DRILLING BEGINS ON THE LAPON CANYON PROJECT A NEVADA CANYON OWNED ROYALTY
Nevada Canyon Gold Corp. (OTC: NGLD) announces the commencement of drilling at the Lapon Canyon Project in Mineral County, Nevada. The project, owned by Walker River Resources Corp. (TSX.V: WRR), consists of 96 unpatented lode mining claims. Nevada Canyon holds a 3% Net Smelter Royalty (NSR) on the project. The 2024 drill program focuses on extending known gold-bearing zones and exploring new areas, particularly the Hot Spot Zone. The drilling will involve grid-style drilling and surficial mapping to collect structural data, managed by Serac Exploration. The results may lead to an NI 43-101 compliant mineral resource report.
- Nevada Canyon holds a 3% Net Smelter Royalty (NSR) on the Lapon Canyon Project.
- The 2024 drilling program targets both known and new mineralized zones, potentially increasing gold resources.
- Grid-style drilling over the Hot Spot Zone aims to ensure extensive exploration.
- Surficial mapping and geological data collection are planned to enhance the understanding of mineralization.
- Serac Exploration has been retained for detailed project management, geological mapping, and producing a 3D model.
- Initial interpretations have already improved the planning and design of the 2024 drill program.
- The mineralization at Lapon Canyon is not visible at the surface, requiring more costly exploration methods.
- The project involves significant financial investment with uncertain outcomes.
- No immediate data is available from the 2024 drilling results, implying a wait for tangible outcomes.
- The efficiency of the planned drilling and data collection remains to be demonstrated.
Reno, Nevada, June 06, 2024 (GLOBE NEWSWIRE) -- Nevada Canyon Gold Corp. (OTC Markets: NGLD) (The “Company” or “Nevada Canyon”) is pleased to announce it has been informed that drilling has begun on the Lapon Canyon Project, (the “Project”) a Nevada Canyon owned royalty, located in Mineral County, Nevada.
Nevada Canyon recently acquired a
Walker River Resources Corp (TSX.V: WRR), announced on June 6, 2024 (see WRR news release 06-06-2024) that reverse circulation (“RC”) drilling has begun at the Lapon Canyon Project, located in Mineral County, Nevada, 60 km SE of Yerington, NV.
The initial 2024 drill program at Lapon Canyon will consist of exploration drilling near the historical Lapon Canyon Mine, the “Central Zone”, and the newly discovered “Hot Spot Zone”. Drill holes are planned to extend known gold-bearing mineralized zones along trend and at depth, as well as to target new areas of mineralization previously untested.
Lapon Canyon’s “Hotspot Zone” is a primary target for the 2024 drill program. Following up on the blind, high-grade, near surface discovery made in 2021, the Company will carry out grid-style drilling over the target, testing for extension of the mineralized zone in all directions as well as for continuity with the mineralization of the “Central Zone”. Grid drilling will consist of pads placed at approximately 30 m centres on section, with up to five holes planned per pad. The mineralization is not visible at surface, as it is overlain by approximately 3 meters of loose colluvium, making the target blind, but also making drill road access and pad construction quicker at less cost.
Surficial mapping and rock sampling will be carried out at bedrock exposures surrounding the Lapon Canyon gold targets. Structural data collection will be a key objective, as Walker aims to focus in on the structural controls of high-grade mineralization and the broad disseminated deposits enveloping them.
The Company also announces it has retained Serac Exploration (“Serac”) of Vancouver BC., a full-service mineral exploration consulting firm. Serac will be responsible for the management and supervision of the drilling database, geological mapping, producing drill logs from RC chips, and producing a three-dimensional model of the Lapon Gold project. Serac’s initial interpretations of Lapon’s historical data have been used to produce a geological model of the Central and Hot Spot zones, which has already greatly enhanced the planning and design of Walker’s upcoming 2024 drill program.
Walker River has completed considerable exploration work to date, with numerous drill hole intercepts that have indicated significant gold mineralization. The drill programs at Lapon Canyon will consist of definition and systematic drilling on section for geological modelling purposes, exploration drilling to discover new gold mineralization, extension of known gold mineralization, in several directions, including at depth. The results from the 2024 drill programs and subsequent data compilation will enable the completion of an initial NI 43-101 compliant mineral resource on the Project.
About the Lapon Canyon Project
Lapon Canyon hosts historical, high grade gold mining with approximately 2,000 feet of underground workings in three adits. Historical underground work returned numerous assay values in the one-ounce-per-ton range. (NI 43-101, Montgomery and Barr, 2004). Walker River has completed considerable exploration work to date, with numerous drill hole intercepts that have indicated significant gold mineralization. The Project is easily accessible by secondary state roads from the main highway (15 miles), and is located approximately 40 miles southeast of Yerington, Nevada. A state power grid transmission line passes within 2 miles of the Project.
About Nevada Canyon Gold Corp.
Nevada Canyon Gold Corp. is a US-based natural resource company headquartered in Reno, Nevada. The Company has a large, strategic land position and royalties in multiple projects, within some of Nevada’s highest-grade historical mining districts, offering year-round access and good infrastructure in proven and active mining districts. The Company has a three-fold business model; i) mineral royalty creation and acquisition; ii) precious-metals and exploration streaming; and iii) exploration project accelerator.
For further information please contact:
Corporate Communications
Larry Heuchert
Tel: 1-888-909-5548 Ext. 2
Email: ir@nevadacanyongold.com
Web: www.nevadacanyongold.com
Forward-Looking Statements
The information posted in this release may contain forward-looking statements. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of exploration, delays in completing various engineering and exploration programs, and any potential results from such programs. Specifically, forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company properties and various other factors beyond the Nevada Canyon Gold Corp.'s control. The Company's actual results could differ materially from those discussed in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events except as required by applicable securities legislation. Investors are advised to carefully review the reports and documents that Nevada Canyon Gold Corp. files from time to time with the SEC, including its Annual Form 10K for the fiscal year ended December 31, 2023, Quarterly Reports and Current Reports.
FAQ
What is the significance of Nevada Canyon's 3% Net Smelter Royalty on the Lapon Canyon Project?
What is the primary focus of the 2024 drilling program at Lapon Canyon?
Which company owns the Lapon Canyon Project?
What are the Hot Spot Zone and Central Zone in the Lapon Canyon Project?
Who is overseeing the geological mapping and drilling database for the Lapon Canyon Project?
