NV Gold expands holdings and drilling at Slumber Gold Project, Nevada
NV Gold Corp. [TSXV: NVX; OTCQB: NVGLF; FSE:8NV] reported initiation of a 5,000-metre (15,000-foot) reverse circulation drill program at its 100%-owned Slumber Gold Project located approximately 80.5 km (50 miles) northwest of Winnemucca and 35 km (21.7 miles) west of the Sleeper gold deposit, Humboldt County, Nevada.
In addition, the company announces the completion of a mining and exploration lease covering approximately 1,500 acres of fee (private) land adjacent to the company’s mining claims. This lease is located between and adjacent to the company’s two drill target areas at Awakening (north) and Slumber (south).
The new lease area could potentially connect the previously reported gold zones. The drilling area encompasses a surface dimension of nearly 3 km (~10,000 feet) northeast to southwest and varies in width up to 1 km (~3,000 feet). Previous drilling has encountered mineralized thicknesses up to 175 metres (~570 feet).
Premier Drilling, based in Elko, Nevada has been retained to carry out the reverse circulation drill program comprised of 20-30 holes ranging in depth from 175-375 metres (~550 to 1,200 feet) from surface. Targets for these drill holes have been designed to test potential new areas of gold mineralization derived from previous drilling results, combined with surface sampling and mapping. Drilling is scheduled to begin during the first week of September and is expected to last 6-8 weeks.
The Slumber Gold Project property now comprises 120 lode mining claims and 1,500 acres of leased fee land. Slumber geology consists of volcanic-hosted epithermal gold (and low silver) mineralization found in a structural corridor along the southern Jackson Mountains. The gold system has been interpreted with graben-like structures controlling silicification and minor quartz veining in volcanic and sedimentary rocks.
The main host rocks are of rhyolitic composition (Trf, Trx & Tra) underlain by fresh to weakly altered Paleozoic greenstone. Most of the gold mineralization occurs in extensively oxidized, hematite breccias (Trf) and silicified lithic tuff zones (Trx). Gold values can increase when intercepted by quartz flooding and veining. Drilling has also encountered displaced decalcified, gold-bearing (up to 0.64 g/t Au) carbonate rock in low-angle structures, suggesting additional potential within the area.
NV Gold is a well-organized exploration company with ~32.4 million shares issued and no debt. NV Gold has numerous exploration projects in Nevada with has two priority projects, the Slumber and SW Pipe. The company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada.