NV Gold Corporation (TSX VENTURE:NVX) ("NV Gold" or the "Company") is pleased to announce it has acquired, through staking of 217 lode mining claims, approximately 17 sq km of mineral rights covering a strategic area near Newmont Mining Corporation's Twin Creeks mine, as well as Barrick's Getchell and Turquoise Ridge operations in northwest Nevada. NV Gold has named the new claims the "Across-the-Valley," or "ATV" project.
The ATV project is entirely covered by a veneer of young gravels and volcanic rocks, but interpretation of gravity data and structural modeling by NV Gold suggests potential for discovery of "Twin Creeks" type Carlin mineralization at shallow depths (Figure 1). Previous drilling near the property by Evolving Gold Corp determined favorable Paleozoic sedimentary rocks lie as close as 100 meters within surface.
NV Gold will soon undertake collection of additional gravity data to help refine targets. The Company plans to use proceeds from its recently closed private placement to undertake a first round drill program around mid-year. Dependent on interpretation of new gravity data, this program will comprise drilling of six to eight reverse circulation stratigraphic test holes, each to depths of a few hundred meters. The goal of this first program will be to verify depths to favorable sedimentary rocks as well as test and refine NV Gold's overall structural model.
It should be noted that ATV is a high-risk, conceptual exploration project with no certainty of success. This said, should NV Gold verify its model and encounter favorable rocks at shallow depths as hoped, this program will open up a very important new exploration concept in Nevada, one of the most prolific gold provinces on Earth.
NV Gold's CEO, John Watson added "The ATV project follows NVX's primary directive, which is to create value through the experience and knowledge of its management team. This concept is both creative and compelling. Nevada has been the focus of significant gold exploration for several decades and new discoveries are made from new ideas and willingness to take risks."
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, CEO and a Director of Novo Resources Corp. and a director of NV Gold.