NV Gold Announces Commencement of 2021 Exploration Season with Its Upcoming Drill Program at its Slumber Gold Project

Rhea-AI Summary

NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) announces its Phase 3 drill program at the Slumber Gold Project in Nevada. Scheduled to start by July 2021, the program will include approximately 8 reverse circulation drill holes, targeting a newly discovered near-surface oxide gold zone. Initial results indicated 18.3m grading 0.52 g/t Au. NV Gold is well-financed with over $4.5M in cash and no debt, positioning it for an active exploration year with plans for additional projects and detailed structural reviews of existing data.

Positive

• Commencement of Phase 3 drill program targeting near-surface oxide gold zone.
• Initial drill results indicate mineralization of 18.3m grading 0.52 g/t Au.
• Company fully financed with over $4.5M in cash and no debt.
• Busy exploration year planned with multiple projects under review.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 1, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) ("NV Gold" or the "Company") is pleased to announce its upcoming Phase 3 drill program at its 100% controlled Slumber Gold Project ("Slumber"), located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA.

"NV Gold is excited to commence its 2021 exploration season at its Slumber Gold Project. The Phase 3 drill program will initially be focused on a recently discovered near surface oxide gold zone, where positive results including 18.3m grading 0.52 g/t Au in silicified rhyolite was intersected. Discovering a near surface mineralized gold system in Nevada in excess of 0.5 g/t Au and proximal to local mining operations, which are producing gold with a lower gold grade, is exciting," commented Peter A. Ball, President and CEO of NV Gold. "We will complete a structural review of existing data to assist targeting the potentially higher grade deeper mineralized structures that fed this system, which we anticipate being able to conduct with a follow-up deep core drilling program later this year. NV Gold is fully financed with in excess of $4.5M in cash, $1.6M of warrants in the money, and no debt. It will be our busiest year in our corporate history, with multiple gold projects currently under review for acquisition and drilling. The Company is finalizing results and modelling from our Sandy Gold Project drill program, and anticipates also announcing a Phase 2 deep core hole drill program for 2021."

Phase 3 Slumber Gold Project Drill Program Highlights

• The drill program will consist of approximately 8 reverse circulation ("RC") drill holes, totaling up to 1,500 m (~4,920 ft).
• Each RC drill hole will target near surface oxide gold mineralization to determine extent of the interpreted 600m x 300m near surface zone, and to also test two additional parallel structures identified by recent stream sediment and rock chip sampling.
• During Phase 2, the oxidized and silicified rhyolite mineralization intersected correlated well with the resistive blanket identified in a previously completed geophysical CSAMT survey.
• With the project currently fully permitted, the drill program is expected to commence by July 2021, when the RC drill rig is mobilized to site.

Please refer to NV Gold's press release dated May 20^th, 2021 for additional information on recent drilling at the Slumber Gold Project, including detail on the near surface oxide zone intersected and deep core hole targets identified.

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, Chairman and a Director of Novo Resources Corp.

About NV Gold Corporation

NV Gold (TSXV: NVX; OTCQB: NVGLF) is a well-financed exploration company with ~77 million shares issued, close to $4.5M in its treasury and no debt. The Company is based in Vancouver, British Columbia and is focused on delivering value through mineral discoveries in Nevada, USA, leveraging its highly experienced in-house technical knowledge. 2021 will be NV Gold's busiest exploration year in its corporate history.

On behalf of the Board of Directors,

Peter A. Ball
President & CEO

For further information, visit the Company's website at www.nvgoldcorp.com or contact:

Peter A. Ball, President & CEO
Phone: 1-888-363-9883
Email: peter@nvgoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration activities, including the planned Phase 3 deep core hole program at the Slumber Gold Project, the Phase 2 deep core hole program at the Sandy Gold Project, the potential for a discovery at its properties, and acquisition of new gold projects are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, the extent to which mineralized structures extend on to the Company's Projects and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. 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 otherwise required by applicable securities legislation.

SOURCE: NV Gold Corporation

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FAQ

What is NV Gold Corporation's upcoming drill program for 2021?

NV Gold Corporation's Phase 3 drill program at the Slumber Gold Project aims to explore a newly discovered near-surface oxide gold zone, starting by July 2021.

What results have been achieved from the Slumber Gold Project so far?

Initial drilling at the Slumber Gold Project revealed an intersection of 18.3m grading 0.52 g/t Au.

How is NV Gold Corporation financially positioned for its exploration activities?

NV Gold Corporation has over $4.5M in cash reserves and no debt, allowing for extensive exploration in 2021.

What are the targets for the Phase 3 drill program at the Slumber Gold Project?

The Phase 3 drill program will focus on determining the extent of a 600m x 300m near-surface gold mineralization zone and test two additional parallel structures.

When is the Phase 3 drill program expected to commence?

The Phase 3 drill program at Slumber Gold Project is expected to commence in July 2021.