Mr. John Watson reports
NV GOLD PROVIDES UPDATE OF EXPLORATION AT ITS ATV GOLD PROJECT, NEVADA
NV Gold Corp.has recently completed follow-up drilling and received analyses from its second diamond core hole ARC-6C at its 100-per-cent-controlled Across-the-Valley (ATV) gold project in north-central Nevada.
As reported by the company in news releases dated March 1, 2018, hole ARC-6C intercepted a sequence of laminated, muddy-to-silty carbonate-bearing rocks interpreted to belong to the lower plate of the Roberts Mountain thrust fault. NV Gold chose to extend this hole to provide a more thorough test of stratigraphy in this area (please refer to the news release dated March 2, 2018, for further details). This hole was terminated at 859.5 metres (2,820 feet), as discussed in a news release dated April 5, 2018.
After penetrating 239.4 metres of Tertiary volcanic rocks, hole ARC-6C intercepted Paleozoic siliciclastic sedimentary rocks thought to belong to the upper plate of the Roberts Mountain thrust fault. Between 346 metres and 358 metres, a zone of intense shearing, interpreted to represent the Roberts Mountain thrust fault,was encountered. Below this and continuing to a depth of approximately 488 metres, a sequence of laminated, muddy-to-silty carbonate-bearing rocks interpreted to be part of the lower plate of the Roberts Mountain thrust fault was intercepted. Siliciclastic rocks, some moderately calcareous and including short intervals of igneous rocks, possibly mafic lava flows of dikes, persisted to the end of the hole at 859.5 metres. This lower sequence of siliciclastic rocks is believed to possibly be a fault repetition of the upper-plate assemblage.
Anomalous gold (10 parts per billion to 34 parts per billion) and trace elements (two parts per million to fiveparts per millionsilver, up to 77 parts per million arsenic, up to 85 parts per millionmolybdenum, up to 18 parts per million antimony and up to 25 parts per millionselenium) accompany a zone of clay alteration, decalcification and fine-grained pyrite from 359.8 metres to 399.4 metres. Additional altered zones with similarly elevated pathfinder elements were encountered from 425.8 metres to 430.8 metres, 533.2 metres to 549.1 metres, 589.8 metres to 597.0 metres, 617.6 to 619.6 metres (includes 19.5 parts per millionsilver), 818.9 metres to 826.4 metres and 842.2 metres to 859.5metres (end of hole). No potentially economic gold-grade mineralization was encountered.
A persistent presence of elevated selenium and molybdenum is notable in the pathfinder elemental suite as are silver values commonly over one part per million. NV Gold interprets this to possibly reflect the signature of a mid-Miocene epithermal system rather than an older Carlin-type system, where these elements would be expected to be relatively low and arsenic, antimony and mercury much higher. Notable selenium, molybdenum and silver are present at the nearby mid-Miocene Ken Snyder and Mule Canyon epithermal gold deposits.
Recent field reconnaissance by NV Gold geologists in an area approximately 2.5 kilometres southeast of hole ARC-6C has identified an area approximately one kilometre across encompassing high-level epithermal silica and clay alteration in Miocene volcanic rocks. Although distal, NV Gold believes it is possible that the altered and trace element anomalous zones encountered in hole ARC-6C may be connected to this hydrothermal centre. Detailed mapping of this newly discovered zone is currently being undertaken, and a soil sampling program has just been completed over the core of this area.
Additional drilling
In addition to hole ARC-6C, NV Gold has recently completed three additional holes at ATV, diamond drill hole ARC-14C and reverse circulation drill holes ARC-15 and ARC-16.
Hole ARC-14C, situated approximately 0.8 kilometre north of ARC-6C, was precollared to a depth of 256 metres utilizing a reverse circulation drill andthen extended by diamond core to a depth of 467.6 metres. Paleozoic siliciclastic rocks thought to belong to the upper plate of the Roberts Mountain thrust fault were encountered from 182.9 metres to 467.6 metres. Hydrothermal alteration was not observed in these rocks.
Hole ARC-15, situated approximately 1.85 kilometres southeast of ARC-6C, was drilled to a depth of 323.1 metres encountering Miocene volcanic rocks to a depth of 192.0 metres and Paleozoic siliciclastic rocks to the end of the hole.Hole ARC-16, situated approximately 2.5 kilometres southeast of ARC-6C, encountered Miocene volcanic rocks to the end of the hole at 301.8 metres. Hydrothermal alteration, including clay alteration and silicification, was noted from 18.3 metres to 182.9 metres in hole ARC-15 and from 234.7 metres to 301.8 metres in hole ARC-16 and may be related to the newly discovered zone of epithermal alteration discussed herein.
Analyses from holes ARC-14C, ARC-15 and ARC-16 are expected back in the next three to five weeks.
NV Gold's chief executive officer, John Watson, commented: "Although results from ARC-6C are disappointing, we feel we adequately tested the potential for buried Carlin mineralization in the central part of the ATV property. We now recognize that the alteration and anomalous trace elements observed in this hole likely reflect an overprinting from a mid-Miocene epithermal system mapped to the east. Recent field reconnaissance has identified a one-kilometre-wide zone of high-level epithermal alteration in the southeastern part of the project area approximately 2.5 kilometres away from hole ARC-6C. We have already completed a soil sampling program over this new zone and will evaluate it further through detailed mapping. Further drilling will be considered once this data is in hand."
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. Reverse circulation samples were submitted to ALS Global inReno, Nev., where they were crushed, pulverized and analyzed. Gold was determined by fire assay of a 30-gram charge with an ICP finish. Trace element analyses were performed on pulps subjected to three-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 reverse circulation samples. Standard and blanks were systematically introduced into the sample stream.
Dr. Quinton Hennigh, PhD, PGeo, 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 he is also the president, chairman and a director of Novo Resources Corp.
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 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.
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