NSGold Corporation (TSXV: NSX) report assay results from fifteen diamond drill holes totalling 948 meters at its wholly-owned Mooseland Gold Project located in Halifax County, Nova Scotia.
The 2012 drill program tested the deposit above the 75 meter level which had been little explored by previous drilling campaigns. Holes NSG-6-12 and NSG-7-12 encountered old workings near the surface and were discontinued. The remaining thirteen holes all encountered the expected, relatively sulphide rich, quartz bearing argillite zones. Of particular significance Hole NSG-8-12 returned gold values of 36.8 grams per tonne over 0.6 meters starting at 30.9 meters and 15.21 grams per tonne over 1.7 meters starting at 77.7 meters.
Other significant drill intercepts included the following;
In the thirteen holes that were drilled to planned depths, there were thirty-nine (39) intercepts with gold values greater than 0.5 grams per tonne, including twenty-six (26) intercepts with gold values greater than 1.0 grams per tonne. The average sample length and grade of the thirty-nine intercepts were 0.92 meters and 4.57 grams per tonne respectively. Appendix A includes a table of the gold results exceeding 0.5 grams per tonne.
All holes were drilled at angles between 45 and 47 degrees and core angles were generally in excess of 60 degrees, averaging between 65 and 70 degrees, resulting in true widths being seven to nine percent less than core lengths.
The data obtained from this drilling program, together with the results from previous drilling, will be used to undertake a preliminary evaluation of the potential for open pit mining of the West Zone. The West Zone has been previously drill tested at depth and extends along strike approximately 1,000 meters, however, past drilling campaigns (110 holes totaling 29,000 meters) were not designed to target the gold bearing veins within 75 meters from the surface. The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs.
The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades. Of particular significance from a potential open-pit mining perspective is the relatively shallow depth (generally 0.5-1.5 meters) of overburden covering the West Zone deposit and the geometry of the near surface saddle veins.
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