
21.0 |
|
|
128.5 |
pending |
51.5 |
180.0 |
Assays pending |
* Downhole thickness reported;
true width varies depending on drill hole dip and is approximately
70% to 90% of downhole thickness. All holes were completed with
core drilling. Any apparent errors in arithmetic are due to
rounding.** Assays released on April 13, 2023.
Figure 1 – Cross-section looking east through
Nutmeg Mountain with US$1500/oz Au pit shell from the 2020
historical resource estimate outlined in red (Note 1). Red
intervals on NMD0004 represent Au intercepts of greater than 0.20
g/t Au. Orange dashed line represents area with exploration upside.
To view image please click here
Figure 2 – Plan view map of Nutmeg Mountain with
drill collar locations. Yellow line outlines the project boundary,
with green shading defining the unpatented Bureau of Land
Management (“BLM”) claims that have been permitted through the
Exploration Notice. The remaining unshaded areas are patented
claims and private leases which can be drilled under different
guidelines. Mineralization contained within the US$1500/oz Au pit
shell from the Historical 2020 Resource is outlined in red (Note
1). To view image please click here
Figure 3 – Core Photos – NMD0004 from 12.2 meters
to 13.7 meters (40 to 45 ft.), included in the zone that assayed
11.3 meters of 1.4 g/t Au. To view image please click here
Updated Mineral Resource
EstimateThe Company has engaged Global Mineral Resource
Services from North Vancouver, Canada to complete the MRE at Nutmeg
Mountain. Targeted completion of the MRE is early July.
Geology SummaryHole NMD0004 was
a metallurgical drillhole and based on the core logging completed,
the hole shows strong oxidation in the mineralized zone. The hole
was split into quarters, and part of the hole was sent to
McClelland Laboratories in Sparks, Nevada to commence metallurgical
testwork. The focus of the new testwork program is to
systematically augment the historical metallurgical data with focus
on grinding, comminution, and optimal recovery methods.
The remainder of assays from Hole NMD0003 were
received. Along with the previously announced 0.72 g/t Au over 79.3
meters from 10.4 meters depth, the hole contained multiple zones of
anomalous mineralization with grades up to 0.61 g/t Au. The
textures and alterations logged in the core exhibit positive
characteristics and highlight that the Company is vectoring in on
the potential high-grade feeder structure at the Project. More core
drilling will be incorporated into further drilling at the Project
in 2023.
Drillhole
Orientation Details
Hole ID |
Azimuth degrees |
Dip degrees |
Total Depth feet |
Total Depth meters |
NMD0001 |
95 |
55 |
157.5* |
48.0* |
NMD0001a |
95 |
55 |
1498.5* |
456.7* |
NMD0002 |
85 |
45 |
587 |
178.9 |
NMD0003 |
130 |
70 |
1656.5 |
504.9 |
NMD0004 |
350 |
80 |
599 |
182.6 |
* Did not reach target depth.
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 20th sample and duplicates of coarse reject
material was analyzed approximately every 20th 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.
Note 1: Nutmeg Mountain –
Historical 2020
Mineral ResourceOn July 14, 2020,
GoldMining Inc. (TSX:GOLD, NYSE:GLDG)
(“GoldMining”) published an NI 43-101 technical
report on the Project titled “Technical Report – Almaden Gold
Property”, with an effective date of April 1, 2020, which includes
the following, and which NevGold is treating as a Historical
Mineral Resource Estimate:
Nutmeg Mountain –
GoldMining 2020 Mineral
Resource Estimate
Classification |
Cutoff Grade Au
g/tonne |
Tonnes |
Gold Grade
g/tonne |
Ounces Gold |
Indicated |
0.30 |
43,470,000 |
0.65 |
910,000 |
Inferred |
0.30 |
9,150,000 |
0.56 |
160,000 |
Table 1: Mineral Resource from GoldMining’s NI
43-101 technical report filed on SEDAR on July 14, 2020
The Historical Mineral Resource Estimate is
believed to be reliable and relevant and professionally calculated
under the assumptions made in 2020. A Nevgold Qualified Person has
not done sufficient work to classify GoldMining’s Mineral Resource
Estimate as current mineral resources, and NevGold is not treating
the estimate as current mineral resources or mineral reserves. The
current NevGold drilling and geological work is considered
sufficient to allow for NevGold to complete an updated Mineral
Resource Estimate at the Project.
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President &
CEO
For further information, please contact Brandon
Bonifacio at bbonifacio@nev-gold.com, call 604-337-5033, or visit
our website at www.nev-gold.com.
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 CompanyNevGold is an
exploration and development company targeting large-scale mineral
systems in the proven districts of Nevada, Idaho, 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, and has an option to
acquire 100% of the Nutmeg Mountain gold project in Idaho.
Please follow
@NevGoldCorp on Twitter,
Facebook, LinkedIn, Instagram, and YouTube.
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. Forward looking statements in this news release
include statements regarding planned further exploration activities
at the Project, and the planned completion of the MRE. 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.
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