- Additional pitted 'melon seed' gold nuggets collected from
the Mt. Roe Project
- 417 m of exploration trenching
completed on Mt. Roe Project
- Trenching confirms potential sources of 'specimen' gold
nuggets
- Visible gold discovered in vein structure in area of known
'specimen' gold at Mt. Roe
- Recovery of gold nuggets 12 km from Mt. Roe Project on the
Prinsep Project
VANCOUVER, June 28, 2018 /CNW/ - NxGold Ltd.
("NxGold" or the "Company"), (TSX-V: NXN) is pleased to
provide an update on its 2018 exploration program at the Mt. Roe
Project and the Prinsep Project located in the Pilbara region of
Western Australia. The Company has
recently completed an initial program of trenching and targeted
follow-up work at Mt. Roe, and undertaken early reconnaissance at
Prinsep. The data collected is currently being compiled to direct
the next phases of work.
Mt. Roe Project
Fifteen trenches totalling 417 metres ("m") in length were used
to initially evaluate approximately 1.8 kilometres ("km") of the 7
km of prospective strike extent for the target sediment,
('conglomerate'), horizon.
- Eight trenches, totalling 238 m,
were focused on exposing and tracing the known sedimentary
exposures in the 'Conglomerate Area'.
- A single trench, totalling 28 m
exposed geological units in the 'Dryblower Area'.
- Three trenches, totalling 120 m,
were used to trace the target horizon to the southeast.
- Two trenches, totalling 31 m,
were used to evaluate an area of known 'specimen' gold
nuggets.
Locations of these initial trenches are presented in Figure
1 and gold nuggets recovered during this program from the Mt.
Roe Project area in Figure 2.
Prinsep Project
A first pass orientation of the Prinsep Project was undertaken
to assess the prospects of NxGold's land package that sits 12 km
northwest of the company's Mt. Roe claims. A site where
forty-five gold nuggets were detected was confirmed highlighting
the prospectivity of the Princep Project. Further work to
better understand the geology and gold morphology at Prinsep will
follow. (See figure 4 & 5 to view the gold recovered
from Prinsep and the project location).
Christopher McFadden, Chief
Executive Officer commented, "We have continued to discover gold
nuggets across the Mt. Roe property and the results from the
initial exploration trenching work is very encouraging. The
geological features are continuing to provide insight on this
exciting project. Additionally, sourcing forty-five gold
nuggets on the Prinsep licences is also very exciting. Now
that we have closed our successful $4.3
million financing, we are looking forward to undertaking
expanded follow-up work on our Projects that will be guided by this
initial work."
Conglomerate Area
As a result of the initial trenching, sedimentary rocks
interpreted to be the source of the 'melon seed' gold nuggets have
been locally exposed over approximately 160
m of strike, including immediately adjacent to locations of
recently collected gold nuggets (see Figure 2) many with
classic 'melon seed' shape and texture. A second phase of
trenching is now proposed in this area to expose a larger volume of
highly prospective sedimentary rock units for the purpose of larger
scale sampling in the near future.
Target Trend Trenches
Compilation of the detailed information gathered from these
preliminary trenches remains underway and is expected to guide the
next phase of exploration. From this preliminary trenching
program along trend more detailed mapping of structures affecting
the trend is warranted in conjunction with an expanded trenching
program.
Dryblower Area
A single trench was used to expose units expected to be at a
similar stratigraphic level as the target sedimentary horizon and
further evaluate the source of abundant gold nuggets at surface in
this area. Numerous shear and vein structures were exposed and
sampled with results pending.
Specimen Target Area
Two trenches bracketing 10m of
strike in an area of intense, historic specimen gold nugget
workings exposed numerous vein structures, one of which
contained coarse visible gold (see Figure 3). Trench
samples across the vein structures have been submitted for
analysis, results are pending.
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.
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.
Technical Disclosure
Gold nuggets are usually detrital; hackly 'specimen' nuggets are
inferred to be locally derived whereas rounded and/or flattened
nuggets are more travelled. In the case of the 'conglomerate gold'
model these more travelled nuggets can be inferred to be locally
derived if paleo-placer source rocks occur in the area.
The scientific and technical information in this news release
has been prepared or approved by Darren
Lindsay, Vice President Exploration and Development, of the
Company, a "qualified person" within the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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
including whether the proposed acquisition will be completed.
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 connotation 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.
