VANCOUVER, British Columbia, Nov. 18, 2022 (GLOBE NEWSWIRE) -- NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV), a Vancouver-based, well-financed exploration company, with an extensive portfolio in Nevada, has provided an update on its 2022 exploration activity.
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John Seaberg, CEO, stated: "We made significant progress on our 2022 exploration goals and objectives. Our ‘boots on the ground’ approach to collecting the necessary data to identify our highest priority targets is bearing fruit. We are now well positioned to continue our exploration efforts in 2023 to unlock Nevada's next multi-million-ounce gold discovery."
Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2023 promises to be highly productive for NV Gold, with several high priority projects and numerous drill programs planned.
The 100%-owned SW Pipe Gold Project, located in the central Cortez gold belt, is approximately 6 km southwest of the world-class Pipeline gold mine, which produced more than 20 million ounces of gold. Modeling of 567 new soils samples shows a large and comprehensive zone of overlapping Carlin-type geochemical anomalies highlighting a new target area in a previously untested central-western portion of the Property. The company is waiting for completion of mercury vapor analyses and planning to drill-test established soil target(s).
The 100%-owned Triple T Gold Project, located in the Humboldt Range, is 9 kilometers east of the Rochester silver-gold operation and 42 kilometers southeast of the Florida Canyon gold mine. The company has recently received the approval for 10 additional reverse circulation holes and commencement of drilling is projected for Q1 2023. Triple T gives the company the opportunity to delineate additional near-surface, oxide-gold ounces by evaluating and following up on gold grades up to 11.7 g/t Au from rock chip sampling and open drill intercepts of 32 meters @ 0.73 g/t Au reported by Evolving Gold in 2007, and 16.8 meters @ 1.345 g/t Au reported by NV Gold in 2009.
The 100%-owned Slumber Gold Project is located 36 kilometers west of the Sleeper Gold Deposit in Humboldt County. The company has conducted a Phase 3 drilling campaign and completed 12 RC holes totaling 2,350 meters by the end of Q1 2022. The company reported that Slumber has now been proven to host a low-grade bulk-tonnage, oxide-gold system, which remains open in multiple directions. The company plans to follow up on increasing gold grades of 1.5 g/t intercepted in one of the last RC holes, SL-27, and drill-evaluate some of the higher mercury vapor anomalies in the northern and northeastern extent of the property.
The 100%-owned Sandy Gold Project, located in the Walker Lane, Lyon County, is approximately 22 kilometers southeast of the historical Comstock Lode Deposit. The company completed a Phase 2 drilling campaign and completed 4 RC holes totaling 488 meters by the end of Q3 2022, with all four holes encountering a new zone of alteration and gold mineralization, confirming the predicted IP target, which has not been drill-evaluated in the past. Highlights of gold Intercepts from 2022 include hole SD-19, which reported 36.58m @ 0.293 g/t gold from 30.48 meters, including 6.1 meters @ 0.89 g/t at 30.48 meters, and hole SD-21 which reported 35.05 meters @ 0.171 g/t gold from 41.15 meters, including 6.10 meters @ 0.491 g/t gold at 44.20 meters. Based on the successful encounter of a new, open gold zone, the company is intending to extend the IP survey in 2023.
The Discovery Bay Project is located 14.5 kilometers southeast of the McCoy-Cove Gold Deposits in Lander County. The company expanded its position and has performed several geophysical and geochemical surveys since the land was acquired in June 2021, targeting McCoy-Cove-style/Carlin-type gold mineralization. The company is planning a Phase 2 drilling campaign to continue with the evaluation of this extensive gravity high and to test the newly identified mercury vapor and chargeability anomalies.
The 100%-owned Pickhandle Gold Project is located 35 kilometers south of the Discovery Bay project and 46 kilometers southwest of Nevada Gold Mines operating Cortez and Pipeline Gold Mines in Lander County. The company conducted the first drilling at Pickhandle and completed 4 RC holes totaling 843 meters at the end of Q3 2022. The target is Carlin-type gold mineralization in Edna Mountain Formation and/or other time-equivalent rocks. The company plans a mercury vapor test in the first quarter of 2023 prior to deciding the Project's future.
Thomas Klein, VP Exploration, stated: "I am excited about the results NV Gold has achieved since our drilling campaign started in late-October 2021. The Company drilled four of our Active Projects (Slumber, Discovery Bay, Pickhandle & Sandy) and completed an extensive soil sampling and mercury vapor program at SW Pipe and at Slumber. The geochemical results and interpretations, which have delineated five more drill targets at Slumber and identified an outstanding new Carlin-type anomaly at our SW Pipe Project, are more than encouraging. Doing our homework right and spending investors' money most efficiently is the key to success. Continuation of professionalism, optimism, and having the Goldspot (AI) targets, and the Triple T and other Exploration Pipeline Projects standing in line to be explored is a fundamental advantage for NV Gold to make the next multi-million-ounce discovery in Nevada.”
The shares are trading at $0.07, with approximately 80 million shares outstanding and no debt. For more information, please visit the company’s website, www.nvgoldcorp.com, For investor relations, contact Freeform Communications at 604-245-0054.
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