NV Gold Reports Results from ATV Gold Project and Announces Further Drill Plans
VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- NV Gold Corporation (TSX-V:NVX) (OTCQX:NVGLF) (“NV Gold” or the “Company) is pleased to provide initial results from its 2017 drill program at its 100% controlled Across the Valley (“ATV”) Gold Project in Nevada. The ATV gold project encompasses approximately 13,000 acres of lode mining claims on Bureau of Land Management lands and fee ground leased from Oro Vaca Ranch and is situated approximately 10 km southeast of the large Twin Creeks (Newmont) and Turquoise Ridge (Barrick and Newmont) mines on the prolific Getchell trend. Mines of the Getchell trend have produced over 20 Moz gold from Carlin-type deposits hosted by Paleozoic sedimentary rocks, especially carbonate-bearing units of the lower plate of the Roberts Mountain thrust. NV Gold targeted the underexplored ATV area based on structural modeling that suggests faulted extensions of the Paleozoic sedimentary rocks hosting the Getchell trend might be buried under young alluvium and volcanic rocks in this area.
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Between August and December, 2017, thirteen vertical reverse circulation (“RC”) stratigraphic test holes and a single, vertical diamond core hole with an RC pre-collar were completed. Total RC drilling encompassed 4,217.7 m including the pre-collar and core drilling totaled 319.7 m. Holes were very widely spaced across the ATV property thus providing a good initial assessment of its prospectivity.
Paleozoic sedimentary rocks were intersected at depths between 195.1 and 329.3 m in 11 drill holes, and three holes were lost in broken volcanic cover rocks before reaching targeted Paleozoic rocks. (Please see Table 1 for a summary of drill results and Figure 1 for a plan map of drill hole locations) Importantly, this first ever drill program in this area confirms that much of the underexplored ATV property is indeed underlain by prospective Paleozoic host rocks easily within reach of modern exploration drilling.
Siliciclastic sedimentary rocks belonging to the upper plate of the Roberts Mountain thrust were intercepted in all 11 holes that penetrated younger volcanic cover. Nine of these 11 holes encountered anomalous gold and/or Carlin-type pathfinder elements. Of particular note are holes ARC-4 and ARC-6 situated in the east and ARC-11 situated in the far west of the ATV project.
Hole ARC-4, drilled to 299.4 m, ended in 6.7 m grading 0.14 gpt Au. In late 2017, NV Gold decided to diamond core drill this location to follow up on this highly anomalous result. Hole ARC-4C probed a further 233.7 m below ARC-4 to a depth of 533.1 m remaining in upper plate siliciclastic sedimentary rocks at the bottom. Although the gold result of ARC-4 (RC) was not reproduced, four geochemically anomalous zones were encountered lower in ARC-4C (Core) within the Upper Plate Paleozoic section.
Another RC hole, ARC-6, ended in what has been interpreted as decalcified silty limestone with enriched levels of elements including Ag, As, Hg, Mo, P, Sb, Se, V and Zn. Although this interval did not contain appreciable gold, its Carlin-type pathfinder anomalism and decalcified silty limestone nature make it stand out as a possible candidate for more favorable lower plate rocks beneath the Roberts Mountain thrust. Further testing is planned in the immediate future.
Hole ARC-11, situated 10 km south and along strike from Newmont’s large Twin Creeks deposit, encountered anomalous As, Hg and Sb upon intersecting upper plate siliciclastic sedimentary rocks at 253.0 m to the end of the hole at 323.2 m. The 70 m length of this anomalous interval and its clear Carlin-type pathfinder anomalism may reflect proximity to a mineralizing system, perhaps in underlying lower plate rocks. NV Gold thinks further exploration is warranted in this area.
Follow Up Drilling – February 2018
Recognizing the potential significance of the geochemically anomalous interval of decalcified silty limestone encountered at the end of hole ARC-6 (RC), NV Gold drilled and cased an additional 231 m RC precollar near this location in December. NV Gold plans to drill an approximately 200-300 m long diamond core tail to test for deeper, more prospective lower plate sedimentary rocks beginning immediately. The hole will be numbered ARC 6-C. In addition, NV Gold may later offset hole ARC-11 with a 300 m vertical RC hole approximately 700 m to south-southwest in an attempt to further evaluate strongly anomalous Carlin-type pathfinder geochemistry encountered in that hole. This RC hole may serve as a pre-collar for a deeper diamond core tail if warranted.
| Table 1: Summary of ATV Drill Results | ||||
| Drill Hole | Drill Hole Type | Total Depth (m) | Depth to Paleozoic Sedimentary Rocks | Geochemically Anomalous Intervals |
| ARC-1 | RC | 268.3 | 259.1 | 259.1-EOH: 1.7 ppm Ag, up to 28 ppm As, up to 4 ppm Sb |
| ARC-2 | RC | 390.2 | 279.0 | 286.6-EOH: 1.2 ppm Ag, up to 17 ppm As, up to 5 ppm Sb |
| ARC-3 | RC | 384.1 | 329.3 | 347.6-EOH: 1.6 ppm Ag, up to 15 ppm As, up to 4 ppm Sb |
| ARC-4 | RC | 299.4 | 292.7 | 210.4-274.4: up to 107 ppm As, up to 5 ppm Hg, up to 3 ppm Sb |
| 292.7-EOH: 0.14 ppm Au | ||||
| ARC-4C | RC/ Diamond Core | 533.1 | 319.5 | 251.8-275.9: up to 461 ppm As, up to 5 ppm Hg, up to 8 ppm Sb, up to 3 ppm Tl |
| 384.1-391.3: 0.8 ppm Ag, up to 14 ppm As, up to 4 ppm Sb | ||||
| 414.6-420.7: 0.03 ppm Au, up to 18 ppm As; | ||||
| 428.4-433.5: 0.8 ppm Ag, up to 16 ppm As, up to 3 ppm Sb | ||||
| 442.1-448.8: 2.7 ppm Ag, up to 15 ppm As, up to 4 ppm Sb | ||||
| ARC-5 | RC | 267.7 | Hole lost in broken volcanic rocks | No anomalous geochemistry |
| ARC-6 | RC | 353.7 | 237.8 | 350.6-EOH: Possible Lower Plate Limestone; 3.6 ppm Ag, up to 28 ppm As, up to 1.5 ppm Hg, up to 41 ppm Mo, up to 11 ppm Sb, up to 34 ppm Se, up to 639 ppm V, up to 1240 ppm Zn, up to 0.83% P |
| ARC-7 | RC | 208.8 | Hole lost in broken volcanic rocks | No anomalous geochemistry |
| ARC-8 | RC | 402.4 | 243.9 | 294.2-329.3: 1.5 ppm Ag, up to 13 ppm Se |
| ARC-9 | RC | 292.7 | 195.1 | No anomalous geochemistry |
| ARC-10 | RC | 245.4 | 221.0 | 219.5-245.4: up to 7 ppm Hg |
| ARC-11 | RC | 323.2 | 253.0 | 253.0-EOH: up to 47 ppm As, up to 27 ppm Hg, up to 3 ppm Sb |
| ARC-12 | RC | 263.4 | 240.9 | No anomalous geochemistry |
| ARC-13 | RC | 304.9 | Hole lost in broken volcanic rocks | No anomalous geochemistry |
| EOH = End of hole | ||||
| Geochemical results in plain text occur in Paleozoic sedimentary rocks | ||||
| Geochemical results in italics occur in Tertiary volcanic rock cover | ||||
John Watson, NVX’s CEO states, "NVX undertook the ATV program in 2017 as the initial step in evaluating a regional-scale model reflecting Basin-and-Range extension and possible lateral separation of economic mineralization during crustal extension. Given the structural complexity of the setting, much of the drilling was very widely spaced to better understand the basement geology at a regional scale. Tighter spacing was indicated in one area where BLEG sampling indicated anomalous trace element concentrations. While only trace gold was encountered by the first-phase RC drilling, the program achieved the initial objectives. Tertiary volcanics occupy a manageable thickness over the entire property and will require additional drilling to fully test such a large area. To that end, starting this week, an additional core hole will be drilled near the collar of ARC-6 with the goal of testing the possible presence of lower plate assemblage and probing the elevated trace elements encountered at the bottom of that hole."
Quality Control and Quality Assurance
NV Gold staff, under the supervision of Dr. Quinton Hennigh, a director of NV Gold oversaw drilling and drill sampling discussed in this news release. RC samples were submitted to ALS Global, Reno, Nevada (“ALS”) where they were crushed, pulverized and analyzed. Gold and trace element analyses were performed on pulps subjected to 3-acid digestion followed by mass spectrometric analysis. Diamond core was marked for sampling by NV Gold staff then submitted to ALS for sawing and sampling. Half splits of core were crushed, pulverized and analyzed under the same procedure as RC samples. Standard and blanks were systematically introduced into the sample stream.
Quinton Hennigh (Ph.D., P.Geo.) is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. Dr. Hennigh is a director of NV Gold and is not independent and is also the President, Chairman and a Director of Novo Resources Corp.
About NV Gold Corporation
NV Gold is junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries utilizing the prospector generator model. Leveraging its highly experienced in-house technical knowledge, NV Gold’s geological team intends to use its geological database, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to create opportunities for lease or joint venture. NV Gold plans to aggressively acquire additional land positions for the growth of its business.
On behalf of the Board of Directors,
John E. Watson
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
Phone: 303.674.9400
Email: john@nvgoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the possibility of observed Carlin-type pathfinder anomalism reflecting proximity to a mineralizing system and plans for additional drilling, and other future plans and objectives of the Company, including exploration plans, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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