NevGold Corp. (“NevGold” or the “Company”) is pleased to announce the completion of an updated geological model and 2023 drill targeting at its Limousine Butte Project, Nevada (the “Project”) located on the southern part of the Carlin Trend. The Company is also well-advanced in completing an updated NI 43-101 Technical Report for the Project, with targeted completion in July.
- Updated Geological Model Identifies Significant Mineralization Potential and New High Priority Targets: the updated geologic model for the Project has been completed incorporating new project-wide mapping and 2022 drill data. The Company has re-interpreted the district-scale and project-specific geology and has identified significant mineralization potential and numerous high priority drill targets for the 2023 drill program.
- Resurrection Ridge: the updated geological model indicates additional potential for the key host rock (Pilot Shale), particularly to the north and east of the currently defined mineralized footprint at Resurrection Ridge.
- Cadillac Valley: the 2022 drilling at Cadillac Valley South indicates the mineralization remains open, specifically to the south and east. The Company inherited CSAMT data from McEwen Mining which was a key data layer utilized in the 2022 discovery at Cadillac Valley.
- Additional Targets Identified: West Cadillac and Coffee Mug (Northeast Exploration area) have been identified as areas with strong potential for the key Pilot Shale host rock. The Company plans to drill both target areas in future drill programs.
- Exploration Plan of Operations (“EPO”) Tracking According to Schedule: the EPO was submitted to the Bureau of Land Management (“BLM”) on February 8, 2023 (see News Release on February 14, 2023) and the review process is tracking according to schedule. Once approved, the EPO will allow up to 200 acres of disturbance which will permit more extensive future drill programs at the Project.
- Updated Technical Report: the Company is well-advanced in completing an updated NI 43-101 Technical Report (the “Report”) at Limousine Butte. Targeted completion for the Report is July.
NevGold CEO, Brandon Bonifacio, comments: “Although we have started the year focusing our drilling efforts at Nutmeg Mountain in Idaho, Limousine Butte remains an important asset for the company. After our inaugural drill program, we have spent the past approximate 6 months re-interpreting the data and updating the geological model which has led to many key positive developments. As expected over the course of the 2022 drill program, we uncovered many promising areas at the project that were historically not drill-tested. We have incorporated the new drill data into the geological database, and we have re-envisioned the entire Limousine Butte Project. There are a number of new, high-priority targets that are focused on expanding the mineralized areas at Resurrection Ridge and Cadillac Valley, and finding new areas of mineralization within the larger project boundary. We are pleased with what we have been able to accomplish over the past 24 months at Limousine Butte, and we are looking forward to having a drill rig back on the project.”
NevGold VP Exploration, Derick Unger, comments: “Limousine Butte continues to show exciting potential as we broaden our understanding of the geology and distribution of gold on the property. The detailed work completed by previous operators and academic studies has given us a strong foundation to build upon. Our work to compile all this data into an updated geologic model, along with our drilling, mapping, and sampling, over the past 24 months has strengthened our targeting concepts and identified promising new areas that have not been previously drill tested. The recognition that faulting has offset the favorable host rocks and concealed them under unmineralized lithologies or post-mineral cover opens significant new areas at Limousine Butte with no previous drilling. We are also closely monitoring the extensive exploration activity occurring on neighbouring properties which forms an important aspect of the district-scale geology. We will continue to focus on expanding the gold mineralization at Resurrection Ridge and Cadillac Valley, as well as targeting the discovery of new mineralized areas within the larger Limousine Butte Project.”