VANCOUVER, March 16, 2018 /CNW/ - NxGold Ltd. (the
"Company") (TSX-V:NXN) is pleased to announce that it has
commenced exploration efforts including mapping and data collection
on its recently acquired Mt. Roe gold project located in the
Pilbara, Western Australia.
The Company has commenced a program of field mapping and data
collection to generate a geological map suitable for planning
trenching and future drilling programs. The objective of the
program is to enhance our understanding of the distribution and
thickness of conglomerates containing gold, the location of the
unconformity, the geometry (dip), and the potential thickness of
cover sequence.
Additionally, the Company announces it has determined not to
proceed with the private placement announced on February 13, 2018. The Company remains
funded for its proposed activities on Mt. Roe.
Christopher McFadden, Chief
Executive Officer, commented: "We are excited to start the first
pass exploration on the Mt. Roe gold project in the Pilbara region
of Western Australia which
encompasses over 5 km of known strike length of gold bearing
conglomerates with existing crenulated corn flake seed gold present
at surface. We have our fully granted exploration tenements
with no earn-in commitments which enables our exploration work to
commence immediately. Given that the Company's existing cash
balance is sufficient to conduct this first pass program which we
believe will materially advance our knowledge of the Mt. Roe
project, the Company has decided to cease the financing announced
in February."
About NxGold
NxGold is a Vancouver-based exploration company. The
Company owns 80% of the Mt. Roe gold project located in the Pilbara
region of Western Australia. The Company has also
entered into an earn-in agreement with Meliadine Gold Ltd. to earn
up to a 70% interest in the Kuulu Project (formerly known as the
Peter Lake Gold Project) in Nunavut and an earn-in agreement to earn up to
a 100% interest in the Chicobi Project located within the prolific
Abitibi Greenstone Belt in Québec.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is
not limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may
occur in the future. Generally, but not always,
forward-looking information and statements can be identified by the
use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or the negative connotation thereof or variations of
such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
SOURCE NxGold Ltd.
