More fantastic drill results from Cadillac Valley that the market has yet to really digest and comprehend. NAU is poised to move significantly higher from current levels based on real substance. NevGold is legit. Looking forward to further positive drill results from this current 10,000 metre drill program.
Nevgold Makes Cadillac Valley South Discovery with 650 Meter Step-Out and Intercepts More Oxide Gold
Vancouver, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce further assays from the Company’s drill program at the Cadillac Valley target area at its Limousine Butte Project, Nevada (the “Project”) located on the southern part of the Carlin Trend. Further assays from the Company’s inaugural 10,000 meter drill program at the Project are expected over the coming months.
Key Highlights
- Cadillac Valley South Discovery ExtendsMineralization 650 MetersFrom CV22-002: CV22-006 intercepted 0.51 g/t oxide Au over 73.1 meters from a drill pad over 650 meters away from CV22-002 (0.83g/t oxide Au over 126.2 meters released on April 6, 2022) expanding mineralization along strike to the southwest. (Figure 1) 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 ValleyContinues to Grow: the mineralized area at Cadillac Valley now extends over 1.6 km along strike and over 400 meters laterally. There is also another +1.5 km of untested strike length to the southwest of CV22-006. (Figure 3)
- More Oxide Gold Mineralization Building the Path to a Near-Term Resource: Hole CV22-004 intercepted 0.63 g/t oxide Au over 73.2 meters, including 1.00 g/t oxide Au over 19.8 meters from the top of the mineralized zone, and was lost in mineralization due to ground conditions. Target depth of the holeextended another 200 meters from terminated depth. CV22-004 was angled to infill the mineralized footprint around CV22-002 (0.83 g/t oxide Au over 126.2 meters released on April 6, 2022). More drilling in this area will be required to understand the extents of mineralization and drillholes have been planned in the current program.
- 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 km2Limousine Butte Project are untested and there are various identified targets based on the current Company geological model. (Figure 4) The mineralized system is open and growing as drilling occurs along strike with large step-out holes.
NevGold CEO, Brandon Bonifacio, comments: “We are continuing to build a meaningful, near-surface, high-grade oxide gold story at Limousine Butte. Interceptinganother thick, continuous holewith a 650 meter 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 meter drill program and expect further assays shortly.”
NevGoldVP Exploration, Derick Unger, comments:“We 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 continueas we further expand the mineralized system.Hole CV22-004 that was lost in mineralizationdue to ground conditions was targeted to extend another 200 meters in a very prospective area. With the continuous reinforcement of our geological model, we have also identified a number oftargets on untested groundthat have the potential to add to the mineralized footprint.”
GLTA