NV Gold Completes Hole ARC-6C at ATV — Additional Drilling to Commence Shortly
VANCOUVER, British Columbia, April 05, 2018 (GLOBE NEWSWIRE) -- NV Gold Corporation (TSX:V:NVX) (“NV Gold” or the “Company) is pleased to announce diamond drill hole, ARC-6C, has recently been completed to a depth of 859.5 m and is being logged, split and sampled at its 100% controlled Across the Valley (“ATV”) Gold Project in north-central Nevada. Preparations are being made to drill two additional holes to follow up on recent significant lithologic and geochemical discoveries on this previously unexplored property.
Hole ARC-6C Update
As reported by the Company in its news release dated March 1, 2018, hole ARC-6C intercepted a sequence of laminated muddy to silty carbonate-bearing rocks thought to belong to the lower plate of the Roberts Mountain thrust fault. NV Gold decided to extend this hole to provide a more thorough test of stratigraphy in this area (please refer to its news release dated March 2, 2018 for further details). Zones of decalcification, silicification and fine sulfides were reported in an update about the extension of ARC-6C issued March 12, 2018.
Hole ARC-6C intercepted additional siliciclastic rocks, some calcareous, and short intervals of igneous rocks, possibly mafic lava flows of dikes, to the end of the hole at 859.5 m. Several additional zones of alteration similar to those reported on March 12, 2018, were encountered. Notable clay alteration was also present in short intervals between 570-650 m. Logging of this core is expected to be complete in the next few days. Receipt of assay results is expected to be approximately four to five weeks.
To gain a better understanding of the age of the stratigraphic sequence encountered in hole ARC-6C, NV Gold collected 13 core samples for biostratigraphic age determinations and has submitted these to the Indiana Geological & Water Survey, Indiana University for fossil extraction and analysis. Results from this analysis are expected back in late June, 2018.
NV Gold believes the laminated muddy to silty carbonate-bearing rocks encountered in hole ARC-6C 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 Comus Formation. Biostratigraphic work discussed above should help confirm this.
Further Drilling
NV Gold plans to drill at least two additional holes to further evaluate recent lithologic and geochemical discoveries at ATV. The first hole will be collared approximately 600 m north of ARC-6C in an area where NV Gold believes the favorable carbonate-bearing rocks encountered in ARC-6C may lie closer to surface. Like ARC-6C, this new hole will be pre-collared by reverse circulation drilling through Tertiary volcanic cover. Paleozoic sedimentary rocks lying beneath volcanic cover will be diamond core drilled to a depth of up to 800 m, providing yet another thorough test of the targeted favorable rock unit.
A second hole will be drilled approximately 150 m southwest of reverse circulation drill hole ARC-11 situated in the western part of the ATV project area and approximately 10 km south of Newmont’s Twin Creeks mine. In a news release dated February 13, 2018, the Company discussed strongly anomalous As, Hg and Sb geochemistry encountered in Paleozoic sedimentary rocks over a 70 m interval at the bottom of ARC-11. The new hole will offset this geochemical discovery and also test a distinct gravity gradient in this area. NV Gold thinks this gravity gradient may be associated with an important structural zone. The new hole will also be pre-collared by reverse circulation drilling and diamond core drilled upon intersection of Paleozoic sedimentary rocks.
Completion of both holes discussed above is expected to take eight to ten weeks.
The ATV gold project encompasses approximately 13,000 acres of lode mining claims on Bureau of Land Management lands and leased fee ground 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 “We are pleased to complete diamond drill hole ARC-6C, in what we consider the first complete view of target stratigraphy at ATV, and eagerly await analytical results in a few weeks time. In the meantime, we plan to use some of the $1.4M in proceeds from our recently completed private placements to drill an offset hole that further tests favorable rocks encountered in hole ARC-6C as well as drill an additional hole near RC hole ARC-11 that encountered strongly anomalous Carlin-type pathfinder elements including As, Hg and Sb. ATV is an area with no previous exploration. Given its close proximity to several large Carlin-type deposits, we are excited by results to date and look forward to evaluating the property’s potential over the coming months.”
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. After logging, all remaining core from ARC-6C will be submitted to ALS Global, Reno, Nevada (“ALS”) where it will be split, sampled and assayed. Results for the entire hole are expected in a 4-5 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 a 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: (i) the sequence of laminated muddy to silty carbonate-bearing rocks intercepted in hole ARC-6C being thought to belong to the lower plate of the Roberts Mountain thrust fault and maybe part of the Comus formation; (ii) estimated timelines for completion of core logging, assaying, biostratigraphic age determinations and drill holes; (iii) the first new hole to be drilled being in an area where NV Gold believes the favorable carbonate-bearing rocks encountered in ARC-6C may lie closer to surface; (iv) the gravity gradient through which the second new hole is to be drilled possibly being associated with an important structural zone; (v) 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; (vi) 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 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.