Merrill Moses, President of Nevada Gold, Corp. (the "Company")
(OTCQB:NVGC), is pleased to announce that the Company has
extended its option agreement on the Diamond Jim Mine property, in
consideration of the payment of $2,500. The extension now
allows the Company to comply with its work expenditure requirements
by December 31, 2014.
Given the Company's intention to focus on the Diamond Jim Mine
project, the Company has elected not to proceed with the Long
Canyon Trend property at this time, and has allowed the option
agreement to lapse in accordance with its terms. We are still
interested in the Long Canyon Gold trend; however we feel our focus
and resources are better served on the Diamond Jim project at the
present time. The Company is awaiting results from Chemex Labs
in Elko Nevada on its initial samples taken on the Diamond Jim
property.
We recommend that our shareholders and any prospective investors
rely solely upon the information filed by our Company with the
Securities and Exchange Commission, and to visit the Company's
website, and not to rely on information provided by third
parties. If there are any questions regarding our Company,
please contact us as provided below, and consult with a qualified
investment professional.
The Company is currently considering and investigating a variety
of financing options in order to raise the capital required for the
anticipated exploration and drilling programs, as well as expanding
its related efforts on the Diamond Jim property as described
below.
Diamond Jim Property Summary
The following information in regards to the Diamond Jim Property
has in part been compiled from information contained in historical
geological reports that predate current disclosure standards.
However, much of the information provided in such reports remains
material and relevant and we are seeking to duplicate and confirm
such previous results.
The Diamond Jim Property is located in the Island Mountain
Mining District of northern Elko County, Nevada. Access is by
Nevada state highway 225 north from Elko then east on the
county-maintained Gold Creek road (USFA road #745) for a total
distance of approximately 63 miles from Elko. The property is
detailed in the Rosebud Mountain quadrangle (section 34 of Township
45 north and Range 56 east). The mean elevation of the
property is approximately 7,800 feet (2,400 meters) above sea
level. The 33 lode claims that comprise the Diamond Jim Property
are held in good standing and an additional 20 contiguous
claims have been staked to cover favorable geology, immediately to
the north, bringing the total claim size to 53 claims.
Silver-copper-antimony bearing quartz veins were first
discovered on the Diamond Jim Property in 1869. Serious
production started in 1954 and was relatively steady through the
1970's with sporadic production continuing through 1985. The
recorded production from the Diamond Jim Mine is; 23,108 ounces of
silver, 335,870 pounds of lead, 24,311 pounds of zinc, 2,200 pounds
of copper and 28 ounces of gold. The reported production
between 1966 and 1967 was 347.3 wet tons averaging 19.9 oz/t
silver, 15.9% lead, 3.5% zinc, 0.035 oz/t gold and 0.30%
copper. This was increased for a fifteen month period from
1979 – 1981 when the production was reported as 353 dry tons
averaging 39.08 oz/.t silver, 28.82% lead, 0.93% zinc, 0.05 oz/t
gold and 0.11% copper.
Numerous exploration companies have held the rights to the
Diamond Jim Property as part of a larger claim block between 1981
and 2006. However, little work has been done on this property
with the vast majority of the exploration efforts being directed at
the gold potential to the southeast and southwest. In 1985 Columbus
Mines Inc. drilled ten holes totaling 1,585 feet (483 meters) of
reverse-circulation. With this drilling, they defined a
bulk-tonnage resource of 4.25 million tons averaging 2 oz/t
silver. It must be noted here, that this drilling was
both shallow (90 to 310 feet) and vertical; two factors that we
believe may not have properly fully tested the mineral
potential. Initial geological mapping by Goodsprings
Development Corp. (GDC) in 2006 extended the silicified
mineralizing structure for at least 6,800 feet (2073
meters). Based on this mapping, GDC applied for, and was
granted, drilling permits to test the extension of the
mineralization. Unfortunately, the drilling program was never
initiated and this target remains untested.
The regional geology of the Diamond Jim Property area is
summarized by predominantly metamorphosed Paleozoic-aged clastic
and calcareous sediments that have been intruded locally by
Cretaceous-aged granitic rocks. These units are both covered
and surrounded by Cenozoic-aged volcanic and volcaniclastic
rocks. The Paleozoic sedimentary units have been complexly
faulted into a series of imbricate thrust sheets. These have
then in turn been broken and displaced by northeast, north, and
northwest trending high-angle extensional faults.
This region lies along the northern flank of the Midas Trough
Metallogenic Trend which is a part of the crustal-scale Humboldt
Structural Zone. This structural zone comprises a series of
northeast-trending lateral and extensional faults. The Midas
Trough is one of Nevada's most prolific mineral belts. Midas –
Ken Snyder and Jarbidge are both among those districts located
along the northern edge of the trough, while Ivanhoe and Jerritt
Canyon are among those located along the southern edge.
The Island Mountain Mining District, which hosts the Diamond Jim
Property, is comprised of two major tectonically-bounded
stratigraphic sequences. The lower sequence is an autochthon
comprised of three different steeply-dipping units. This is
overlain by an allochthon consisting of a "chaotic assemblage of
imbricate thrust plates" (Columbus Mines Inc. internal report,
1985). This has in turn then been broken and
displaced by northeasterly, northerly, and northwesterly trending
high-angle extensional faulting.
There are several Cretaceous-aged granitic plutons that intrude
the above mentioned sedimentary and metamorphic packages within
this district. The largest of these is the Coffeepot Stock
which is located several miles north of the Diamond Jim
Property. There are several occurrences of skarn-type
mineralization associated with the contact metamorphism to the
south of this stock. This skarn-type alteration, along with
the wide variety of mineralization and alteration within the area,
implies a possible systematic district-scale zonation that may
grade outward from the stock into the lower temperature types of
alteration that is associated with the silver-lead-zinc
mineralization that occurs at the Diamond Jim Property.
Locally, the Diamond Jim Property is situated in an area of
structurally and stratigraphically controlled silver-lead
mineralization hosted predominantly in the phyllite. This area
is very structurally complex and poorly understood. The main
structure is a northeast trending strongly silicified and
brecciated vein that dips steeply to the west. Initial mapping
indicates that this structure has a strike length of a least 6800
feet (2073 m). The high-grade epithermal mineralization is
reported to be predominantly along imbricate thrust faults that
occur at right angles to the main contact vein. That is,
northeast striking with dips of 20 to 30 degree to the
southeast. The silver mineralization occurs as argentiferous
galena, sphalerite and tennantite as cavity filling, minor
replacement pockets, stringers and replacement lenses.
Although there has been some minimal and sporadic exploration of
the Diamond Jim Property, it is evident that the majority of the
modern exploration efforts in the area have been focused on the
more gold-rich areas to the southeast and southwest, much to the
detriment of this property.
With the reported historical production and grades, the more
recent high-grade assay values (up to 19.1 oz/t silver and 14.04%
lead over a 3.7 foot interval), along with the numerous other
wide-spread high-grade and anomalous intercepts, and extensive
(6,800 foot strike length) silicified and brecciated structure, it
is believed that the over-thrust zone and the related veins are
widely mineralized and may host a sizable narrow high-grade silver
deposit. Evidence also suggests that a smaller scale
bulk-tonnage open pittable silver deposit may also exist on the
Diamond Jim Property.
Recently the Company has commenced a phase one exploration
program on the property consisting of prospecting, sampling and
claim staking. The Company has made application to the Forest
Service for permission to open up the underground workings for
geological mapping and sampling. In the months ahead, weather
permitting, the Company intends to conduct ground geophysical
surveys and geochemical sampling to be followed by drilling.
About Nevada Gold Corp
Nevada Gold Corp (OTCQB:NVGC) is a publicly traded US
exploration company focused on precious metals targets in the gold
rich area of North Eastern Nevada. To date, Nevada State has
produced over 200 million ounces of gold with Nevada accounting for
almost 84% of the US annual gold production. Most recently the
company has a acquired an option to earn a 75 percent interest in
the former producing silver/lead and gold mine called the Diamond
Jim Mine located in Northern Nevada State.
The Diamond Jim Mine in Elko County consists of 53 claims and is
located in northeastern Nevada, 20 miles (32 km) south of the Idaho
border, 69 miles (111 km) north of the city of Elko and 260 miles
(418 km) northeast of the city of Reno. The property lies on the
easterly end of the northeast-trending Midas trend, one of Nevada's
several important epithermal gold belts. The Midas trend hosts a
number of significant to world-class gold districts such as
Midas-Ken Snyder Mine and the Jerritt Canyon Mine (recently
produced its 8 millionth ounce of gold). These mines produce mainly
from epithermal vein systems favorable for small but profitable
high-grade operations and Carlin-type sediment-hosted deposits
amenable to large-scale open-pit bulk mining.
Company Website:
http://www.nvgoldcorp.net
Like us on Facebook:
https://www.facebook.com/NevadaGoldCorp
Notice Regarding Forward-Looking
Statements:
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, that
the company will be able to complete the terms and conditions of
the option agreement for the acquisition of an interest in the
Diamond Jim property, that the mineralization of the Island
Mountain Mining District, or any other districts in the region such
as the Jerritt Canyon district, may be similar to that on the
Diamond Jim property.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration. We are not in control of metals prices and
these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form 10-K
for the most recent fiscal year, our quarterly reports on Form 10-Q
and other periodic reports filed from time-to-time with the
Securities and Exchange Commission.
CONTACT: 2683 Via De La Valle
Suite G418
Del Mar, CA 92014
Contact for SmallCapVoice.com:
Phone: 512-267-2430
Email: info@smallcapvoice.com