New Placer Dome Geophysical Surveys at Kinsley Mountain Continue to Generate New Targets and Completes Two Diamond Drill Holes at the Bolo Gold-Silver Project, Nevada
VANCOUVER, BC / ACCESSWIRE / February 14, 2022 / New Placer Dome Gold Corp. ("New Placer Dome" or the "Company") (TSX-V:NGLD)(OTCQB:NPDCF)(FSE:BM5) is pleased to announce the completion of the first phase of diamond drilling at the Company's Bolo Gold-Silver Project (the "Bolo Project" or "Bolo") in Nye County, Nevada. A total of 701 metres of core was drilled in two holes at the South Mine Fault Zone ("SMFZ"). Induced polarization (IP) / resistivity geophysical surveying continues at the Company's flagship Kinsley Mountain Gold Project (the "Kinsley Mountain Project" or "Kinsley Mountain") in Elko County, Nevada.
The purpose of the core drilling was to advance the development of a 3D geological model, and to continue to test the depth extent of SMFZ gold mineralization. The program included oriented core measurements to provide valuable structural and stratigraphic data that will used in the development of the 3D geological model and a potential future SMFZ initial mineral resource estimate. Both drill holes exhibited elevated arsenic, barium, and antimony values as determined by semi-quantitative hand-held portable X-ray fluorescence (XRF) analysis, associated with intervals of oxidation, decalcification, silicification, faults and breccias, all of which are known gold hosts at the SMFZ.
Max Sali, CEO and Founder of New Placer Dome commented, "Given the encouraging pathfinder element values and visual alteration observed in the Bolo core, we eagerly await the assay results from the drilling program. The data collected from the Bolo drill core will be instrumental in modeling the gold mineralization with the eventual goal of establishing an initial mineral resource for the SMFZ. With work also well underway at Kinsley, we look forward to leveraging the geophysical data collected to develop robust targets for drilling programs at both projects later in the year."
IP/Resistivity surveying is ongoing at Kinsley Mountain, currently targeting the frontier Kinsley North Range. Five lines totaling 15.9 line-km have been completed at Kinsley North to date. An additional nine lines totaling 29.7 line-km remain.
Highlights of New Kinsley North Range IP/resistivity and Geochemical Exploration Targets:
- 2021-2022 IP/resistivity surveys expanded 6.5 km north of the high-grade gold Western Flank Zone to test underexplored Kinsley North Range targets (Figure 1)
- Chargeability breaks indicative of significant displacement and arsenic ± antimony in soil anomalies are associated with property-scale northwest-trending fault structures analogous to those host significant gold resources along the Kinsley NW fault
- Chargeability/resistivity breaks and broad arsenic ± antimony in soil anomalies associated with northeast to northwest-trending block faulting exposing prospective lower Pogonip Group carbonate rocks, the host for much of the gold mineralization at the Long Canyon Mine[1]
- Chargeability highs associated with mapped jasperoid and arsenic-antimony in soil anomaly along north-trending fault structure in the centre of the range
- Nine Kinsley North IP/resistivity lines remain to be completed that cover a significant strike length of block faulted Pogonip Group and upper Notch Peak Formation rocks on the east side of the Kinsley Range.
Figure 1. North-northeast facing isometric view of Kinsley Mountain Project showing the 2020-2022 IP/resistivity survey chargeability inversions. Kinsley North Range inversions featured.
Methodology and QA/QC
A total of 14 lines totalling approximately 50.9 line-km have been completed during the 2021-2022 Kinsley Mountain Gold Project geophysical program. The lines are spaced 150 to 1,000 metres apart, with line lengths ranging from approximately 2.5 to 4.0 kilometres. Data were collected using the Direct Current Resistivity, Induced Polarization ("DCIP") method, on a 16-channel pole-dipole array with a dipole size (a-spacing) of 100 metres. A GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4 transmitter was used. Raw data were loaded into GDD IP Post-Process software and Geosoft Oasis Montaj software for quality control and review. The reviewed data were used to produce pseudo section plots of apparent resistivity and apparent chargeability and were the input for the inversion. Inversions were completed using the UBC-GIF DCIP2D inversion codes. Each line of data was inverted independently. The resistivity and IP inversion is a two-step process. The resistivity inversion is run first, and this model is used in the chargeability inversion. Multiple inversions were completed for quality control.
About New Placer Dome Gold Corp.
New Placer Dome Gold Corp. is a gold exploration company focused on acquiring and advancing gold projects in Nevada. New Placer Dome's flagship Kinsley Mountain Gold Project located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI 43-101 indicated resources containing 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes)[2]. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly hosting Carlin-style gold mineralization. New Placer Dome also owns
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of New Placer Dome Corp., and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
On behalf of the Board of Directors,
/s/ "Max Sali"
Max Sali, Chief Executive Officer
Contact Information:
Max Sali, Chief Executive Officer & Director
Tel: (604) 604 367 8117
Email: msali@newplacerdome.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information or statements" within the meaning of applicable securities law, including without limitation, receipt of assays from the core drilling at Bolo, completion of geophysical surveys at Kinsley, other statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as "social licence"); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather and climate conditions, increase in costs, equipment failures, government regulations and policies, litigation, exchange rate fluctuations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
[1] Not necessarily indicative of mineralization on New Placer Dome Properties
[2] Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021, with an effective date of May 5, 2021, and prepared by Michael M. Gustin, Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (www.sedar.com).
SOURCE: New Placer Dome Gold Corp.
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