NV Gold Announces Staking Around and Lease of Drill-Ready Discovery Bay Gold Project in Nevada

Rhea-AI Summary

NV Gold Corporation has entered a Lease Agreement for the Discovery Bay Gold Property in Lander County, Nevada. The project is considered drill-ready with potential similarities to the Cove-McCoy Gold Project. CEO Peter A. Ball emphasizes this acquisition as part of NV Gold's active exploration strategy for 2021. The company also staked 39 additional claims around the site and plans to conduct surveys to guide drilling. With approximately $4.5 million in treasury and no debt, NV Gold aims to leverage its technical expertise for mineral discoveries.

Positive

• Acquired Discovery Bay Gold Property lease, enhancing exploration portfolio.
• Project has geological similarities to Cove-McCoy gold deposits, increasing discovery potential.
• Company holds approximately $4.5 million in treasury with no debt.
• Plans to conduct IP surveys to guide future drilling.

Negative

• Forward-looking statements highlight inherent risks and uncertainties in exploration.

VANCOUVER, BC / ACCESSWIRE / June 3, 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 Pete Herrera (the "Vendor"), providing NV Gold the right to lease an undivided 100% right, title and interest in the Discovery Bay Gold Property in Lander County, Nevada ("Discovery Bay").

"As noted previously, we are focused on delivering one of NV Gold's most active exploration seasons. The Discovery Bay Gold Project is one of a number of exciting gold projects reviewed internally, and the first acquisition of 2021," commented Peter A. Ball, President and CEO of NV Gold. "Discovery Bay, with its strategic location and host rocks similar to the multi-million ounce Cove-McCoy Gold Project operated by I-80 Gold Corp., is considered a drill ready advanced gold project at which NV Gold will initiate exploration immediately after drilling is completed at its Slumber Gold Project. I anticipate the acquisition of additional drill ready gold projects to add to our pipeline as we continue our internal review. We continue to discuss other projects within our portfolio for potential joint venture or lease agreements with external parties."

About the Discovery Bay Project

• The Project is located along the "Rabbit Suture" (Hwy 305), and in proximity to the Cove-McCoy gold deposits in Lander County, Nevada (refer to Figure 1) controlled by I-80 Gold Corp. This North-South structural zone is known to host other mega gold deposits like Turquoise Ridge (Twin Creeks) and the Phoenix and Lone Tree Mines.
• The Discovery Bay target comprises a one kilometer long, previously unknown, and unexplored window of Triassic Osobb Mountain Quartzite and Cane Springs Limestone (host rocks at McCoy), and other underlying host lithologies. Most of the target is covered by thin layers of Tertiary volcanics (Basal Tuffs) and Quaternary rocks.
• Historical drilling conducted by Newmont Mining in 2018 encountered a thick blanket of intensely sulfidized intrusive rock in contact with decalcified and Au-anomalous silty limestones.
• NV Gold recently staked 39 additional claims to cover the surrounding potentially mineralized ground, and plans to conduct an IP (Induced Polarization) survey and ground magnetics, to potentially guide the project towards a drill program in 2021.

Figure 1: Discovery Bay Gold Project General Location Map

"After working in Nevada for over 20 years, I consider Discovery Bay to be a project that deserves to be drilled, based on the excellent work completed to-date and its geological potential. I am extremely excited to work with Pete Herrera, who has owned these claims for nearly 30 years, and has not had the opportunity to drill-test his ideas. To have potentially mineralized Cove-McCoy host lithologies exposed at the surface, and mostly being covered by Tertiary volcanics and Quaternary gravels, makes this a prime target for a potential exciting discovery," stated Thomas Klein, Exploration Manager, NV Gold.

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 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, 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/650248/NV-Gold-Announces-Staking-Around-and-Lease-of-Drill-Ready-Discovery-Bay-Gold-Project-in-Nevada

FAQ

What is the Discovery Bay Gold Property leased by NV Gold?

The Discovery Bay Gold Property is a drill-ready gold project located in Lander County, Nevada, with geological similarities to the Cove-McCoy deposits.

What are the exploration plans for the Discovery Bay project?

NV Gold plans to conduct IP and ground magnetic surveys to guide a drill program for the Discovery Bay project.

How much cash does NV Gold have for exploration?

NV Gold has approximately $4.5 million in its treasury, enabling it to fund exploration activities.

What are the risks associated with NV Gold's forward-looking statements?

The risks include regulatory issues, market prices, and uncertainties related to exploration success, which could affect actual results.