NV Gold Corporation announced today that it has further expanded its land position at its 100% controlled ATV Gold Project with the leasing of several parcels of private land (both surface and minerals) from a private party.
When combined with the 417 claims recently staked by the Company, the project now encompasses over 5,260 Ha (13,000 acres) of mostly-contiguous terrain. The selection of the land was initially based on a geophysical gravity survey, and more recently refined with a geochemical survey.
John Watson, NVX’s CEO states “The signing of the land lease covering several sections of private land was important to ensure control of contiguous areas covering several key targets. The Company is excited to test the recently defined exploration drill targets at the ATV Gold Project, which were identified by combining data recently acquired from a positive gravity survey on the area, extensive technical knowledge of the terrain, geochemical data and historical drill data in the vicinity.”
Although there is no visible hydrothermal alteration mapped at the surface, NV Gold’s technical team believes that the presence of anomalous geochemistry suggests leakage originating from a potential buried target. NV Gold is now finalizing the planning of an initial 2,500 m drill program at the ATV Gold Project, commencing in early July, 2017. The Company has filed Notices of Intent with the Bureau of Land Management for the exploration drill program.
The exploration drill program will be comprised of 12-18 reverse circulation (“RC”) drill holes, with depths ranging from 100 m to 300 m. The program is anticipated to be completed in early August, and will target priority zones within the ATV Gold Project, identified by several gravity highs that were delineated by a positive gravity survey completed by the Company in the spring of 2017. The drill holes are focused on penetrating the volcanic cover and testing the underlying sedimentary rocks, believed to be the potential host of this high priority target.
The Company identified the eastern target by conducting a stream sediment sampling program, where it is believed a thin veneer of Tertiary-age volcanic rocks cover prospective Paleozoic-age sedimentary rocks. Samples were submitted for bulk leach extractable gold (“BLEG”) analysis, a sensitive procedure for analyzing gold and pathfinder elements, often employed for rapid screening of large tracts of land for the presence of gold mineralization.
BLEG results successfully identified a well-defined north-south oriented anomaly area measuring over 2 kms long by approximately 1 to 2 kms wide, with nine stream samples containing between 5.3 ppb Au and 7.2 ppb Au. These results are considered to be elevated, when compared to background BLEG Au values of 1-2 ppb in this area. Arsenic values of these same nine samples range between 11.9 ppm and 18.1 ppm, two to three times higher than background, which averages approximately 6 ppm. Antimony values range between 0.94 and 1.21 ppm, about twice the background which averages approximately 0.5 ppm. Arsenic and antimony are known trace elements commonly associated with gold deposits, especially Carlin-type gold systems.
The western portion of the ATV Gold Project is covered by recent valley sediments. Interpretation of gravity data and structural modeling for the western portion of the ATV Project suggest that Paleozoic sedimentary rocks may be present at shallow depths beneath a cover of unconsolidated surface alluvial sediment. Drill holes on the western area will assist in the interpretation of the gravity results with regard to depth to the basement and identify basement rock units.
Quinton Hennigh (Ph.D., P.Geo.) is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. Dr. Hennigh is a director of NV Gold and is not independent and is also the President, CEO and a Director of Novo Resources Corp.