NV Gold Receives Confirmation of Gold Mineralization, Interpreted from Low Resistor Target, through Positive Lab Results from Recent RC Drill Holes at Slumber Project

Rhea-AI Summary

NV Gold Corporation has provided an update on its Slumber Gold Project in Humboldt County, Nevada. The ongoing drilling program has successfully completed ten reverse circulation drill holes, totaling approximately 2012 meters. Initial results show significant low-grade oxide gold mineralization over an area exceeding 800 by 300 meters, with thicknesses of 100-150 meters. The drilling has confirmed the presence of a significant oxide gold system that remains open in all directions. Encouraging results from cyanide solubility tests revealed recoveries over 95%.

Positive

• Completion of ten reverse circulation drill holes totaling 2012 meters.
• Significant low-grade oxide gold mineralization identified over 800+ by 300+ meters.
• High initial recoveries of gold (over 95%) from preliminary cyanide solubility tests.
• Drilling confirms correlation of mineralization with low-resistor zones identified in previous surveys.

Negative

• Drilling program faced challenges including winter conditions, water inflow, and slow lab results.

VANCOUVER, BC / ACCESSWIRE / February 22, 2022 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") The Company announced today an update on its active projects in Nevada, USA.

Slumber Gold Project, Humboldt County, Nevada

Our Q4/Q1-2021/22 drill program at Slumber has currently completed ten reverse circulation drill holes totaling approximately 2012 meters. Two RC and two core holes remain to be drilled during the current program. Results have been received for the first five holes and are summarized in the table below (see Table 1). These holes have encountered significant thicknesses of low-grade oxide gold mineralization, distributed over an area over 800+ meters by 300+ meters with thicknesses in excess of 100-150 meters. Most the holes bottomed in gold mineralization, depth-limited by ongoing equipment challenges and ground water. Slumber is now demonstrated to be a significant low-grade gold system, open in all directions, especially down-dip. Importantly, the current drilling program has confirmed the low-resistor zones from our CSAMT work are indeed mineralized (Refer to press release on Sept. 7^th, 2021). These low-resistor zones reflect hydrothermally brecciated and intensely silicified volcanics with consistent gold values (see Figure 3). As reported previously, the Slumber mineralization is largely obscured by recent gravels, making surface sampling and mapping largely ineffective. Consequently, NVX has recently completed an IP/Resistivity and is undertaking Mercury-vapor and biochemistry surveys over the target area to assist in further target definition (stated Thomas Klein, VP Exploration, NV Gold).

The Company has also performed a preliminary cyanide solubility test on ten, widely distributed drill intervals with very encouraging results demonstrating high initial recoveries (+95%).

The balance of this drill campaign is now focused on testing the deeper parts of the Slumber system, further examining areas illuminated by the recent IP/Resistivity work.

John Watson, CEO of NV Gold commented "The successful work completed so far at Slumber has been technically challenging, with winter conditions, personnel constraints, water inflow challenges and slow lab results. Despite this, these results have confirmed the presence of a new, significant, oxide gold system in an unexplored area of Nevada. The gold zone remains open in almost all dimensions and has potential for higher grades at depth and within structurally-prepared zones being identified by geophysics and shallow drill intercepts. The project is now considered to be in the early-stages of a discovery. We appreciate our investors' patience during our exciting work at Slumber."

The current drilling further confirms the correlation of the alteration and mineralization to the low resistor zone identified by last year's CSAMT work. While this alteration appears promising for gold mineralization, values are expected to remain in the lower range as we continue to improve our definition of the gold system and sharpen the subsequent targeting of feeder zones. Further results from this program are expected to be received in late March or early April, again depending upon laboratory constraints related to COVID and staffing.

Figure 1 - Grade by Thickness (GxT) map showing recently discovered zone of low-grade oxide gold mineralization.

Figure 2 - Current western extension drilling at Slumber.

Figure 3 - Mineralized hydrothermal breccia from Low-Resistor zone.

Hole #	Au (g/t)	Oxide	Interval (m)	From (m)	To (m)	G x T	TD (m)	Year
SL-02	0.25	x	77.8	0.0	77.8	19.2	128.1	2019
SL-11*	0.33	x	62.5	15.3	77.8	20.7	109.8	2020
SL-14*	0.15	x	134.2	0.0	134.2	19.5	134.2	2020
SL-19*	0.12	x	152.5	30.5	183.0	19.0	183.0	2021
SL-21*	0.38	x	27.5	180.0	207.4	10.3	207.4	2021
SL-22*	0.22	x	76.3	126.6	202.8	16.4	202.8	2021
SL-23*	0.17	x	80.8	35.1	115.9	13.5	115.9	2021
*Hole TD-ed in grade

Table 1 - Slumber 2019-2022 significant gold intercepts.

Near-Term Strategy and Outlook

The Company continues its focus on Nevada and the Great Basin, one of the largest and most productive gold provinces in the world. On a regional-scale, Nevada is thought by many to be a thoroughly explored gold province. Much of the near surface gold that has been found over the past 40 years has already been mined or is being mined today. To find significant new deposits, the successful explorer needs to employ modern, more sensitive sampling and interpretive techniques and a willingness to take risks with the drill. The breadth of experience of our staff and advisors gives us our advantage. Over 50% of Nevada is covered by recent basin sediments or volcanic cover, which often obscures the classic, visible expressions of mineralization. These covered areas are composed of the same rocks with the same temporal placement as the gold deposits found in the nearby ranges. There is a strong likelihood that other, similar-sized deposits await discovery! Significant discovery potential continues to remain in one of the pre-eminent gold provinces on Earth. The Company has a strong property position with over 20 projects, ranging from Greenfields to advanced "pre-discovery". Our property portfolio covers a number of geologic environments at varying levels of advancement. Holding costs for most of these properties are minimal, particularly those that are held as joint venture or lease-out possibilities.

It is our plan to drill 4-6 projects in the 12-18-month time horizon, providing a good news flow and multiple opportunities for success. We look forward to a productive and successful exploration season ahead.

Damir Cukor, P.Geo. is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About NV Gold Corporation

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

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. 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 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

View source version on accesswire.com:
https://www.accesswire.com/689747/NV-Gold-Receives-Confirmation-of-Gold-Mineralization-Interpreted-from-Low-Resistor-Target-through-Positive-Lab-Results-from-Recent-RC-Drill-Holes-at-Slumber-Project

FAQ

What are the latest results from NV Gold Corporation's Slumber Gold Project (NVGLF)?

Recent drilling at the Slumber Gold Project demonstrated significant low-grade oxide gold mineralization over a substantial area, with encouraging initial recovery rates exceeding 95%.

How many drill holes have been completed at the Slumber Gold Project by NV Gold Corporation?

NV Gold has completed ten reverse circulation drill holes totaling approximately 2012 meters at the Slumber Gold Project.

What challenges did NV Gold Corporation face during drilling at the Slumber Gold Project?

The drilling program encountered challenges related to winter conditions, personnel constraints, water inflow issues, and slow laboratory result turnaround.

What is the expected timeline for further results from NV Gold Corporation's drilling at Slumber?

Further results from the Slumber drilling program are expected to be received in late March or early April, depending on laboratory constraints.