Nevgold sees copper porphyry potential in Idaho, shares rally
Nevgold Inc. [NAU-TSXV, NAUFF-OTC QX, 5E50-Frankfurt] said it has identified significant copper porphyry potential after completing a geological review and 3-D model of its newly staked Zeus project in southwestern Idaho.
Nevgold shares advanced on the news, rising 7.6% or $0.035 to 49.5 cents. The shares currently trade in a 52-week range of 50 cents and 24 cents.
The announcement comes after Nevgold recently staked a large property position that lies contiguous to a major new copper porphyry discovery reported by Hercules Silver Corp. [BIG-TSXV, BADEF-OTCQB, 8Q7-FWB] in Western Idaho.
Nevgold CEO Brandon Bonaficio described the Zeus project as the “next best copper porphyry target on the [emerging Hercules] trend.’’
Nevgold said the newly staked Zeus Copper project covers 20 square kilometres (2,000 hectares) and is located 20 kilometers southwest of the Hercules discovery, which it notes has attracted the interest of Barrick Gold Corp. [ABX-TSX, GOLD-NYSE], which currently holds a 15.09% stake in Hercules Silver.
In a press release Thursday, Nevgold said its geological review included detailed assessments of historical records, compilations and reinterpretations of numerous published geological maps, creation of a 3-D geological model, and analysis of rock chip samples collected by the Nevgold team while staking the mineral claims over the past six months.
The company said exploration highlights so far include positive results from the geological review and 3-D model, which note the significant copper porphyry potential at the Zeus Copper Project.
Nevgold said strong similarities have been identified between the Zeus Project and the Hercules Silver Corp. copper porphyry discovery at the Hercules project. Both projects have abundant mineral occurrences and historical mine workings.
Nevgold will rapidly advance preparations for an active field program at Zeus, starting in May, the company said in a press release, Thursday.
The Zeus Copper Project covers some of the most prospective ground in the Hercules Copper Trend. This area of Idaho, named the “Mineral District,” was a significant historical copper producer that supported a smelting operation and hosts numerous historical mine workings, Nevgold.
Total historical production from the Mineral District is nearly 1.0 million ounces of silver, over 900,000 pounds of copper, along with significant lead, zinc and minor gold credits.
Nevgold has staked the Zeus project just months after Hercules Silver confirmed a major new copper porphyry discovery at its Hercules property.
In an October 10, 2023 news release Hercules said hole HER-23-05, the first hole to test a large-scale blind chargeability anomaly intersected 185.29 metres of 0.84% copper and 111 ppm molybdenum from 246 metres to 431.2 metres, including 45.33 metres of 1.94% copper. The newly discovered porphyry system is situated below rhyolite-hosted silver mineralization defined by over 300 historical drill holes. It breaks the discovery gap between British Columbia and Nevada, presenting an entirely new district for porphyry exploration in a tier 1 jurisdiction.