VANCOUVER, BC, Aug. 6, 2020 /CNW/ - New Placer Dome
Gold Corp. ("New Placer Dome" or the "Company")
(TSX-V: NGLD) (FSE: BM5) is pleased to provide an update on its
drill program at the Bolo Gold-Silver Project. To date, five
Reverse Circulation (RC) high priority drill holes totaling 1,363
meters have been completed.
Samples from all five holes are being prepared for shipping to
ALS Global for multi-element geochemical and gold fire assay
analysis. The program remains on budget and on schedule. An
additional 2,100 meters in seven holes is anticipated over the
coming weeks to complete the programs goal of potentially
connecting two zones, the South Mine Fault and Uncle Sam zones and
targeting new discoveries below the previous drill intercepts where
gold mineralization remains open at depth.
Qualitative hand-held portable X-ray Fluorescence (XRF) analysis
of the RC drill samples has confirmed the presence of pathfinder
elements that are a potential indicator of the presence of gold and
silver mineralization. In particular, elevated downhole arsenic
values, an effective real-time targeting tool used during the 2020
drill campaign, have been identified within current drill samples
cutting the down-dip projection of gold zones.
Troy Canyon Project
In addition to having an active RC drill campaign underway at
the Bolo Gold Project, and Kinsley Mountain Project (Figure
1), New Placer Dome anticipates mobilization of a ground
exploration team to complete initial assessment of its early-stage
Troy Canyon gold and silver project ("Troy Canyon Project")
in the coming days. The 593 hectare Troy Canyon Project is located
in Nye County just 70 km east of
Bolo.
The Troy Gold-Silver Project has seen limited modern exploration
effort, and was a former small producer. Gold mineralization was
first identified at the project in 1867 and small-scale mining
commenced in 1869. The most recent mining took place from 1948 to
1950 where 643 ounces of gold and 660 ounces of silver were
reportedly produced from 1,859 tons of mineralized rock, at an
average grade of 11.83 g/t gold (0.345 oz/t Au) and 12 g/t silver
(0.355 oz/t Ag). More recent work completed by a previous operator
returned select high grade underground stope rock grab samples
grading 47.8 g/t gold, 48.4 g/t gold, and 576 g/t gold (16.8 oz/ton
Au; See New Placer Dome Corp. News Release dated October 11, 2019).
About New Placer Dome Gold Corp.
New Placer Dome Gold Corp. is a gold exploration company focused
on acquiring and advancing gold projects in Nevada. New Placer Dome's flagship Kinsley
Mountain Gold Project, located 90 km south of the Long Canyon Mine
(currently in production under the Newmont/Barrick Joint Venture),
hosts Carlin-style gold mineralization, previous run of mine heap
leach production, and NI 43-101 indicated resources containing
418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes)
and inferred resources containing 117,000 ounces of gold averaging
1.51 g/t Au (2.44 million tonnes)1. The Bolo Project,
located 90 km northeast of Tonopah,
Nevada, is another core asset, similarly hosting
Carlin-style gold mineralization. New Placer Dome also holds an
option to acquire 100% of the Troy Canyon Project, located 120 km
south of Ely, Nevada. New Placer
Dome is run by a strong management and technical team consisting of
capital market and mining professionals with the goal of maximizing
value for shareholders through new mineral discoveries, committed
long-term partnerships, and the advancement of exploration projects
in geopolitically favourable jurisdictions.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Kristopher J.
Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience
Ltd. of Edmonton, AB, a Director
of New Placer Dome Corp., and a "Qualified Person" as defined in
National Instrument 43-101 – Standards of
Disclosure for Mineral Projects. Mr. Raffle
verified the data disclosed which includes a review of the
analytical and test data underlying the information and opinions
contained therein.
On behalf of the Board of Directors,
/s/ "Max Sali"
Max
Sali, Chief Executive Officer
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 news release.
Forward Looking Information
This news release includes certain statements that constitute
"forward-looking information or statements" within the meaning of
applicable securities law, including without limitation, conducting
exploration work on its projects, other statements relating to the
technical, financial and business prospects of the Company and its
properties, and other matters.
Forward-looking statements address future events and conditions
and are necessarily based upon a number of estimates and
assumptions. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved), and variations of such words, and
similar expressions are not statements of historical fact and may
be forward-looking statements. Forward-looking statement are
necessarily based upon a number of factors that, if untrue, could
cause the actual results, performances or achievements of the
Company to be materially different from future results,
performances or achievements express or implied by such statements.
Such statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the price of metals, anticipated costs and the ability to
achieve goals, that general business and economic conditions will
not change in a material adverse manner, that financing will be
available if and when needed and on reasonable terms, and that
third party contractors, equipment and supplies and governmental
and other approvals required to conduct the Company's planned
exploration activities will be available on reasonable terms and in
a timely manner. While such estimates and assumptions are
considered reasonable by the management of the Company, they are
inherently subject to significant business, economic, competitive
and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events, level of activity,
performance or results to differ materially from those reflected in
the forward-looking statements, including, without limitation: (i)
risks related to gold and other commodity price fluctuations; (ii)
risks and uncertainties relating to the interpretation of
exploration results; (iii) risks related to the inherent
uncertainty of exploration and cost estimates and the potential for
unexpected costs and expenses; (iv) that resource exploration and
development is a speculative business; (v) that the Company may
lose or abandon its property interests or may fail to receive
necessary licences and permits; (vi) that environmental laws
and regulations may become more onerous; (vii) that the
Company may not be able to raise additional funds when necessary;
(viii) the possibility that future exploration, development or
mining results will not be consistent with the Company's
expectations; (ix) exploration and development risks, including
risks related to accidents, equipment breakdowns, labour disputes
or other unanticipated difficulties with or interruptions in
exploration and development; * competition; (xi) the potential for
delays in exploration or development activities or the completion
of geologic reports or studies; (xii) the uncertainty of
profitability based upon the Company's history of losses; (xiii)
risks related to environmental regulation and liability; (xiv)
risks associated with failure to maintain community acceptance,
agreements and permissions (generally referred to as "social
licence"); (xv) risks relating to obtaining and maintaining all
necessary government permits, approvals and authorizations relating
to the continued exploration and development of the Company's
projects; (xvi) risks related to the outcome of legal actions;
(xvii) political and regulatory risks associated with mining and
exploration; (xix) risks related to current global financial
conditions; and (xx) other risks and uncertainties related to the
Company's prospects, properties and business strategy. These risks,
as well as others, could cause actual results and events to vary
significantly.
Factors that could cause actual results to differ materially
from those in forward looking statements include, but are not
limited to, continued availability of capital and financing and
general economic, market or business conditions, the loss of key
directors, employees, advisors or consultants, adverse weather
conditions, increase in costs, equipment failures, government
regulations and policies, litigation, exchange rate fluctuations,
the impact of Covid-19 or other viruses and diseases on the
Company's ability to operate, failure of counterparties to perform
their contractual obligations and fees charged by service
providers. Investors are cautioned that forward-looking statements
are not guarantees of future performance or events and, accordingly
are cautioned not to put undue reliance on forward-looking
statements due to the inherent uncertainty of such statements. The
forward-looking statements included in this news release are made
as of the date hereof and 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 expressly required by applicable securities
legislation.
______________________________
1 Technical Report and updated estimate of mineral
resources on the Kinsley Project, Elko
County, Nevada, U.S.A., effective January 15, 2020 and prepared by Michael M. Gustin, Ph.D., CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under New Placer Dome Gold
Corp.'s Issuer Profile on SEDAR (www.sedar.com).
SOURCE New Placer Dome Gold Corp.