Nevgold Corp. [NAU-TSXV; NAUFF-OTCQB] reported further assays from the company’s 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 over the coming months.
The Cadillac Valley South discovery extends mineralization 650 metres from CV22-002: CV22-006 intercepted 0.51 g/t oxide gold over 73.1 metres from a drill pad over 650 metres away from CV22-002 (0.83 g/t oxide gold over 126.2 metres released on April 6, 2022) expanding mineralization along strike to the southwest. Cadillac Valley South is an important discovery as it significantly expands the mineralized footprint at Cadillac Valley. The newly discovered area requires follow-up drilling and drillholes have been planned in the current program.
Large, open mineralized footprint at Cadillac Valley continues to grow: The mineralized area at Cadillac Valley now extends over 1.6 km along strike and over 400 metres laterally. There is also another +1.5 km of untested strike length to the southwest of CV22-006.
More oxide gold mineralization building the path to a near-term resource: Hole CV22-004 intercepted 0.63 g/t oxide gold over 73.2 metres, including 1.00 g/t oxide gold over 19.8 metres from the top of the mineralized zone, and was lost in mineralization due to ground conditions. Target depth of the hole extended another 200 metres from terminated depth. CV22-004 was angled to infill the mineralized footprint around CV22-002. More drilling in this area will be required to understand the extents of mineralization and drillholes have been planned in the current program.
Hole CV22-001 returned 0.86 g/t gold over 175.2 metres.
Highly oxidized mineralization: Oxidized mineralization has been seen in all of the holes drilled to date by the Company at Limousine Butte.
Exploration Upside: Large areas of the 67 km2 Limousine Butte Project are untested and there are various identified targets based on the current Company geological model. The mineralized system is open and growing as drilling occurs along strike with large step-out holes.
Nevgold CEO, Brandon Bonifacio, commented: â€œWe are continuing to build a meaningful, near-surface, high-grade oxide gold story at Limousine Butte. Intercepting another thick, continuous hole with a 650-metre step-out (Hole CV22-006) significantly expands the mineralized footprint at Cadillac Valley. It is very encouraging to see new areas of potential mineralization being identified and then confirmed by drilling, and we believe this will continue as we apply the same targeting techniques project wide. The thesis is building that we have a large oxide gold system with higher grade material than many heap-leach projects in production or development in the Western USA. We have remained on budget and on schedule with our 10,000-metre drill program and expect further assays shortly.â€
Nevgold VP Exploration, Derick Unger, said: â€œWe are very excited about this current batch of results as they further build momentum around the Cadillac Valley target area. As we have highlighted in the past, our technical team continues to increase confidence in our geological model, which drives our drill program. We are seeing positive reconciliations of expectations against results in terms of thickness and grade, and this trend will continue as we further expand the mineralized system. Hole CV22-004 that was lost in mineralization due to ground conditions was targeted to extend another 200 metres in a very prospective area. With the continuous reinforcement of our geological model, we have also identified a number of targets on untested ground t hat have the potential to add to the mineralized footprint.â€
Nevgold has engaged TD Media, LLC to provide strategic digital media and consulting services at total initial cost of US$100,000 over an expected three-month period.