Nevgold Corp. [NAU-TSXV; NAUFF-OTCQB] reported the initial portion of assays from the company’s first drill hole (CV22-001) 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 are expected continuously from both the Resurrection Ridge and Cadillac Valley target areas for the remainder of the first half of 2022.
Building a High-Grade , Oxide Gold Resource: After the addition of a second drill rig at the Project in January 2022, drilling commenced on the highly prospective Cadillac Valley target area. The first assays received on CV22-001 include 2.1 3 g/t oxide gold over 5 8.2 metres including 12.3 2 g/t oxide gold over 5.9 metres. Further drill holes have been sent to the lab and assays are pending.
Open Mineralization: The initial assays released are from the first portion of the hole received from the assay lab down to 277.6 metres depth. Assays are pending for the section from 277.7 to 403.6 metres depth.
Highly Oxidized Mineralization: Assay results from CV22-001 at Cadillac Valley reported oxidized mineralization throughout the hole.
Unlocking the District – New Potential Resource Area at Cadillac Valley: Cadillac Valley is a high-quality target that will have approximately 3,500 metres of the current 10,000-metre drill program. The company is targeting a near-term resource estimate at Cadillac Valley after the current drill program is completed. There are several target a reas around Cadillac Valley that will be drill-tested in the current program.
Nevgold CEO, Brandon Bonifacio, commented: “Building on the initial assays from our Resurr ection Ridge target area released on February 8 , the first hole at Cadillac Valley has drilled an important, highly prospective target zone at Limousine Butte. It is very exciting to see another thick intercept of multi-gram oxide gold material at a location that is over 2 km from Resurrection Ridge. We believe that the mineralized horizon may extend between these two areas of the project, and it is very promising to see results aligning with our geological model of the district. We are excited about the remaining assays from this first hole at Cadillac Valley and from some of the subsequent holes that we have sent to the lab. Assays from further holes will be continuously released over the first half of 2022”.
Nevgold Chief Geologist, Derick Unger, said, “We are very encouraged by this initial data from Cadillac Valley, which is another key target area at our district-scale Limousine Butte project. Having results align with our geological model has improved our understanding of the project and opened up a number of other prospective target areas within the large, consolidated 67 km2 land package. We eagerly await the remaining part of CV22-001 from Cadillac Valley which is expected shortly. With two drill rigs on site actively drilling both Resurrection Ridge and Cadillac Valley, we expect many more drill results as we advance towards completing a near-surface oxide gold mineral resource estimate.”