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NV Gold Corp (2)
Symbol C : NVX
Shares Issued 37,584,018
Close 2019-04-01 C$ 0.15
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NV Gold doubles land position at Frazier Dome

2019-04-02 09:30 ET - News Release

Mr. Peter Ball reports

NV GOLD DOUBLES LAND POSITION AT FRAZIER DOME GOLD PROJECT AND HIGHLIGHTS 2019 EXPLORATION PROGRAM

NV Gold Corp. has approximately doubled, through staking, its land position around its 100-per-cent-controlled Frazier Dome gold project, located in the Tonopah mining district, Nevada. The company has highlighted its upcoming 2019 exploration program.

Frazier Dome gold project review and fall 2018 exploration program highlights:

  • Gold occurs in silicified breccias adjacent to a Middle Miocene felsic dome, where company surface samples graded up to 6.1 grams per tonne gold over three metres and historical surface samples graded up to 14.7 grams per tonne gold.
  • High-grade gold also occurs in north-northwest-trending quartz veins, with company surface samples grading up to 11.2 grams per tonne gold and a historical drill holes grading 7.5 grams per tonne gold over three metres.
  • Fiscal 2018 drilling (eight holes) yielded notable runs of detectable gold across altered and mineralized zones in FD-1 (approximately 105 metres), FD-2 (approximately 150 metres) and FD-5 (approximately 135 metres).
  • Resurveying of hole FD-01 identified strong deviation of the drill hole, causing it to miss the priority target structure of the interpreted feeder zone beneath the identified rhyolite dome.
  • Fiscal 2018 drilling only tested four of nine target areas to depths of 500 feet from the surface. Five of the eight widely spaced holes delivered gold intersections greater than 0.1 gram per tonne and up to 1.035 grams per tonne, pointing to what the company believes could be a robust gold system at depth.

"Modelling of the Frazier Dome identified many geologic similarities with the shallow parts of low-sulphidation epithermal deposits, especially resources related to other rhyolite domes in the vicinity, such as the Eastside, Hasbrouk and Three Hills gold deposits," commented Dr. Marcus Johnston, vice-president of exploration. "The eight reverse circulation holes NVX drilled in 2018 all encountered significant runs of alteration, and gold and silver mineralization. The lengths and widths of the mapped fracture/vein sets, combined with the long runs of alteration and mineralization in drilling, and the shallow nature of the exposed system all point toward a potentially bonanza-grade deeper deposit(s) and the possibility of bulk-tonnage ore to be found on the property."

Highlights of the 2019 Frazier Dome exploration plan:

  • Consolidate key property position in and around project. This was completed in March, 2019, by adding 71 claims (approximately 1,466.9 acres) to the existing 72 claims (approximately 1,487.6 acres). The property position now totals approximately 2,954.5 acres (approximately 1,195.6 hectares).
  • The company has planned focused mapping, a sampling program and structural analysis in combination with geophysical program studies to define three-dimensional framework to enhance the quality of already known targets, as well as to identify new targets buried elsewhere on the property.
  • A reverse circulation drilling program is planned for the summer of 2019:
    • A total of 80 per cent of the property is covered by postmineral volcanic rocks and alluvium, and five of the original nine targets permitted remain untested.
    • Follow-up deeper holes are also being planned for the targets already tested.
    • Given the exposed widths and lengths identified in 2018, and with the estimated depths and calculated volumes, the company believes it is possible for a robust gold deposit to occur deeper on the claim block.

About the Tonopah mining district

The Frazier Dome project, staked by the company, is located 13 kilometres north of the Tonopah mining district in Nye county, Nevada. The project contains a low-to-intermediate-sulphidation, volcanic-hosted epithermal gold system with high-grade mineralization.

The Tonopah mining district contains multiple styles of volcanic-hosted epithermal gold mineralization similar to that at Frazier Dome, including:

  • High-grade, intermediate-sulphidation silver-rich veins that historically produced 174 million ounces silver and 1.9 million ounces gold;
  • Younger, low-sulphidation, gold-rich mineralization related to intrusive rhyolite domes, which has been the focus of modern exploration (for example, Hasbrouck and Eastside deposits).

Dr. Michael Gustin of Mine Development Associates, an independent qualified person under National Instrument 43-101, has reviewed and approved the technical information disclosed in this release. Mine Development Associates is a division of Respec.

About NV Gold Corp.

NV Gold is a junior exploration company based in Vancouver, B.C., that is focused on delivering value through mineral discoveries. Leveraging its in-house technical knowledge, NV Gold's geological team intends to utilize its geological databases, which contain a treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to prioritize key projects for focused exploration programs.

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