NV Gold Identifies Large Carlin-type Soil Anomaly at the SW Pipe Gold Project at Crescent Valley, North-Central Nevada

Rhea-AI Summary

Nevada Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) announces a significant geochemical anomaly at its SW Pipe Gold Project in Nevada. The property includes 84 unpatented mining claims, located near the Pipeline gold mine. Recent soil sampling identified extensive Carlin-type geochemical anomalies involving various elements. Previous drilling indicated near-surface oxide-gold mineralization. The new target area, defined by two intersecting faults, presents a promising opportunity for further exploration. Results from a Mercury-vapor survey are pending.

Positive

• Identification of a strong geochemical anomaly at SW Pipe Gold Project.
• Soil sampling reveals significant Carlin-type geochemical anomalies.
• Location near Pipeline gold mine enhances exploration potential.
• Historical drilling indicates near-surface oxide-gold mineralization.

Negative

• Limited depth of historical drilling (100m to 200m) may overlook deeper mineralization.
• Pending results from the Mercury-vapor survey introduce uncertainty.

VANCOUVER, BC / ACCESSWIRE / October 26, 2022 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") is pleased to announce it has identified a strong geochemical anomaly from a recent soil sampling program at its 100% owned SW Pipe Gold Project in Lander County, Nevada. ("SW Pipe").

About the SW Pipe Gold Property:

• Comprised of 84 unpatented mining claims covering a sediment-hosted gold system 6 km (3.7 miles) southwest of the world-class Pipeline gold mine (> 20 million ounces of gold) in the central Cortez gold belt of north-central Nevada. Disseminated, Carlin-type gold mineralization covers at least 1.3 by 0.6 km (see Figure 1 to 3).
• The Company's rock-chip assays reach 1.47 ppm Au, and historic shallow drilling in 1989 yielded intersections that include 0.442 g/t over 16.8 min 89-1, 0.654 g/t over 15.2 m in 89-2, 0.794 g/t over 9.2 m in 89-9, and 0.580 g/t over 18.3 m in 89-11 (see Figure 3).
• A total of 567 soil samples were collected on the Property and later modeled in MapInfo. The modeling shows a large and comprehensive zone of overlapping Carlin-type geochemical anomalies including Au, As, Sb, Hg, Tl, and Se, in the neighborhood and merging with a Magmatic Plume, which is defined by strong Pb, W, and Te (see Figure 3). (Note:The geochemical interpretation is referring to the "Geology and Geochemistry of the Deep Star Gold Deposit Model, Carlin Trend, Nevada," published in Economic Geology by Robert Jackson and Co-writers in 2003.)
• The Property has undergone various phases of historical drilling, but drill depths have been kept short in the past, mostly in the 100 m to 200 m range, and all historical reverse circulation ("RC") holes were drilled outside of the newly defined target area. The historical drilling defined a decent-sized zone of near-surface, oxide-gold mineralization, possibly related and representing leakage of a deeper-seated gold system.
• The New Target is an interpreted dilational zone, at least half a kilometer wide and one kilometer long. The dilational zone is defined by two intersecting faults, the Filippini and Magmatic Plume Faults, which could have functioned as a fluid pathway allowing an uprising gold-rich metal brine to create the extensive geochemical anomalism (see Figure 3).
• Results from a recently completed Mercury-vapor survey covering the same soil sampling area are still pending.

Thomas Klein, VP Exploration stated, "These are extremely exciting results based on my knowledge and experience of over 20-years of Carlin Trend exploration and targeting. I have been involved in numerous soil sampling programs and Mercury-vapor surveys over the last two decades and have not seen such a comprehensive and understandable geochemical anomaly for a long time. The pure dimensions of the geochemical anomalies and their structural constraints are very impressive and their proximity to world-class gold deposits is compelling enough to enhance the SW Pipe Gold Project in NV Gold's Exploration Pipeline to a "Must-be-drilled Target"."

Figure 1: NV Gold Landholding Map

Figure 2: SW Pipe Gold Project General Location Map

Figure 3: SW Pipe Gold Project Soil Geochemistry and Dilational Zone Target

About NV Gold Corporation

NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-financed exploration company with ~80 million shares issued. 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, 2022 - 2023 promises to be highly productive for NV Gold.

On behalf of the Board of Directors,
John Seaberg, Director and CEO

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

Freeform Communications at 604.245.0054

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. These include statements about interpretations of exploration results and the presence of possible fluid pathways and 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 geological formations not conforming to interpretations of exploration data, regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because 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 recent discovery was made by NV Gold Corporation regarding the SW Pipe Gold Project?

NV Gold Corporation announced a strong geochemical anomaly following a soil sampling program at the SW Pipe Gold Project.

What does the geochemical anomaly at the SW Pipe Gold Project indicate?

The geochemical anomaly suggests the presence of extensive Carlin-type mineralization, which is significant for gold exploration.

How many mining claims does NV Gold hold at the SW Pipe Gold Project?

NV Gold holds 84 unpatented mining claims at the SW Pipe Gold Project.

What are the results from historical drilling at the SW Pipe Gold Project?

Historical drilling indicated near-surface oxide-gold mineralization with intersections reaching up to 0.794 g/t.

What are the implications of the geochemical anomaly for NV Gold's stock symbol NVGLF?

The identification of a strong geochemical anomaly could enhance investor confidence and interest in NV Gold's stock, NVGLF.