NevGold Corp. (“
NevGold” or the
“
Company”) (
TSXV:NAU)
(OTCQX:NAUFF)
(Frankfurt:5E50) is
pleased to announce the completion of an updated geological model
and 2023 drill targeting at its Limousine Butte Project, Nevada
(the “
Project”) located on the southern part of
the Carlin Trend. The Company is also well-advanced in completing
an updated NI 43-101 Technical Report for the Project, with
targeted completion in July.
Key Highlights
- Updated
Geological
Model
Identifies
Significant Mineralization Potential
and New
High
Priority
Targets: the
updated geologic model for the Project has been completed
incorporating new project-wide mapping and 2022 drill data. The
Company has re-interpreted the district-scale and project-specific
geology and has identified significant mineralization potential and
numerous high priority drill targets for the 2023 drill
program.
- Resurrection
Ridge: the updated geological model
indicates additional potential for the key host rock (Pilot Shale),
particularly to the north and east of the currently defined
mineralized footprint at Resurrection Ridge. (Figure 1, Figure
2)
- Cadillac Valley:
the 2022 drilling at Cadillac Valley South indicates the
mineralization remains open, specifically to the south and east.
The Company inherited CSAMT data from McEwen Mining (TSX:MUX,
NYSE:MUX) which was a key data layer utilized in the 2022 discovery
at Cadillac Valley. (Figure 1, Figure 3)
- Additional
Targets
Identified: West
Cadillac and Coffee Mug (Northeast Exploration area) have been
identified as areas with strong potential for the key Pilot Shale
host rock. The Company plans to drill both target areas in future
drill programs. (Figure 1)
- Exploration Plan of
Operations
(“EPO”)
Tracking According to Schedule:
the EPO was submitted to the Bureau of Land Management
(“BLM”) on February 8, 2023 (see News Release on
February 14, 2023) and the review process is tracking according to
schedule. Once approved, the EPO will allow up to 200 acres of
disturbance which will permit more extensive future drill programs
at the Project.
- Updated Technical
Report: the Company is well-advanced in completing an
updated NI 43-101 Technical Report (the “Report”)
at Limousine Butte. Targeted completion for the Report is
July.
NevGold CEO, Brandon
Bonifacio, comments: “Although we have started the year
focusing our drilling efforts at Nutmeg Mountain in Idaho,
Limousine Butte remains an important asset for the company. After
our inaugural drill program, we have spent the past approximate 6
months re-interpreting the data and updating the geological model
which has led to many key positive developments. As expected over
the course of the 2022 drill program, we uncovered many promising
areas at the project that were historically not drill-tested. We
have incorporated the new drill data into the geological database,
and we have re-envisioned the entire Limousine Butte Project. There
are a number of new, high-priority targets that are focused on
expanding the mineralized areas at Resurrection Ridge and Cadillac
Valley, and finding new areas of mineralization within the larger
project boundary. We are pleased with what we have been able to
accomplish over the past 24 months at Limousine Butte, and we are
looking forward to having a drill rig back on the project.”
NevGold VP
Exploration, Derick
Unger, comments:
“Limousine Butte continues to show exciting potential as we broaden
our understanding of the geology and distribution of gold on the
property. The detailed work completed by previous operators and
academic studies has given us a strong foundation to build upon.
Our work to compile all this data into an updated geologic model,
along with our drilling, mapping, and sampling, over the past 24
months has strengthened our targeting concepts and identified
promising new areas that have not been previously drill tested. The
recognition that faulting has offset the favorable host rocks and
concealed them under unmineralized lithologies or post-mineral
cover opens significant new areas at Limousine Butte with no
previous drilling. We are also closely monitoring the extensive
exploration activity occurring on neighbouring properties which
forms an important aspect of the district-scale geology. We will
continue to focus on expanding the gold mineralization at
Resurrection Ridge and Cadillac Valley, as well as targeting the
discovery of new mineralized areas within the larger Limousine
Butte Project.”
Limousine Butte:
Exploration and Geology
SummaryResurrection RidgeUpdated geologic
mapping along with 3-D modeling of the 2022 drill results
determined that the Exchequer Fault, one of the main hosts of
mineralization at the adjacent Cherry Creek Project, has
significant right-lateral strike-slip offset along the Cherry Creek
Range. The right lateral strike-slip offset is specifically seen
immediately south of the historical Golden Butte mine where there
is limited gold mineralization. This development in the structural
model has identified highly prospective areas southwest of
Resurrection Ridge in a new area named the “Connector Zone”, and
northeast of Resurrection Ridge in the area leading to the gold
mineralization at Coffee Mug. (Figure 1)
Another key development at Resurrection Ridge is
the identification of dolomite units having been thrust faulted
over the more prospective Pilot Shale unit on the northeastern
portion of the target. (Figure 2) This explains why historical
drilling east of the previously mined Golden Butte pit had gold
mineralization situated beneath the older dolomite unit. The
historical drilling was not followed up on previously because of
different interpretations of the faulting in the area. There are
other prospective areas where this may have occurred at the
Project, and this remains a new target concept to drill test in the
future.
Connector Zone
(Connection Between
Resurrection Ridge and Cadillac Valley)Reinterpretation of
the geology in the 2 km gap (Connector Zone) between the
Resurrection Ridge and Cadillac Valley zones indicates the
Exchequer Fault has created significant right-lateral fault offset
between the two target areas. The minimal historical drilling in
this area did not take the fault offset into account. Additional
drilling to test both sides of the Exchequer Fault where it is
expected to cross-cut favorable host rocks is needed to test for
new gold zones between Resurrection Ridge and Cadillac Valley.
Cadillac Valley Cadillac Valley
was a key focus of drilling in 2022 and the results uncovered
significant mineralization of thick, oxide gold intercepts over a
large footprint spanning over 1.6 km northeast to southwest, and
over 450 meters laterally. (Figure 3) After interpretation and 3-D
modeling of the 2022 results, the Company has identified
opportunities to discover new mineralization to the south and east,
and within the large, mineralized footprint that has been defined
to date.
West Cadillac At West Cadillac,
preliminary drilling in 2022 identified Pilot Shale host rock with
anomalous gold values at the north end of Black Mountain Range
under barren dolomites. Geologic mapping and modeling of this area
indicates the Exchequer Fault intersects northwest striking
antithetic faults, which may be prospective for gold
mineralization.
Northeast ExplorationThe Coffee
Mug, Ticup, and Epex targets have been re-interpreted due to the
new understanding of the orientation of the Exchequer and Black
Metals faults and their important role in the formation of the
Carlin-type gold deposits at the Project. Both faults are major
hosts and fluid conduits for the mineralization historically mined
at the adjacent Cherry Creek Project. The recent work by the
Company indicates the right-lateral movement along the Exchequer
Fault north of Resurrection Ridge offsets the mineralization east
into the Coffee Mug zone and appears to have been the major fault
related to the gold mineralization at Epex. Similarly,
mineralization at Ticup is formed where the Black Metals Fault
cross-cuts and offsets the Pilot Shale.
Limousine Butte
2023 Drill
Program: The 2023 drill program will
continue to focus on expanding the mineralization at Resurrection
Ridge and Cadillac Valley, as well as drilling the preliminary
exploration targets including the Connector Zone, Coffee Mug, and
some of the other identified property-wide targets. A key aspect of
the updated geologic model is modeling the distribution of
jasperoid developed in the Pilot Shale and other gold-bearing host
rocks. Jasperoid often forms during the gold deposition event and
can either be an important host of mineralization or serve as a
vectoring tool towards mineralization. The recently completed
mapping and modeling of the jasperoids emplaced at the Project has
highlighted numerous important drill targets for the 2023 drill
program. (Figure 1, Figure 2, Figure 3)
Resurrection Ridge continues to
show strong potential for expansion of the near-surface, oxide gold
mineralized footprint. The 2023 drilling will focus on testing
north and east of the currently defined oxide gold mineralization,
which remains open. These areas were previously not properly
explored because of the presence of older dolomite rocks, which are
not viewed as a prospective host rock for gold mineralization.
Detailed mapping has determined these older dolomites were faulted
over the top of the favorable Pilot Shale unit, which is an
important host of gold in Nevada. (Figure 2) Additionally, updated
geologic mapping data indicates the potential for right-lateral
offset of mineralization along the Exchequer Fault, which is the
major gold-bearing fault in the historical Golden Butte mine.
Testing for additional oxide gold mineralization along the
Exchequer Fault and under the barren dolomites will form the key
targets at Resurrection Ridge.
Cadillac Valley has strong
potential for further oxide gold discovery. The 2023 drilling will
focus on expanding the currently defined mineralized footprint by
testing the open ground south and east of the Cadillac Valley South
discovery holes (CV22-006 and CV22-007). CSAMT geophysics data and
very limited historical drilling indicates that there is additional
discovery potential further south of CV22-006 and CV22-007. Other
key targets are the open areas within the defined oxide gold
mineralized footprint with the goal of connecting the mineralized
zones. There is also up-dip shallow mineralization potential to the
east of the defined Cadillac Valley oxide gold mineralization, and
West Cadillac is a prospective area with identified Pilot Shale and
anomalous gold.
The Connector Zone is a newly
identified target spanning over 2 km between Resurrection Ridge and
Cadillac Valley. The area has had minimal historical drilling, and
due to the right-lateral offset along the Exchequer Fault, there is
the potential to connect the Resurrection Ridge and Cadillac Valley
mineralized zones.
Project-Wide
Exploration is planned to
follow-up on targets identified at Coffee Mug, Teacup and Epex. The
new understanding of the orientations and importance of the
Exchequer and Black Metals faults in these areas creates new target
opportunities that have not been previously drill tested.
Preliminary targeting will be driven by additional geologic
mapping, surface sampling, and geophysical surveys.
Figure 1 – Geologic map of Limousine Butte
highlighting the major right-lateral (eastward movement) faults
that offset the entire mountain range including mineralization. Key
targets where right-lateral faults intersect favorable host rocks
are highlighted in orange. To view image please click here
Figure 2 – Long-section looking northwest through
Resurrection Ridge. Red outlines represent Au zones of greater than
0.1 g/t defined from drilling. Orange dashed line represents area
with additional mineralization potential where older barren
dolomites have been faulted over the favorable Pilot Shale host
rock. To view image please click here
Figure 3 – Long-section looking northwest through
Cadillac Valley with selected NevGold (black) and historical (grey)
drilling used to create the updated geologic model. Red outlines
represent areas with extensive jasperoid development in the Pilot
Shale and underlying units. Jasperoid has strong associations with
gold at Limousine Butte. To view image please click here
Figure 4 – Plan view of the Limousine Butte
Project outlining the key target areas, deposit styles, and other
projects operated by Freeport-McMoran (NYSE:FCX), Centerra Gold
(TSX:CG, NYSE:CGAU), and Ridgeline Minerals (TSXV:RDG). To view
image please click here
NevGold Limousine
Butte Significant Drill
Results
Hole ID |
Length, m* |
g/t Au |
From, m |
To, m |
Material |
Target Area |
LB21-001 |
44.4 |
1.30 |
23.3 |
67.7 |
Oxide |
Resurrection Ridge |
Including |
11.1 |
3.11 |
26.7 |
37.8 |
|
|
LB21-002 |
78.9 |
0.65 |
39.3 |
118.3 |
Oxide |
Resurrection Ridge |
including |
25.0 |
1.45 |
49.7 |
74.7 |
|
|
LB21-003 |
37.8 |
1.17 |
44.8 |
82.6 |
Oxide |
Resurrection Ridge |
Including |
11.3 |
2.99 |
68.6 |
79.9 |
|
|
LB21-004 |
61.6 |
2.19 |
81.7 |
143.3 |
Oxide |
Resurrection Ridge |
including |
11.6 |
8.51 |
116.7 |
128.3 |
|
|
LB21-005 |
82.7 |
0.21 |
64.5 |
147.2 |
Oxide |
Resurrection Ridge |
including |
20.2 |
0.35 |
64.5 |
84.7 |
|
|
RR22-001 |
74.7 |
0.53 |
91.4 |
166.1 |
Oxide |
Resurrection Ridge |
including |
19.9 |
0.81 |
91.4 |
111.3 |
|
|
CV22-001 |
175.2 |
0.86 |
212.0 |
387.2 |
Oxide |
Cadillac Valley |
including |
58.2 |
2.13 |
212.0 |
270.2 |
|
|
also including |
5.9 |
12.32 |
216.6 |
222.5 |
|
|
including |
40.6 |
0.52 |
346.6 |
387.2 |
|
|
CV22-002 |
126.2 |
0.83 |
127.4 |
253.6 |
Oxide |
Cadillac Valley |
CV22-003 |
94.4 |
0.23 |
60.4 |
154.8 |
Oxide |
Cadillac Valley |
CV22-004 |
73.2 |
0.63 |
205.7 |
278.9 |
Oxide |
Cadillac Valley |
including |
19.8 |
1.00 |
205.7 |
225.5 |
|
|
CV22-005 |
45.7 |
0.52 |
125.0 |
170.7 |
Oxide |
Cadillac Valley |
CV22-006 |
73.1 |
0.51 |
131.1 |
204.2 |
Oxide |
CV-South |
CV22-007 |
36.6 |
0.44 |
146.3 |
182.9 |
Oxide |
CV-South |
including |
10.7 |
0.99 |
164.6 |
175.3 |
|
|
* Downhole thickness reported;
true width varies depending on drill hole dip and is approximately
70 to 90% of downhole thickness.
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President &
CEO For further information, please contact Brandon
Bonifacio at bbonifacio@nev-gold.com, call 604-337-4997, or visit
our website at www.nev-gold.com.
Sampling Methodology, Chain of Custody,
Quality Control and Quality Assurance: All sampling was
conducted under the supervision of the Company’s geologists and the
chain of custody from the Project to the independent sample
preparation facility, American Assay Labs in Sparks, NV, was
continuously monitored. The samples were crushed, pulverized and
sample pulps were analyzed using industry standard fire assay
methods. A blank and certified reference material was inserted
approximately every 20th sample, and field duplicates were
collected and analyzed approximately every 20th sample. Data
verification of the analytical results included a statistical
analysis of the standards and blanks that must pass certain
parameters for acceptance to ensure accurate and verifiable
results. Details of Project drill hole locations, orientation, and
dip are show in Appendix A below.
Technical information contained in this news
release has been reviewed and approved by Derick Unger, CPG, the
Company’s Vice President, Exploration, who is NevGold’s qualified
person under National Instrument 43-101 and responsible for
technical matters of this release.
About the
CompanyNevGold is an exploration and development company
targeting large-scale mineral systems in the proven districts of
Nevada, Idaho, and British Columbia. NevGold owns a 100% interest
in the Limousine Butte and Cedar Wash gold projects in Nevada, and
the Ptarmigan silver-polymetallic project in Southeast BC, and has
an option to acquire 100% of the Nutmeg Mountain gold project in
Idaho.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking
Statements
This news release contains forward-looking
statements that are based on the Company’s current expectations and
estimates. Forward-looking statements are frequently characterized
by words such as “plan”, “expect”, “project”, “intend”, “believe”,
“anticipate”, “estimate”, “suggest”, “indicate” and other similar
words or statements that certain events or conditions “may” or
“will” occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
Appendix A:
NevGold Limousine Butte Drill
Details
Hole ID |
Drill Target |
Type |
Easting |
Northing |
Elevation meters |
Azimuth |
Dip° |
Total Depth meters |
LB21-001 |
Resurrection Ridge |
Core |
666,931 |
4,417,383 |
2107 |
0 |
-90 |
156.1 |
LB21-002 |
Resurrection Ridge |
Core |
666,979 |
4,417,343 |
2117 |
0 |
-90 |
151.8 |
LB21-003 |
Resurrection Ridge |
Core |
667,062 |
4,417,417 |
2129 |
0 |
-90 |
183.5 |
LB21-004 |
Resurrection Ridge |
Core |
667,243 |
4,417,388 |
2176 |
148 |
-75 |
252.1 |
LB21-005 |
Resurrection Ridge |
Core |
667,279 |
4,417,487 |
2179 |
0 |
-90 |
253.8 |
LB22-009 |
Resurrection Ridge |
RC |
667,140 |
4,417,652 |
2124 |
0 |
-90 |
221.0 |
LB22-010 |
Resurrection Ridge |
RC |
667,235 |
4,417,689 |
2137 |
0 |
-90 |
213.4 |
LB22-011 |
Resurrection Ridge |
RC |
667,463 |
4,417,826 |
2150 |
0 |
-90 |
256.0 |
LB22-012 |
Resurrection Ridge |
RC |
666,914 |
4,417,702 |
2083 |
0 |
-90 |
457.2 |
LB22-013 |
Resurrection Ridge |
RC |
666,797 |
4,417,551 |
2075 |
0 |
-90 |
457.2 |
LB22-014 |
Cadillac Valley |
RC |
664,867 |
4,415,244 |
2015 |
154 |
-62 |
324.6 |
LB22-015 |
Cadillac Valley |
RC |
664,865 |
4,415,244 |
2015 |
104 |
-56 |
422.2 |
LB22-016 |
West Cadillac |
RC |
664,527 |
4,415,624 |
2026 |
0 |
-90 |
457.2 |
LB22-017 |
Cadillac Valley |
RC |
664,742 |
4,414,720 |
2045 |
317 |
-79 |
349.0 |
LB22-018 |
Cadillac Valley |
RC |
664,524 |
4,414,529 |
2079 |
118 |
-65 |
335.3 |
LB22-020 |
Resurrection Ridge |
RC |
667,042 |
4,416,811 |
2215 |
0 |
-90 |
324.6 |
LB22-021 |
West Cadillac |
RC |
663,804 |
4,414,768 |
2052 |
256 |
-88 |
365.8 |
LB22-021 |
West Cadillac |
RC |
661,895 |
4,412,523 |
1959 |
0 |
-90 |
312.4 |
RR22-001 |
Resurrection Ridge |
RC |
667,245 |
4,417,390 |
2176 |
69 |
-71 |
304.8 |
LB22-026 |
West Cadillac |
RC |
664,527 |
4,415,624 |
2026 |
52 |
-53 |
434.3 |
LB22-027 |
Coffee Mug |
RC |
672,174 |
4,420,495 |
2103 |
90 |
-70 |
274.3 |
CV22-001 |
Cadillac Valley |
Core |
665,211 |
4,415,453 |
2031 |
254 |
-86 |
403.6 |
CV22-002 |
Cadillac Valley |
Core |
664,692 |
4,414,921 |
2042 |
144 |
-77 |
379.8 |
CV22-003 |
Cadillac Valley |
Core |
664,762 |
4,414,439 |
2054 |
119 |
-60 |
229.8 |
CV22-004 |
Cadillac Valley |
RC |
664,691 |
4,414,921 |
2041 |
92 |
-61 |
278.9 |
CV22-005 |
Cadillac Valley |
RC |
664,691 |
4,414,921 |
2041 |
193 |
-55 |
365.8 |
CV22-006 |
Cadillac Valley South |
RC |
664,433 |
4,414,318 |
2096 |
116 |
-66 |
335.3 |
CV22-007 |
Cadillac Valley South |
RC |
664,433 |
4,414,317 |
2096 |
319 |
-85 |
257.6 |
Easting and Northing coordinates are WGS 84 UTM
meters.
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