02:06:09 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Nevgold Corp
Symbol NAU
Shares Issued 67,759,683
Close 2023-01-23 C$ 0.38
Market Cap C$ 25,748,680
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Nevgold begins drilling at Nutmeg Mountain

2023-01-23 11:15 ET - News Release

Mr. Brandon Bonifacio reports

NEVGOLD STARTS DRILL PROGRAM AT NUTMEG MOUNTAIN

Nevgold Corp. has provided an update on the positive progress made on the company's inaugural drill program at Nutmeg Mountain, Idaho, which hosts a 2020 mineral resource estimate of 910,000 indicated ounces of gold (43.5 million tonnes (Mt) at 0.65 gram per tonne (g/t) gold (Au)) and 160,000 inferred ounces of gold (9.1 Mt at 0.56 g/t Au) with significant resource expansion and exploration upside. The company has organized all key areas for the program and drilling has started.

Key highlights:

  • Drilling has started: The company has contracted American Drilling LLC from Spokane, Wash., for a core drill rig and all other key support areas, including water, support equipment and staff, are in place for the program. The drill mobilization is complete and the first hole has commenced.
  • Patented claims: Large portions of the project are situated on patented mining claims and other privately held ground, which is the initial focus of drilling. The company has also filed an exploration notice permit with the Bureau of Land Management (BLM) to drill on the federal unpatented mining claims at the project. The permit is currently in the review stage and is tracking to the expected timeline.
  • Drill program objectives: The historical drilling at Nutmeg Mountain totalling over 70,000 metres only went to an average depth of approximately 75 metres, creating a number of resource expansion and exploration targets. The company will focus on leveraging the robust historical database which was reanalyzed and reinterpreted by the Nevgold team in 2022 to:
    • Expand the 2020 mineral resource to the north and south with near-surface drilling;
    • Test for high-grade feeder structure s at depth as shown in the low-sulphidation epithermal model;
    • Identify parallel structures that host additional near-surface mineralization to the east and west of the 2020 mineral resource.

Nevgold vice-president, exploration, Derick Unger comments: "The pace at which our team has moved to organize our inaugural drill program at Nutmeg Mountain is impressive. We closed the Nutmeg Mountain transaction in August, 2022, and swiftly moved to complete the core relogging, surface mapping, geological interpretation and drill targeting. Through this geological exercise, we identified an abundance of high-quality resource expansion and exploration targets that we will begin to test in this program. Our focus at Nutmeg Mountain is twofold: first to laterally expand the near-surface mineralization and second to test new exploration targets at depth trying to uncover the high-grade feeder structure.

"This is a very exciting time as the drill program has started and we expect to start receiving assays as early as March."

On July 14, 2020, Goldmining Inc. published a National Instrument 43-101 technical report on the project, titled "Technical Report -- Almaden Gold Property," with an effective date of April 1, 2020, which includes the attached table and which Nevgold is treating as a historical mineral resource estimate.

A Nevgold qualified person has not done sufficient work to classify Goldmining's mineral resource estimate as current mineral resources and Nevgold is not treating the estimate as current mineral resources or mineral reserves.

Technical information contained in this news release has been reviewed and approved by Mr. 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 Corp.

Nevgold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada, Idaho and British Columbia. Nevgold owns a 100-per-cent interest in the Limousine Butte and Cedar Wash gold projects in Nevada and the Ptarmigan silver-polymetallic project in southeastern British Columbia and has an option to acquire 100 per cent of the Nutmeg Mountain gold project in Idaho.

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