NV Gold Initiates First Stage Drilling Program at the Discovery Bay Project

Rhea-AI Summary

NV Gold Corporation has launched a four-hole drilling program at the Discovery Bay Gold Project in Nevada, aiming for a potential Carlin-type gold system. The drilling will cover approximately 1500 - 1800 meters and is expected to be completed in about six weeks. This initiative seeks to explore an under-explored area, potentially rich in mineralization, near established gold districts like the McCoy Cove. The project aligns with NV Gold's strategy to develop a comprehensive model of its geological setting while confirming the presence of valuable host lithologies.

Positive

• Initiation of drilling program at the Discovery Bay Gold Project, signaling potential gold discovery.
• Drilling aims to cover under-explored geological formations, potentially leading to new mineralization.
• Project aligns with strategic goals to advance multiple projects each year.

Negative

• No guarantees of mineral discovery; actual results may differ from expectations.
• Drilling program is wide-spaced, which may limit initial findings.

VANCOUVER, BC / ACCESSWIRE / April 7, 2022 / NV Gold Corporation (TSX-V:NVX)(OTCQB:NVGLF)(FRA:8NV) ("NV Gold" or the "Company") is pleased to announce that the Company has initiated a first-stage four- hole drilling program at the Discovery Bay Gold Project in Nevada.

The Discovery Bay Project is located approximately 14 km southeast of the McCoy Cove gold deposits in Lander County, Nevada (see figure 1).

The Discovery Bay target is focused on an almost unexplored window of Triassic Osobb Mountain Quartzite and Cane Springs Limestone (host rocks at McCoy), along with additional underlying promising host lithologies. Most of the target is covered by thin layers of Tertiary volcanics (Basal Tuffs), Quaternary gravels and sediments with little outcrop. Historical drilling in 2018 did encounter a promising layer of sulfidized intrusive rocks in contact with decalcified and Au-anomalous silty limestones.

This initial program will consist of approximately 1500 - 1800 meters of reverse-circulation drilling in four holes. The Company expects the drilling to be completed in approximately six weeks.

Discovery Bay is in alignment with major multi-million-ounce gold districts, starting in the north with Turquoise Ridge and Phoenix, and in close proximity to the McCoy- Cove Mines. This mineralized NS structural trend is also referred to as the "Rabbit Suture Corridor". To have potentially mineralized McCoy-Cove 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! NV Gold has conducted ground gravity and IP (Induced Polarization) surveys to capture the full extent of this narrow Triassic window (see figures 1 & 2). This first pass of drilling will be very wide-spaced (a kilometer plus!). It was designed to calibrate our geophysical models and to confirm the presence of host lithologies. NV Gold is aiming for a Carlin-type gold system and any type of intercepted alteration or gold mineralization can be considered a success and opens a path to a possible new discovery," stated Thomas Klein, VP Exploration, NV Gold.

John Watson, President, and CEO of NV Gold added, "The Discovery Bay program is the latest step in our stated plan to investigate and drill multiple projects each year to advance our Nevada portfolio. Although Discovery Bay will be a somewhat modest initial program, our near-term project goal is the development of a three-dimensional model of this promising geologic setting.

On behalf of the Board of Directors,

John E. Watson
President & 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. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration activities, the size and timing for completion of the drill program and the potential for a Carlin-type gold system or another type of discovery at Discovery Bay 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 lack of continuity of mineralization, 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 because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

Figure 1: Project Location Map (To view the full sized image, please click here)

Figure 2: The Discovery Bay target with almost unexplored window of Triassic Osobb Mountain Quartzite and Cane Springs Limestone (host rocks at McCoy), and drill hole locations. (To view the full sized image, please click here)

Figure 3: Drill rig on site TOF-2. (To view the full sized image, please click here)

SOURCE: NV Gold Corporation

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FAQ

What is the drilling program launched by NV Gold Corporation at Discovery Bay?

NV Gold Corporation initiated a four-hole drilling program at the Discovery Bay Gold Project to explore potential gold resources.

When will the drilling program at Discovery Bay be completed?

The drilling program is expected to be completed in approximately six weeks.

What geological formations are being targeted at Discovery Bay?

The drilling targets Triassic Osobb Mountain Quartzite and Cane Springs Limestone, potentially rich in gold mineralization.

What are the goals of NV Gold's drilling program at Discovery Bay?

The goal is to confirm the presence of host lithologies and develop a comprehensive geological model for the area.

What risks are associated with the Discovery Bay drilling program by NV Gold?

There are various risks, including regulatory issues and market conditions, that could impact the anticipated results.