NV Gold identifies drill targets at Oasis Project, Nevada
NV Gold Corp. [TSXV-NVX; OTCQB-NVGLF; FSE-8NV] reported that a technical analysis has been completed on NV Gold’s 100%-owned Oasis gold and copper project. Located in the Walker Lane structural and mineral belt of west central Nevada, about 30 miles to the west-southwest of Goldfield (>4m oz Au high sulfidation system), and about 11 miles south of the Silver Peak gold and the silver district’s Nivloc mine, the area is considered fertile for economic mineral concentrations.
The project has many of the characteristics of the zone near the top of a porphyry system (Yerington, New Boston, Paradise Peak East) and zones near the plumbing of a high sulfidation epithermal setting (Goldfield, the Graben deposit in the Borealis District, some deposits in the Monte Cristo range).
Abundant and widespread strong argillic alteration, more localized potassic zones, sheeted quartz veins, quartz-alunite ledges and multiple pulses of magma injection, along with evidence of multiple overprinting periods confirm the style of system, and general location of the system within the well-known porphyry to epithermal continuum. The single age date from alteration, was dated at 16.1± 0.7 Ma (Wolverson, 1987). This corresponds well with the age of mineralization at several other Nevada gold deposits including Sleeper, and Midas.
Historic shallow drilling data is not available. Centerra Gold conducted a 2010-2011 program of 27 RC holes (23,920′, 7,290.8m), that is the basis for this report. There were 14 holes with intercepts of gold above 0.220 ppm, the cut-off grade used to form gold intercepts. In addition, six holes contained intervals above 300 ppm copper, while there are several elevated Zn intervals, and one elevated Co interval.
Based on drill holes with gold assay values available, there is not presently sufficient drilling density to calculate an Inferred Resource. The data currently available does provide an exploration target that contains between 17 and 19 million tons, with grades ranging from 0.25 to 0.425 g/t gold.
The target has been developed on 2d sections 100 metres apart, using the mean grade of each intercept, and a range of +/- 25%. Density values used ranged from 2.25 g/cm3 to 2.55 g/cm3. This exploration target contains 54 mineralized zones at least 3 metres downhole, in a zone at least 1.2 km in an east-west trend, and 0.5 km wide. There are no drill holes along one of the sections, as well as several untested areas internal and outboard mostly to the south and west.
Drilling the next phase would be designed to expand the scope of the known gold zone and to increase the drill density of the previous drilling to advance the project toward resource status.
“The Oasis project has demonstrated both gold and copper potential. The near-surface gold zone (discussed above) is open in several dimensions and has potential to become an economic deposit by itself or as part of a larger, multi-metallic system that would encompass deeper copper mineralization. This project has become increasingly important due to the recent copper market changes,” stated John Watson, Chairman and Interim CEO.
NV Gold has 11,397,913 million shares issued and outstanding on a fully diluted basis. NV Gold has 21 exploration projects in Nevada comprising 639 100%-owned lode mining claims totaling 53.4 km2 (20.6 square miles).