Nevgold drills 0.72 g/t gold over 79.3 metres at Nutmeg Mountain, Idaho
Nevgold Corp. [NAU-TSXV; NAUFF-OTCQX; 5E50-FSE] released high-grade, heap-leach gold results intercepted from surface at the Nutmeg Mountain gold project in Idaho. The project hosts a 2020 mineral resource estimate of 910,000 indicated ounces of gold (43.5 million tonnes at 0.65 g/t gold) and 160,000 inferred ounces of gold (9.1 Mt at 0.56 g/t gold).
The initial drill results highlight the potential grade upside and growth potential for the resource which begins at surface and requires minimal stripping. The drill program is advancing on schedule and on budget, and drill results will be continuously released over the coming months.
Highlights: High-Grade, Heap-Leachable Gold Intercepted from Surface: the company intercepted 0.72 g/t gold over 79.3 metres from 10.4 metres depth (heap-leachable), including 2. 32 g/t gold over 13.4 metres from 25.6 metres depth (heap-leachable) (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 4.3 3 g/t gold intercepted near the bottom of the hole (Hole NMD0001, hole was lost in mineralization). The mineralization starts at surface with minimal stripping required, and exhibits positive, heap-leach characteristics with both free gold and oxidized material.
High-Grade Potential at Depth: Hole NMD0003 intercepted multiple, large, vein/breccia zones at 251 metres and 469 metres depth, with assays pending, in an entirely untested area of the project. The average historical hole depth at the project is only 75 metres, and the company sees significant resource expansion potential at depth. Hole NMD0003 intercepted a material structure that will require follow up drilling as the quartz textures seen in the core indicate a potential high-grade feeder structure is present at depth.
Open, Near-Surface Mineralization Along Strike: a large step-out 140 metres from the nearest drill collar intercepted significant anomalous mineralization starting at 4.6 metres depth and extending to 93.6 metres depth with grades up to 0.43 g/t gold. (Hole NMD0002) Mineralization is open in all directions and further drillholes are planned in this area to test additional targets identified by geochemical and geophysical data previously collected at the Project.
Current Drill Program Update: the drill program is tracking according to schedule and budget, and drill results will be continuously released over the coming months.
NevGold CEO, Brandon Bonifacio, commented: “The initial results from our inaugural drill program at Nutmeg Mountain highlight the exceptional at-surface, heap-leachable gold mineralization at the project. It is very exciting to see thick intercepts of gold starting at surface at a project that boasts a 2020 resource of 910,000 Indicated ounces of gold and 160,000 Inferred ounces of gold. We see significant upside potential from a size and grade standpoint with over 100 vertical meters of resource potential outside of the US$1,500/oz gold pit shell used in the 2020 resource.”
A lot of the material drilled at the project is higher grade with lower strip ratio than many open-pit, heap-leach gold projects that are either in operations or the development phase in the Western USA. We remain focused on daylighting the value of Nutmeg Mountain by drilling the project with the goal of advancing to a multi-million-ounce heap-leach gold resource.”
NevGold VP Exploration, Derick Unger, commented: “Our first drillholes at Nutmeg Mountain exceeded our expectations and demonstrate that the project hosts a strong, continuous gold system that starts essentially at surface. Additionally, this drilling has identified new potential feeder structures at depth that have high-grade potential. It is also noteworthy that this is the first drill program on the project to use oriented core, a technology that is essential to understanding the structures that control the gold mineralization. We are excited to leverage this new oriented core data and our understanding of the stratigraphy to continue to quickly add gold resource ounces. We have completed subsequent drilling and eagerly await further assays from the current drill program.”
The Company has entered into an agreement with Winning Media, LLC to provide strategic digital media and consulting services. The Company has agreed to pay Winning Media a total initial cost of US$50,000 over an expected 3-month period.
On July 14, 2020, GoldMining Inc. [GOLD-TSX; GLDG-NYSE] published an NI 43-101 technical report on the Project titled “Technical Report – Almaden Gold Property” with an effective date of April 1, 2020, which includes the following, and which Nevgold is treating as a Historical Mineral Resource Estimate: Indicated Resources are 43,470,000 tonnes of 0.65 g/t gold with Inferred resources at 9,150,000 tonnes of 0.56 g/t gold.
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 from GoldMining.