Nevgold drills 2.19 g/t gold over 61.6 metres at Limousine Butte, Nevada
Nevgold Corp. [NAU-TSXV; NAUFF-OTCQB] reported assays from the first four holes of the drilling program at its 100%-owned Limousine Butte project, Nevada, located on the southern part of the Carlin trend. The initial holes are part of the inaugural 10,000-metre drill program at the project and further assays from the program are expected shortly.
Defining a Near-Surface, High-Grade, Oxide Gold Resource: the drill program is focused on building a near-surface oxide gold resource while expanding the mineralization laterally along strike and at depth. Results received to date, including 2.19 g/t oxide gold over 61.6 metres including 8.51 g/t oxide gold over 11.6 metres, and 1.30 g/t oxide gold over 44.4 metres including 3.11 g/t oxide gold over 11.1 metres, have confirmed the near-surface, high-grade oxide gold mineralization at Limousine Butte.
Highly Oxidized Mineralization: assay results from Holes 1-4 report near-surface oxidized mineralization throughout all of the drill holes completed.
Open Mineralization: mineralization is open along strike and at depth with numerous untested targets that will be drilled in current and future drill programs.
Improved Geological Model: utilizing a core rig has improved confidence in the geological model as the company advances toward an updated mineral resource estimate for the project.
Second Drill Rig Added: as per news release on January 19, 2022, the company currently has two drill rigs on site, one core rig and one Reverse Circulation rig (“RC”). The RC rig was recently added to expedite the drill program and drill both the Resurrection Ridge and Cadillac Valley targets simultaneously.
Nevgold CEO, Brandon Bonifacio, commented: “The initial assays from our inaugural drill program at Limousine Butte highlight the near-surface oxide gold nature of mineralization at the project. It is very exciting to see thick intercepts of multi-gram oxide gold material, which is a key indicator of a strongly mineralized system. We are advancing to a near-surface oxide gold resource, which remains open in all directions. The remaining drilling will continue to test the various deposits within our large, 66.5 km2 land package with the goal of driving towards a multi-million ounce oxide gold resource base. We eagerly await results from further drilling and thank our Nevada Team for their hard work delivering on the drill program in a safe, expedited fashion.”
The company engaged Paradox Public Relations Inc. based in Montreal to provide investor relations services.