NV Gold Announces Lease of Drill-Ready Spanish Canyon Gold Project in Nevada

Rhea-AI Summary

NV Gold Corporation has entered a Lease Agreement with Mountain Gold Claims for the Spanish Canyon Gold Project in Nye County, Nevada. This project, characterized as a drill-ready gold initiative, presents a favorable geological setting with historical sampling indicating mineralization. The Company aims to explore this untested gold system in 2021 and leverage its expertise to enhance value through mineral discoveries. NV Gold remains financially robust, with approximately $4.5 million in treasury and no debt, marking 2021 as its most active exploration year.

Positive

• Lease Agreement signed for Spanish Canyon Gold Project, an advanced drill-ready gold initiative.
• Spanish Canyon shows promising historical sampling results, with assays up to 2 g/t Au.
• The project is located in a favorable geological area, enhancing potential for discovery.
• NV Gold is financially strong, holding ~77 million shares issued and $4.5 million in treasury.

Negative

• There is no guarantee that historical sampling results will be replicated in future explorations.
• Spanish Canyon is not viewed as material to the Company at this time.

VANCOUVER, BC / ACCESSWIRE / June 10, 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 Mountain Gold Claims, LLC (the "Vendor"), providing NV Gold the right to lease an undivided 100% right, title and interest in the Spanish Canyon Gold Project in Nye County, Nevada ("Spanish Canyon").

"Spanish Canyon is an exceptional property that is an advanced and drill ready gold project that the Company will look to explore in 2021. We continue to build strong relationships and partnerships with some of the most well-known explorers in Nevada to create the opportunity for a gold discovery," commented Peter A. Ball, President and CEO of NV Gold. "I'm excited to work with Tom Callicrate from Mountain Gold Claims, who brings over 35 years of Nevada mineral exploration experience. Our technical team is focused on drill testing several high-priority projects in 2021 to advance each target to a secondary decision point as quickly and cost-effectively as possible."

About the Spanish Canyon Gold Project

• The Spanish Canyon Gold Project is located in the Ione Valley, Nye County, approximately 100 kilometers northwest of Tonopah, Nevada (refer to Figure 1).
• The project is a "Carlin-type" strata-bound and structurally-controlled, disseminated gold-silver system hosted in the calcareous sediments of the Triassic Luning and Sunrise Formations.
• The area is characterized by multiple stages of faulting, replacement silicification, hydrothermal and tectonic breccia-bodies and argillic-decalcification alteration of carbonates over a 4 square-kilometer area.
• This never-drill-tested project is unique for its several mineralized jasperoid zones in an area up to a kilometer long and contains previous sampling that assayed up to 2 g/t Au and over 1,000 ppm As (refer to Figure 2 and 3).
• The project represents an untested gold system, with bulk mineable potential, that is situated in favorable geologic and geographic environments.
• Drill targets have been identified and include a large basin pediment area, range-front structural zone, with mineralization exposed in the outcrops along the low-lying hills of the range.

Figure 1: Spanish Canyon Gold Project General Location Map

Figure 2: Spanish Canyon Gold Project Geology, Alteration & Target Map

Figure 3: Spanish Canyon Gold Project Jasperoids in the Low Hills

"I am pleased that Mountain Gold Claims, LLC, controlled by Tom Callicrate, has chosen NV Gold as the best company to work with to advance his Spanish Canyon gold project. I have known Tom for many years, and I believe strongly in his prospecting capabilities, and instinct to find gold. Spanish Canyon is extremely interesting for its strategic location at the collision zone of the Walker Lane Structural Corridor with Carlin-type Settings. This enormous, never-drill-tested, alteration and gold-anomalous zone hosts great opportunities for discovery", 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 Spanish Canyon 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/651212/NV-Gold-Announces-Lease-of-Drill-Ready-Spanish-Canyon-Gold-Project-in-Nevada

FAQ

What is the Spanish Canyon Gold Project?

The Spanish Canyon Gold Project is an undrilled gold project located in Nye County, Nevada, leased by NV Gold.

What are the historical sampling results of the Spanish Canyon project?

Previous sampling at Spanish Canyon assayed up to 2 g/t Au and over 1,000 ppm As.

What financial position does NV Gold hold?

NV Gold has approximately $4.5 million in its treasury and no debt.

What are the exploration plans for NV Gold in 2021?

NV Gold plans to conduct extensive drilling at several high-priority projects, including Spanish Canyon.

Is Spanish Canyon considered material to NV Gold?

Currently, the Spanish Canyon project is not viewed as material to NV Gold's overall operations.