Nevgold Increases Land Holdings at Cedar Wash by over 100% Via Claim Staking An Additional 4,839 Acres
September 08 2021 - 8:15AM
NevGold (“
NevGold” or the
“
Company”) (
TSXV:NAU) (OTC: NAUFF)
(Frankfurt: 5E50) is pleased to announce that it has
increased its land position at the Cedar Wash project in Nevada by
4,839 acres, or over 100%, to 9,648 acres (39 square kilometers)
through low-cost, organic claim staking. These new claims are
contiguous to the south of the existing claims as seen in Figure 1.
The expanded land position incorporates all prospective gold-silver
targets identified in the Cedar Wash district.
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
Figure 1 – Previous and Expanded Land Position at
Cedar Wash, NevadaTo view image please click here
Key Highlights
- Property Size Increased
Substantially: The Cedar Wash project more than doubled to
9,648 acres or 39.0 square kilometers, compared to the previous
4,809 acres or 19.5 square kilometers.
- Positive Surface Mapping,
Sampling, and Shallow Drill Data in the New Claims: As
seen in Figure 1, the newly staked area to the south had historical
surface mapping, soil and rock chip sampling, and shallow drilling
completed in prior years providing an existing geological database
to leverage. Historical results included surface sampling of up to
2.1 g/t Au in a number of areas. Previous shallow air-track and RC
drilling, all historically completed by McEwen Mining Inc. (“McEwen
Mining”), encountered gold mineralization in multiple holes
including: 6.1 meters of 1.06 g/t Au, within 17.1 meters of 0.62
g/t Au; and 7.6 meters of 0.90 g/t Au, within 10.7 meters of 0.75
g/t Au. The mineralization was intersected at or near surface.
- Underexplored Area of
Nevada: The Southeast part of Nevada is underexplored
compared to the other parts of the State. Cedar Wash offers
significant exploration upside and has many geological similarities
to Liberty Gold’s Goldstrike Project, which is 15 kilometers to the
east in Utah and has a greater than 1 million ounce gold
resource.
- Highly Prospective
Ground: Past geological and geochemical analysis has
yielded positive results, and other historical drilling completed
by McEwen Mining within the large, consolidated land package
includes 10.7 meters of 2.0 g/t Au, 16.0 meters of 1.36 g/t Au, and
16.7 meters of 1.0 g/t Au, all at or near surface.
Derick Unger, Chief Geologist,
stated: “We continue to be positively surprised with Cedar
Wash as we work through the historical database compiled by McEwen.
It is not often that a company can increase its land position by
100% by relatively inexpensive organic claim staking in Nevada,
especially in an area with outcropping gold mineralization. There
are a number of prospective areas in the enlarged 9,648 acre
project area, and we are encouraged by what we see so far in terms
of building on the initial grassroots discovery by McEwen in 2015
to further advance and explore the project. Going forward our focus
will be to drive towards defining drill targets for a Phase I
program to test the full extents of the gold system at Cedar
Wash.”
Cedar Wash – Next StepsAs
released in prior company disclosure, NevGold will systematically
advance Cedar Wash with an initial program of surface geology work
inclusive of rock chip and soil sampling, surface mapping, and
geophysics to improve the geological understanding of the
district.
The company is targeting a Phase I drilling
program in approximately Q4-2021 to further build on the positive
historical drill results completed by McEwen Mining, and to test
the most prospective newly identified targets.
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.
Technical information contained in this news
release has been reviewed and approved by Derick Unger, CPG, the
Company’s Chief Geologist, 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 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.
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.
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