Nevgold drills 0.8 g/t gold over 51.5 metres at Nutmeg Mountain, Idaho
Nevgold Corp. [NAU-TSXV; NAUFF-OTCQX; 5E50-FSE] reported further oxide, gold results intercepted from surface at the Nutmeg Mountain gold project in Idaho. The project hosts a 2020 historical mineral resource estimate of 910,000 indicated ounces of gold (43.5 million tonnes (Mt) at 0.65 g/t gold) and 160,000 inferred ounces of gold (9.1 Mt at 0.56 g/t gold). A Nevgold qualified person has not done sufficient work to classify this historical resource estimate as current mineral resources, and Nevgold is not treating the estimate as current mineral resources or mineral reserves. The company also announces that it is well advanced on completing a current mineral resource estimate (MRE) at Nutmeg Mountain, with targeted completion in early July.
Highlights: More gold intercepted from surface that suggests the project will be amenable to heap-leach processing: The company intercepted 0.8 g/t gold over 51.5 metres from surface (oxide), including 1.4 g/t gold over 11.3 metres from 9.8 metres depth (oxide) in hole NMD0004. Assays are pending for the remaining approximate 130 metres of this hole.
Metallurgical test work has commenced: Hole NMD0004 was drilled to commence metallurgical test work at the project. The company has engaged McClelland Laboratories out of Sparks, Nevada. The focus of the metallurgical test work is to evaluate optimization opportunities related to grinding, comminution and recovery methods.
Building large, near-surface, mineralized footprint: Other drill results released from the 2023 drill program include 0.72 g/t gold over 79.3 metres from 10.4 metres depth (oxide), including 2.32 g/t gold over 13.4 metres from 25.6 metres depth (oxide) in hole NMD0003, and 0.56 g/t gold over 23.9 metres from 24.1 metres depth, including 0.89 g/t gold over 11.4 metres from 25.6 metres depth, with 4.33 g/t gold intercepted near the bottom of the hole (hole NMD0001, hole was lost in mineralization).
Current drill program update: The orientated core drilling portion of the drill program is now complete, and the program will shift to reverse circulation (RC) drilling.
Advancing mineral resource estimate: The company is well advanced in completing a current MRE at the project, with targeted completion in early July.
Brandon Bonifacio, Nevgold CEO, commented: “The further results from our inaugural drill program at Nutmeg Mountain continue to highlight the at-surface oxide gold mineralization at the project that we anticipate will be amenable to heap-leach processing. Drill hole NMD0004 will also be utilized for the commencement of metallurgical test work with focus on optimization opportunities in the grinding and comminution area. We are looking forward to the remaining approximate 130 metres of assays pending from drill hole NMD0004, which is at the assay lab undergoing further test work. We are also pleased to announce that we are advanced in completing a current mineral resource estimate at Nutmeg Mountain, with targeted completion in early July. Nutmeg Mountain is one of very few oxide gold, heap-leach projects of scale and grade, with mineralization starting at surface, in the Western U.S.”
The company has engaged Global Mineral Resource Services from North Vancouver, Canada to complete the MRE at Nutmeg Mountain. Targeted completion of the MRE is early July.
Nevgold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada, Idaho, and British Columbia. Nevgold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Ptarmigan silver-polymetallic project in Southeast BC and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.