
NevGold Corp. (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce further oxide, gold drill results for drillhole NMD0004 which intercepted mineralization from surface at the Nutmeg Mountain project in Washington County, Idaho. The Project has a 2023 Mineral Resource Estimate of 1,007,000 Indicated ounces of gold (51.7 Mt @ 0.61 g/t Au), and 275,000 Inferred ounces of gold (17.9 Mt @ 0.48 g/t Au) (see Note 1).
Key Highlights
NevGold CEO, Brandon Bonifacio, comments: “The further results from our drilling at Nutmeg Mountain continue to highlight the at-surface, oxide gold mineralization building on the recently announced 2023 MRE at the Project. Since completion of the 2023 MRE, we have been focused on identifying areas to expand the mineralization laterally and at depth, and we have generated many high priority drill targets for Phase II drilling. We have made rapid progress at Nutmeg Mountain over the past 12 months, and the near-term focus is further drilling and metallurgical testwork with the goal of advancing the Project to the next stage of development. It is also exciting to see the high level of interest and activity in this emerging district in Washington County, Idaho with the recent copper porphyry discovery made by Hercules Silver (TSXV:BIG), and subsequent strategic investment completed by Barrick Gold (TSX:ABX, NYSE:GOLD). The Hercules copper porphyry discovery and strategic investment by Barrick are important validations of this part of Idaho and highlight the underexplored nature of the area and its geological potential. We strongly believe that we have similar potential at Nutmeg Mountain which we will continue to explore, and we will look to leverage our technical and operating expertise in the area to unlock value for our shareholders.”
NevGold VP Exploration, Derick Unger, comments: “The recently completed MRE at Nutmeg Mountain was an important milestone for the Company, and with that completed, the focus shifts back to further drilling and metallurgical testwork. Our technical group has identified numerous high priority drill targets with the potential to expand the mineralization laterally and at depth. The resource at Nutmeg Mountain exhibits strong continuity and we are confident additional mineralization can be found with further exploration at the Project. It is also very encouraging to see the recent increase in exploration activity in Western Idaho. Over the course of our work at Nutmeg Mountain, we have gained a very strong understanding of the local geology which we will look to leverage in this emerging new trend.”
Drill Results
Hole ID | Length, m* | g/t Au | From, m | To, m | Comment |
NMD0001** | 23.9 | 0.56 | 24.1 | 48.0 | hole terminated in mineralization |
including | 11.4 | 0.89 | 25.6 | 37.0 | |
NMD0001a** | 53.3 | 0.20 | 29.0 | 82.3 | poor core recovery |
NMD0001a** | 24.2 | 0.28 | 135.2 | 159.4 | poor core recovery |
NMD0002** | 10.0 | 0.16 | 4.8 | 14.8 | intercepted up to 0.43 g/t Au down to 93.6m |
NMD0003** | 79.3 | 0.72 | 10.4 | 89.6 | |
including | 13.4 | 2.32 | 25.6 | 39.0 | |
NMD0004*** | 66.8 | 0.74 | 0.0 | 66.8 | |
including | 11.3 | 1.40 | 9.8 | 21.0 | |
and | 4.0 | 0.31 | 77.4 | 81.4 | |
and | 4.6 | 0.41 | 150.6 | 155.1 |
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70% to 90% of downhole thickness. All holes were completed with core drilling. Any apparent errors in arithmetic are due to rounding.
** Assays released on April 13, 2023.
*** Partial assays from NMD0004 were released on June 22, 2023.
Figure 1 – Cross-section looking north through Nutmeg Mountain with US$1750/oz Au pit shell and block model at a 0.1 g/t Au cutoff from the 2023 Mineral Resource Estimate.
Figure 2 – Plan view map of Nutmeg Mountain with drill collar locations. Yellow line outlines the project boundary, with orange shading defining the unpatented Bureau of Land Management claims that have been permitted through an Exploration Notice. The remaining unshaded areas are patented claims and private leases which can be drilled without a permit from the BLM. Mineralization contained within the US$1750/oz Au pit shell from the 2023 Mineral Resource is outlined in red (Note 1).
Figure 3 – Core Photos – NMD0004 from 54.3 meters to 57.3 meters (178 to 188 ft.) exhibiting strongly oxidized sandstone with up to 2.7 g/t Au.
Figure 4 – Nutmeg Mountain District Map – the recent porphyry copper discovery made by Hercules Silver (TSXV:BIG) is approximately 35 km to the northwest of Nutmeg Mountain within Washington County, Idaho.
Technical Summary
Hole NMD0004 was a metallurgical drillhole and based on the core logging completed, the hole shows strong oxidation in the mineralized zone. The hole was split into quarters, and part of the hole was sent to McClelland Laboratories in Sparks, Nevada to commence metallurgical testwork. The focus of the new testwork program is to systematically augment the historical metallurgical data with focus on grinding, comminution, and optimal recovery methods.
Drillhole Orientation Details
Hole ID | Azimuth degrees | Dip degrees | Total Depth feet | Total Depth meters |
NMD0001 | 95 | 55 | 157.5* | 48.0* |
NMD0001a | 95 | 55 | 1498.5* | 456.7* |
NMD0002 | 85 | 45 | 587 | 178.9 |
NMD0003 | 130 | 70 | 1656.5 | 504.9 |
NMD0004 | 350 | 80 | 599 | 182.6 |
* Did not reach target depth.
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 duplicates of coarse reject material was analyzed approximately every 20th sample. Selected samples were also analyzed for coarse gold by completing screen fire assays using a 150 mesh screen size coarse and fine size fractions. 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.
Note 1: Nutmeg Mountain – 2023 Mineral Resource Estimate
Details of the MRE are provided in a technical report entitled “Technical Report on the Nutmeg Gold Property” with an effective date of June 22, 2023, prepared in accordance with NI 43-101 standards, which is filed under the Company’s SEDAR+ profile.
Classification | Cutoff Grade (g/t) | Tonnes | Gold Grade (g/t) | Ounces Gold |
Indicated | 0.30 | 51,660,000 | 0.61 | 1,006,000 |
Inferred | 0.30 | 17,860,000 | 0.48 | 275,000 |
Notes:
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 NevGold
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.
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