MULTIPLE HIGH GRADE GOLD DRILL INTERCEPTS
COINCIDENT
WITH CHARGEABILTY ANOMALIES
INDENTIFIED
AT WESTERN FLANK ZONE AND SHALE SADDLE
TARGETS
VANCOUVER, BC, May 17, 2021 /CNW/ - New Placer Dome Gold Corp.
("New Placer Dome" or the "Company") (TSXV: NGLD)
(OTCQB: NPDCF) (FSE: BM5) is pleased to report the results of a 19
line-kilometre induced polarization (IP) / resistivity ground
geophysical survey completed during late 2020 at its flagship
Kinsley Mountain Gold Project ("Kinsley Mountain") in
Nevada. The results of the
IP/resistivity survey reveal high grade gold mineralization at the
Western Flank Zone is associated with changeability anomalies along
the Kinsley Northwest / Mine (KNW) fault zone. Multiple
chargeability anomalies have been identified at the high grade
Western Flank Zone and Shale Saddle target that warrant expansion
of the IP geophysical grid and follow-up drill testing.
Kinsley Mountain is located 90 km south of the Long Canyon Mine,
operated by Nevada Gold Mines. It
hosts Carlin-style gold mineralization under and adjacent to a
historical open-pit, run-of-mine heap leach operation, and hosts an
Indicated Resource at the Western Flank Zone (WFZ) of 302,000
ounces of gold grading 6.11 g/t Au (1.54 million
tonnes)1. The 2020 IP / Resistivity survey
successfully identified the deposit and shows the target is open
for extension laterally in undrilled ground.
The 2020 Kinsley Mountain reverse circulation and diamond drill
campaign comprised 49 drill holes totaling 17,970 metres and
tested five targets within the greater Resource area. To date, only
20% of Kinsley Mountain has been drill tested. Exploration drilling
planned for 2021 is expected to build on several new discoveries
and also expand the current indicated and inferred resource at the
Western Flank Zone, Main Pit North Oxide and Secret Spot
targets.
In 2020 New Placer Dome conducted a review of historical
geophysical surveys at Kinsley Mountain and noted chargeability
anomalies coincident with high grade gold mineralization at the
Western Flank Zone within a single 2015 IP/resistivity orientation
survey line. Subsequent electrical property measurements of WFZ
Secret Canyon shale-hosted high grade gold mineralization, and
surrounding shale in drill core confirmed an apparent chargeability
contrast between mineralized and un-mineralized Secret Canyon shale
rocks at Kinsley Mountain.
New Placer Dome commissioned an expanded program of
IP/resistivity over the WFZ resource and high-priority Shale Saddle
target areas and has confirmed a correlation between the
geophysical survey results and historically drill confirmed high
grade gold in associations with sulphide mineralization.The 2020
IP/resistivity comprised a total of 19 line-kilometres over nine
lines; including 5 lines at WFZ and 4 lines at the Shale Saddle
target (Figure 1). 2020 drill hole KMR20-035 is located on
the margin of a larger untested chargeability anomaly that also
warrants follow-up drill testing (Figure 2).
______________________________
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).
Max Sali, CEO and founder of New
Placer Dome commented, "With the release of the 2020
IP/resistivity survey results we are extremely pleased to have
identified a new gold vectoring tool that has potential to
contribute to new discoveries within the Kinsley Mountain Gold
Project. During 2021, we look forward to expanded geophysical
surveys and drilling to build on multiple new discoveries
made during 2020 and increase the current indicated and inferred
resource at the Western Flank Zone, Main Pit North Oxide and Secret
Spot targets."
Key Points:
- High grade shale-hosted gold mineralization at Western Flank
Zone exhibits an apparent changeability contrast with
un-mineralized shales representing an important new gold
mineralization vector at Kinsley Mountain
- IP/resistivity surveys have defined multiple untested
chargeability anomalies at the Western Flank Zone and Shale Saddle
target that warrant follow-up drill testing
- Expanded IP/resistivity surveys are warranted to the south
to cover the Secret Spot oxide and high-grade sulphide new
discovery
Figure 1. Western Flank Zone IP Chargeability Section
L450E
Figure 2. Shale Saddle Target IP Chargeability Section
L6600N
Methodology and QA/QC
Two IP/resistivity grids were
completed during 2020 covering the WFZ and Shale Saddle target
area. Five lines spaced 150 metres apart were completed at Western
Flank and four lines spaced 150 metres apart were completed at
Shale Saddle. Line lengths ranged from 1,300 metres to 2,300
metres. Data were collected using the Direct Current Resistivity,
Induced Polarization ("DCIP") method, on a 16-channel pole-dipole
array with a dipole size (a-spacing) of 100
m. A GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model
Tx4 transmitter was used. Raw data were loaded into Geosoft Oasis
Montaj software for quality control and review. The reviewed data
were used to produce pseudo section plots of apparent resistivity
and apparent chargeability and were the input for the inversion.
Inversions were completed using the UBC-GIF DCIP2D inversion codes.
Each line of data was inverted independently. The resistivity and
IP inversion is a two-step process. The resistivity inversion is
run first, and this model is used in the chargeability inversion.
Multiple inversions were completed for quality control.
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, Nevada Gold
Mines), 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)2. The Bolo
Project, located 90 km northeast of Tonopah, Nevada, is another core asset,
similarly hosting Carlin-style gold mineralization. New Placer Dome
also owns 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
markets 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
and a "Qualified Person" as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects. Mr.
Raffle has verified the data disclosed which includes a review of
the sampling, analytical and test data underlying the information
and opinions contained herein.
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, additional
drilling and geophysical surveys planned in 2021, potential for
resource growth/expansion, 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, decrease in the price of gold and
other metals, 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.
______________________________
2 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.