Nevgold Corp. [TSXV-NAU; OTCQX-NAUFF; FSE-5E50] reported further oxide gold drill results for drill hole NMD0004, which intercepted mineralization from surface at the Nutmeg Mountain project in Washington County, Idaho. The Project has a 2023 Mineral Resource Estimate (MRE) of 1,007,000 Indicated ounces of gold (51.7 Mt at 0.61 g/t Au), and 275,000 Inferred ounces of gold (17.9 Mt at 0.48 g/t Au).
Highlights: Gold intercepted from surface that suggests the project will be amenable to heap leach processing; final assays indicate hole NMD0004 intercepted a total of 0.74 g/t gold over 66.8 metres from Surface (oxide), including 1.40 g/t gold over 11.3 metres from 9.8 metres depth (oxide) (partial assays were released from this hole on June 22, 2023). The new assays included screen fire assays which show strong correlation with the original assays and indicate significant coarse gold is not present, suggesting the project will be amenable to heap leaching.
Positive, Phase I drilling program: Other drill results released from the 2023 Phase I 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) (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).
The company has engaged McClelland Laboratories out of Sparks, Nevada and has delivered samples for NMD0004 for metallurgical testwork.
Recent Washington County, Idaho district activity: With the recent copper porphyry discovery made by Hercules Silver Corp. [TSXV-BIG] and strategic investment of approximately C$23 million into Hercules by Barrick Gold Corp. [TSX-ABX; NYSE-GOLD], there has been an increased level of activity in Washington County in Western Idaho. The Company has a strong position in this emerging precious and base metals district with Nutmeg Mountain and will continue to advance strategic opportunities to leverage our technical and operating expertise in the area.
Nevgold CEO, Brandon Bonifacio, comments: “The further results from our drilling at Nutmeg Mountain continue to highlight the at-surface, oxide gold mineralization building on the recently announced 2023 MRE at the Project. Since completion of the 2023 MRE, we have been focused on identifying areas to expand the mineralization laterally and at depth, and we have generated many high priority drill targets for Phase II drilling.
“We have made rapid progress at Nutmeg Mountain over the past 12 months, and the near-term focus is further drilling and metallurgical testwork with the goal of advancing the Project to the next stage of development. It is also exciting to see the high level of interest and activity in this emerging district in Washington County, Idaho with the recent copper porphyry discovery made by Hercules Silver and subsequent strategic investment completed by Barrick Gold. The Hercules copper porphyry discovery and strategic investment by Barrick are important validations of this part of Idaho and highlight the underexplored nature of the area and its geological potential. We strongly believe that we have similar potential at Nutmeg Mountain which we will continue to explore, and we will look to leverage our technical and operating expertise in the area to unlock value for our shareholders.”
Nevgold VP Exploration, Derick Unger, commented: “The recently completed MRE at Nutmeg Mountain was an important milestone for the company, and with that completed, the focus shifts back to further drilling and metallurgical testwork. Our technical group has identified numerous high priority drill targets with the potential to expand the mineralization laterally and at depth. The resource at Nutmeg Mountain exhibits strong continuity and we are confident additional mineralization can be found with further exploration at the Project. It is also very encouraging to see the recent increase in exploration activity in Western Idaho. Over the course of our work at Nutmeg Mountain, we have gained a very strong understanding of the local geology which we will look to leverage in this emerging new trend.”
Nevgold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. Nevgold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada and has an option to acquire 100% of the Nutmeg Mountain gold project in Idaho.