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NV Gold Corp (2)
Symbol NVX
Shares Issued 79,938,120
Close 2022-11-16 C$ 0.07
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NV Gold talks 2022 exploration at Nevada projects

2022-11-17 12:49 ET - News Release

Mr. John Seaberg repors

NV GOLD CORPORATION PROVIDES UPDATE ON 2022 EXPLORATION ACTIVITIES

NV Gold Corp. has provided an update on its 2022 exploration activity.

John Seaberg, chief executive officer, stated: "We made significant progress on our 2022 exploration goals and objectives. Our boots-on-the-ground approach to collecting the necessary data to identify our highest-priority targets is bearing fruit. We are now well positioned to continue our exploration efforts in 2023 to unlock Nevada's next multimillion-ounce gold discovery."

SW Pipe gold project, Lander county, Nevada

The SW Pipe gold project is in Lander county approximately six kilometres (3.7 miles) southwest of the world-class Pipeline gold mine (over 20 million ounces of gold) in the central Cortez gold belt of north-central Nevada. The property, comprising 84 unpatented mining claims, is 100 per cent owned by NV Gold. Historical drilling established a near-surface, oxide-gold zone characterized by multiple intercepts of over 15 metres at 0.5 to one gram per tonne Au. The company has recently conducted an extensive soil sampling program and completed a mercury vapour survey on the property. The target has disseminated high-grade, Carlin-type gold mineralization.

Results:

  • Modelling of 567 new soil samples shows a large and comprehensive zone of overlapping Carlin-type geochemical anomalies highlighting a new target area in a previously untested central-western portion of the property.
  • The new target is an interpreted dilational zone, a perfect fluid pathway for gold mineralization, and therefore a prime target location to discover the next multimillion-ounce gold deposit (refer to Oct. 26, 2022, press release).
  • Next steps: Waiting for completion of mercury vapour analyses and planning to drill test established soil target(s).

Triple T gold project, Pershing county, Nevada

The Triple T gold project is located in the Humboldt Range nine kilometres (5.6 miles) east of the Rochester silver-gold operation and 42 kilometres (26.1 miles) southeast of the Florida Canyon gold mine. The property, comprising 41 unpatented mining claims, is 100 per cent owned by NV Gold. The company has recently received the approval of the Triple T notice of intent (NOI) for 10 additional reverse circulation (RC) holes and commencement of drilling is projected for Q1 2023 (refer to Oct. 11, 2022, press release).

Results (historical):

  • Three principal zones of gold mineralization have been identified by earlier exploration and drilling campaigns in 2007 and 2009.
  • Triple T gives the company the opportunity to delineate additional near-surface, oxide-gold ounces by evaluating and following up on gold grades up to 11.7 g/t Au from rock chip sampling and open drill intercepts of 32 metres at 0.73 g/t Au (Evolving Gold in 2007) and 16.8 metres at 1.345 g/t Au (NV Gold in 2009).

Next steps:

  • Preparation of new drill sites and commence drilling in Q1 2023.

Slumber gold project, Humboldt county, Nevada

The Slumber gold project is located approximately 80.5 kilometres (50 miles) northwest of Winnemucca and 36 kilometres (22.4 miles) west of the Sleeper gold deposit in Humboldt county, Nevada. The property, comprising 82 unpatented mining claims, is 100 per cent owned by NV Gold. The company has conducted a phase 3 drilling campaign and completed 12 RC holes totalling 2,350 metres (7,710 feet) by the end of Q1 2022. The target is an untested, wide-open zone of resistivity in the northern extent of the property.

Results:

  • The company's Q4/Q1 2021/2022 RC drill program encountered a new zone of alteration and gold mineralization which has not been drill evaluated in the past. The mineralized zone seems to correlate well with an overlapping resistivity-chargeability anomaly identified by the 2021 induced polarization survey.
  • The zone of silicified, oxide-gold mineralization is now distributed over an area more than 800 metres long by over 350 metres wide with remarkable thicknesses of 100 to 150 metres or more of mineralized material.
  • The company reported that Slumber has now been proven to host a low-grade, bulk-tonnage, oxide-gold system, which remains open in multiple directions (refer to May 19, 2022, press release).
  • A recently conducted mercury vapour survey has identified five new zones (A-E) with potential for concealed gold mineralization under gravel cover (refer to Nov. 1, 2022, press release).

Next steps:

  • The company will follow up on increasing gold grades of 1.5 g/t intercepted in one of its last RC holes (SL-27) and drill evaluate some of the higher mercury vapour anomalies in the northern and northeastern extent of the property.

Sandy gold project, Lyon county, Nevada

The Sandy gold project is located in Walker Lane, Lyon county, approximately 22 kilometres (13.7 miles) southeast of the historical Comstock lode deposit. The property, comprising 20 unpatented mining claims, is 100 per cent owned by NV Gold. The company has conducted a phase 2 drilling campaign and completed four RC holes totalling 487.7 metres (1,600 feet) by the end of Q3 2022. The target was an untested structure interpreted by the 2021 IP survey (refer to Sept. 28, 2021, press release).

Results:

  • All four RC holes encountered a new zone of alteration and gold mineralization and confirmed the predicted IP target, which has not been drill evaluated in the past. The mineralized zone seems to correlate well with an overlapping resistivity-chargeability anomaly which widens and stays open to the northeast.
  • Gold intercepts 2022:
    • SD-18: 39.62 m at 0.128 g/t Au from 30.48 m;
    • SD-19: 36.58 m at 0.293 g/t Au from 30.48 m (including 6.1 m at 0.89 g/t at 30.48 m);
    • SD-20: 60.96 m at 0.071 from 60.96 m;
    • SD-21: 35.05 m at 0.171 g/t Au from 41.15 m (including 6.10 m at 0.491 g/t Au at 44.20 m);
    • This new zone of gold mineralization is more of a disseminated-type nature with potential to grow much larger (note that some assays are still pending and expected to be received within the next six to eight weeks).

Next steps:

  • The IP survey conducted in 2021 was limited in budget and therefore incomplete. Based on the successful encounter of a new, open gold zone, the company is intending to extend the IP survey in 2023.
  • Sandy's northeastern part of a square-kilometre-sized, higher-level alteration exposure remains untested and will be further evaluated in 2023.
  • Having most of Sandy's surface covered with gravel, a mercury vapour test will be used to test the remaining unknown potential.

Discovery Bay gold project, Lander county

The Discovery Bay project is located 14.5 kilometres (nine miles) southeast of the McCoy-Cove gold deposits in Lander county, Nevada. The company has expanded its position to 107 unpatented mining claims and has performed several geophysical and geochemical surveys since the land was acquired in June, 2021. The target is McCoy-Cove-style/Carlin-type gold mineralization.

Results:

  • The conducted ground gravity and ground magnetic surveys identified a six-kilometre-long (3.7 miles) zone of a structurally controlled, north-south-oriented gravity high, which is interpreted to reflect Triassic McCoy-Cove host lithologies.
  • In addition, a 2021 IP survey has detected a zone of elevated chargeability suggesting that the anomaly in correlation with other interpreted structures could be sourced by hydrothermal activity on the property.
  • A mercury vapour survey study in early 2022 has identified two more potential targets.

Next steps:

  • The company is planning a phase 2 drilling campaign to continue with the evaluation of this extensive gravity high and to test the newly identified mercury vapour and chargeability anomalies.
  • The company's goal is to drill through the barren sulphide halo into high-grade McCoy-Cove/Carlin-type gold mineralization, which is expected to be hosted in the intrusive underlying carbonate rocks.

Pickhandle project, Lander county, Nevada

The Pickhandle gold project is located 35 kilometres (21.7 miles) south of the Discovery Bay project and 46 kilometres (25.6 miles) southwest of Nevada Gold Mines' operating Cortez and Pipeline gold mines in Lander county, Nevada. The property, comprising 34 unpatented mining claims, is 100 per cent owned by NV Gold. The company conducted the first drilling at Pickhandle and completed four RC holes totalling 842.8 metres (2,765 feet) at the end of Q3 2022. The target is Carlin-type gold mineralization in Edna Mountain formation and/or other time equivalent rocks.

Results:

  • Most RC holes have intercepted short portions of the targeted Edna Mountain formation before entering the underlying Valmy quartzite at about 100 metres (304 feet). The upper carbonates and siltstones were altered and oxidized.
  • However, the first hole (PH-1) intercepted approximately 30.48 metres (100 feet) of continuously altered, carbon-rich, silicified and weakly gold-bearing rock (10 to 20 parts per billion Au) at the end of the hole.
  • Some assays are still pending and are expected to be received within the next six to eight weeks.

Next steps:

  • The company will evaluate and balance the Pickhandle drill results with other priorities.
  • The company needs a significant amount of additional data at Pickhandle to justify a phase 2 drilling campaign ahead of higher-priority targets. Therefore, the company plans a mercury vapour test in the first quarter of 2023 prior to decide the project's future.

Thomas Klein, vice-president, exploration, stated: "I am excited about the results NV Gold has achieved since our drilling campaign started in late October, 2021. The company drilled four of our active projects (Slumber, Discovery Bay, Pickhandle and Sandy) and completed an extensive soil sampling and mercury vapour program at SW Pipe and at Slumber. The geochemical results and interpretations, which have delineated five more drill targets at Slumber and identified an outstanding new Carlin-type anomaly at our SW Pipe project, are more than encouraging. Doing our homework right and spending investors' money most efficiently is the key to success. Continuation of professionalism, optimism, and having the Goldspot (AI) targets and the Triple T and other exploration pipeline projects standing in line to be explored is a fundamental advantage for NV Gold to make the next multimillion-ounce discovery in Nevada."

About NV Gold Corp.

NV Gold is a well-supported exploration company with approximately 80 million shares issued and no debt. The company is based in Vancouver, B.C., and Reno, Nev., and is focused on delivering value through mineral discoveries in Nevada, United States. Leveraging its expansive property portfolio, its highly experienced in-house technical team and its extensive geological data library, 2023 promises to be highly productive for NV Gold.

We seek Safe Harbor.

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