- Field program initiated on Mt Roe Gold Project
- Targeting interpreted high grade structures and defining
Prinsep anomaly
- Ground-truthing magnetic feature identified in magnetic
inversion
VANCOUVER, April 24, 2019 /CNW/ - NxGold Ltd.
("NxGold" or the "Company"), (TSXV: NXN) is
pleased to annouce the initiation of the field program at the Mt
Roe Gold Project located near Karratha in Western Australia. The program is focusing on
further defining, to drill-ready, a number of prioritised target
areas.
The initial work program includes the following
activities: detailed soil sampling of the +1,000m Prinsep gold anomaly (currently defined
by limited soil and rock samples) [News Release January 22, 2019], expansion and infill of the
previously completed soil grids on the
Hawk and Eagle target areas [News Release December 18, 2018] which is to expand to cover
the Crow target area, trenching of four structures interpreted to
be controlling the distribution of gold anomalies in the Eagle,
Hawk and Kangaroo target areas, and regional silt sampling /
prospecting / target mapping within the recently granted tenements
[News Release December 12, 2018].
In addition, a ground-truthing exercise will be undertaken on
the recently granted tenements to determine if there is a surface
expression of an approximately 300 nanoTesla magnetic anomaly
(magnetic susceptibility model SI0.025 – 0.045) resulting in a very
defined pipe-like feature in the inversion of the magnetic data
collected last year. The inversion anomaly has rough
dimensions of 100m diameter and
occurs between -100m to -500m elevation (see Figure 1).
The magnetic data review and inversions were completed and
reviewed by SJ Geophysics of Langley,
BC.
The magnetic anomaly occurs in a portion of the land package
that hosts numerous exposures of the Sholl Intrusion, a
differentiated or layered mafic intrusive complex. To the NE
and to the SW of this portion of the property numerous prospects
have historically evaluated copper, nickel and platinum group
element occurrences. The historical prospects have been
reported to occur at the contact of a more ultramafic member with a
more mafic member of the intrusion.
Christopher McFadden, Chief
Executive Officer, commented, "We are looking forward to
continuing the detailed and systematic exploration approach on the
recently granted tenements in the Pilbara and in particular
undertaking work to evaluate any surface expression of the magnetic
anomaly recently identified from the geophysical work previously
undertaken."
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
NxGold advises that the Mt Roe Gold project is an early stage
exploration project and there is no certainty of the discovery nor
definition of a mineral resource.
The scientific and technical information in this news release
has been prepared or approved by Darren
Lindsay, P.Geo., 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
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actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or
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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
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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
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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.
