NV Gold Announces Lease of Drill-Ready Carlin-Style Pickhandle Gold Project in Nevada

Rhea-AI Summary

NV Gold Corporation has entered into a Lease Agreement to acquire a 100% interest in the Pickhandle Gold Project located in Lander County, Nevada. This project is positioned near significant gold deposits, suggesting strong potential for discovery. Historical rock chip sampling indicated gold values as high as 1.5 g/t Au. NV Gold plans to initiate a Phase 1 exploration program, with ambitions for an aggressive drilling campaign throughout 2021. The company currently has ~77 million shares issued and approximately $4.5 million in treasury, indicating a robust financial standing.

Positive

• Acquisition of Pickhandle Gold Project enhances NV Gold's exploration portfolio.
• Project located near multi-million ounce gold deposits, indicating strong potential.
• Historical sampling shows gold values up to 1.5 g/t Au.
• Company well-financed with ~77 million shares issued and ~$4.5 million in treasury.

Negative

• Management does not view the Pickhandle project as material at this time.
• No guarantee that historical results will be replicated in future explorations.

VANCOUVER, BC / ACCESSWIRE / June 8, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to announce that it has entered into a Lease Agreement (the "Agreement") with Robert Foster and Jay Winrod (the "Vendors"), providing NV Gold the right to lease an undivided 100% right, title and interest in the Pickhandle Gold Project in Lander County, Nevada ("Pickhandle").

"In 2021, we are focused on ensuring that we provide the opportunity for a gold discovery in Nevada. Leasing the highly prospective Pickhandle project in the Cortex Trend area in Nevada, and building strong relationships with respected gold prospectors Robert and Jay, is key to establishing NV Gold as the story to follow in 2021," commented Peter A. Ball, President and CEO of NV Gold. "As we continue to add key drill-ready gold projects to build out our portfolio for our upcoming exploration season, we are readying and expanding our technical team, and look forward to the drills turning at multiple projects during 2021."

About the Pickhandle Gold Property

• The Project is located at a structural intersection of the "Rabbit Suture" (Hwy 305) and the Crescent Valley Fault Zone (refer to Figure 1), approximately 45 kilometers southwest of Nevada Gold Mine's Cortez and Pipeline multi-million ounces gold deposits.
• The Pickhandle gold target comprises a small window of Permian Edna Mountain Limestone cut by mineralized dikes. The surface geology, alteration, structural complexity, and geochemical environment are strongly indicative of a "Carlin-type" gold environment. Particularly the pervasive silicification (Jasperoids) and silica-flooded brecciation (refer to Figure 2), superimposed on ferroan dolomite, are especially encouraging. Gold values from rock chip sampling reached up to 1.5 g/t Au.
• It is particularly significant that the Pickhandle prospect area has never been drilled and shows no evidence of having been prospected in recent times.
• NV Gold will conduct a Phase 1 exploration program during 2021 leading to a potential RC (Reverse Circulation) drilling program, which will be focused on testing all unexposed Permian Antler Sequences, and to extend the target underneath Tertiary volcanic cover and into the pediment.

Figure 1: Pickhandle Gold Project General Location Map (NV Gold properties highlighted in red)

Figure 2: Pickhandle Jasperoids and Pediment Target

"I am pleased that Jay and Rob have partnered up with NV Gold to advance the Pickhandle Gold Project, which has never been drilled. The project has the right structural complexity, ‘Carlin-type' ingredients, and is in an excellent neighbourhood to the Cortez and Pipeline gold deposits. After the Discovery Bay lease agreement announced last week, this will be the second drill-ready project acquired recently by NV Gold. I am excited to be part of a new chapter in NV Gold's future, with the beginning of an aggressive multi-project drilling campaign in Nevada," stated Thomas Klein, Exploration Manager, NV Gold.

NV Gold notes that there is no guarantee that the historical results are representative and cannot guarantee that the Company will be able to duplicate the results with future exploration programs. NV Gold's management team does not view the Pickhandle project as material to the Company at this time.

About NV Gold Corporation

NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) 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 Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 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, 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

View source version on accesswire.com:
https://www.accesswire.com/650840/NV-Gold-Announces-Lease-of-Drill-Ready-Carlin-Style-Pickhandle-Gold-Project-in-Nevada

FAQ

What is the Pickhandle Gold Project's significance to NV Gold Corporation NVGLF?

The Pickhandle Gold Project offers NV Gold a chance for a significant gold discovery due to its location near established gold deposits and positive historical sampling results.

What are NV Gold's financials as of June 2021?

As of June 2021, NV Gold has approximately 77 million shares issued and close to $4.5 million in its treasury, with no debt.

What exploration plans does NV Gold have for the Pickhandle Gold Project?

NV Gold plans to commence a Phase 1 exploration program in 2021, with intentions for a Reverse Circulation drilling program focused on unexposed areas of the project.

What does the lease agreement for the Pickhandle project entail?

The lease agreement provides NV Gold the right to lease a 100% interest in the Pickhandle Gold Project, allowing the company to explore and potentially develop the site.

Are there risks associated with the Pickhandle Gold Project exploration?

Yes, there are risks including regulatory issues, market conditions, and the uncertainty of mineralization, which may affect the success of future exploration.