Nevgold drills 0.86 g/t gold over 175.2 metres at Limousine Butte, Nevada

Nevgold Corp. [NAU-TSXV; NAUFF-OTCQB] reported further assays from a drill program at the Cadillac Valley target area at its 100%-owned Limousine Butte project, Nevada, located on the southern part of the Carlin trend. Further assays from the company’s inaugural 10,000-metre drill program at the project are expected regularly for the remainder of the first half of 2022.

Highlights included building a high-grade oxide gold resource. Drill hole CV22-001 intercepted 0.86 g/t oxide gold over 175.2 metres (the first portion of CV22-001 was released on March 8, 2022, and included 2.13 g/t oxide gold over 58.2 metres, including 12.32 g/t oxide gold over 5.9 metres), and CV22-002 intercepted 0.83 g/t oxide gold over 126.2 metres at a location over 700 metres from CV22-001.

There is a large, open mineralized footprint. The mineralized area at Cadillac Valley extends over 1 km along strike and over 400 metres laterally, defining a large, oxide, mineralized footprint. There are numerous further targets that will be tested in the current drill program.

Mineralization trends up dip and shallower: As expected based on the company’s geological interpretation and model, holes CV22-002 and CV22-003 confirm mineralization trends up dip and shallower farther south at the Cadillac Valley target area. Assays received to date have been important data points to vector in on new areas of potential mineralization.

Assay results from all of the holes received at Cadillac Valley reported oxidized mineralization. Oxidized mineralization has been seen in all of the holes drilled to date by the company at Limousine Butte.

Nevgold CEO, Brandon Bonifacio, said, “Building on the initial assays released from Cadillac Valley on March 8, we have received the remaining assays from CV22-001, along with holes CV22-002 and CV22-003. These results have started to confirm the large extent of the mineralized footprint at Cadillac Valley, which extends over one km northeast to southwest, and over 400 metres laterally. It is becoming clear there is a large oxide gold system at this important target area at the project. As we highlighted in our previous disclosure, it is also promising to see the geological model being validated with the up-dip trend of mineralization as we work further south at Cadillac Valley. We will remain consistent with assays over the coming months from the 10,000-metre drill program at Limousine Butte.”

Chief geologist Derick Unger commented: “We are very encouraged by this further data from Cadillac Valley, which is becoming a large target area based on these results. We are gaining a strong understanding of the structural characteristics, which is helping us refine the drill program as data is received from the assay lab, which is occurring in an expedited fashion. The remaining assays from CV22-001 have confirmed a thick, high-grade interval of oxidized gold mineralization. We also expected mineralization to trend up dip and shallower as we drilled further south at Cadillac Valley, and it is exciting to see this interpretation validated based on the results seen in CV22-002 and CV22-003. We have completed subsequent holes at both Resurrection Ridge and Cadillac Valley and expect further assays shortly.”