New Near-Surface Gold Mineralizing System Gold Project
VANCOUVER - NV Gold Corporation has received all assays of the Phase 2 drill program at its 100% controlled Slumber Gold Project located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada. The drill program was comprised of 9 reverse circulation ("RC") drill holes, totaling 1,859 m (6,100 ft).
Key Highlights from Phase 2 Drill Program at Slumber Gold Project: Drilling has outlined a new 600 meter-wide mineralized oxide gold zone close to surface with notable drill intercepts, including a very encouraging 18.3 m @ 0.52 g/t Au beginning at 48.7 m in Hole SL-11, and hosted in an oxidized and silicified rhyolite which correlates with a resistive blanket as seen in CSAMT data. Another hole, SL-14, intersected 134.2m @ 0.14 g/t Au starting from surface; The near surface oxidized gold intersection is of significance noting Argonaut Gold (U.S.) Corp.'s Florida Canyon Gold Mine, down the highway from Slumber, is in operation with reserves grading 0.43 g/t Au; This newly discovered zone is separate from that discovered during the 2019 drill program, and will be prioritized for follow up work in 2021; Recent stream sediment and rock chip sampling has identified two additional parallel structures which remain untested; The source of the mineralized resistive blanket is believed to be higher grade feeder structures at depth; As previously reported, due to unexpected high volumes of ground water, priority targets in drill holes SL-9, SL-10, SL-13, SL-14, SL-15 and SL-16 were not adequately tested, due to the holes being terminated short of planned depth; and The primary CSAMT-interpreted targets, where NV Gold was targeting a potential "Sleeper-type" gold system at Slumber, remain untested.
"It is exciting to discover a new near surface oxide gold zone at Slumber. Hole SL-11, intersected 18.3m grading 0.52 g/t Au in silicified rhyolite. To follow up, NV Gold will be initiating its new field season at Slumber with additional detailed mapping and execution of a new soil sampling grid to assist in delineating this newly discovered near-surface oxide gold zone. Structural data from mapping will also help us target the potentially higher grade mineralized structures that fed this system. We anticipate being able to conduct follow up drilling later this year," said, Peter A. Ball, President and CEO. In addition, we appreciate the incredible response to our recent private placement which is expected to close in the next few days."