NV Gold Encounters Possible Lower Plate Rocks in Follow-up Drilling at its 100% Controlled ATV Gold Project
VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- NV Gold Corporation (TSX-V:NVX) (OTCQX:NVGLF) (“NV Gold” or the “Company”) is pleased to announce recent follow-up diamond drill hole, ARC-6C, has intercepted carbonate-bearing sedimentary rocks thought to belong to the lower plate of the Roberts Mountain thrust fault at its 100% controlled Across the Valley (“ATV”) Gold Project in north-central Nevada.
In its news release dated February 13, 2018, the Company discussed recent drill results from the project including an intercept of geochemically anomalous carbonate-bearing sedimentary rocks at the bottom of reverse circulation hole ARC-6. To follow-up this intercept, NV Gold drilled hole ARC-6C, a 213.4 m reverse circulation pre-collar hole followed by a diamond core tail to 477.3 m. ARC-6C was collared approximately 3 m from ARC-6 (refer to a map in the Company’s news release dated February 13, 2018 for hole location).
A zone of intense shearing thought to be the Roberts Mountain thrust fault was encountered from approximately 346-358 m. Below this, a sequence of laminated muddy to silty carbonate-bearing rocks was encountered to the end of the hole. Indications of decarbonatization and very fine pyrite are locally present. NV Gold believes these rocks may belong to the Comus Formation, an important ore-hosting unit in the region. Orebodies at the nearby Twin Creeks (Newmont) and Turquoise Ridge (Barrick and Newmont) mines are hosted by the Comus Formation. In addition to cutting and sampling core from ARC-6C, the Company plans to undertake biostratigraphic analyses of carbonate-bearing rocks to verify their proper stratigraphic identity.
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 Twin Creeks and Turquoise Ridge mines on the 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 lower plate host rocks of the Getchell trend might be buried under young alluvium and volcanic rocks in this area.
NV Gold’s CEO, John Watson commented, “One of the primary objectives of our initial drilling program at ATV was to establish the presence and depth of the Paleozoic-Tertiary unconformity in as many places as possible at ATV. This objective has been achieved in most of the RC holes completed to date. Perhaps more importantly, however, was our objective to confirm the presence of the Roberts Mountain Thrust and to target favorable carbonates below the thrust. Hole ARC-6C gives strong indications that these favorable rocks are present and that hydrothermal conditions have been observed in the Paleozoic section. The core will be submitted to ALS Chemex for sawing, sampling and assay. NV Gold is very encouraged by Hole ARC-6C.”
Quality Control and Quality Assurance
NV Gold staff, under the supervision of Dr. Quinton Hennigh, a director of NV Gold, oversaw drilling of hole ARC-6C. Core has been submitted to ALS Global, Reno, Nevada (“ALS”) where it will be split, sampled and assayed. Results are expected in a few weeks.
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 drilling strongly indicating that the intercepted carbonate-bearing sedimentary rocks belong to the lower plate of the Roberts Mountain thrust fault, the belief that the sequence of laminated muddy to silty carbonate-bearing rocks encountered below the zone of intense shearing may belong to the Comus Formation, the structural modeling suggesting that faulted extensions of lower plate host rocks of the Getchell trend might be buried under young alluvium and volcanic rocks in the area of the ATV Project and the potential to sell, lease or joint venture any of the Company’s properties, 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 the incorrect characterization of rock formations, 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.