- Programme of Work approval received
- Field start up in Western Australia delayed due to tropical cyclone Veronica
VANCOUVER, March 28, 2019 /CNW/ - NxGold Ltd.
("NxGold" or the "Company"), (TSXV: NXN) is pleased to provide an update on its permitting activities
leading to the execution of the proposed 2019 exploration programme. The Programme of Work (PoW) application for field work
on the Mt Roe Gold Project covering both the Sholl and Prinsep tenement areas has been approved and, as previously reported,
excess tonnage permits have also been approved.
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The approved permits cover work activities including trenching on select target areas as well as up to 2,500m of rotary air-blast drilling in select areas. The current work plan includes drainage/stream
sampling on the newly granted tenements; these areas host the 80oz and Pineapple nugget patches with no known previous work
focussing on identifying the source of the nuggets. The plan includes expanding or establishing soil grids at the Eagle,
Hawk, Swan, and Crow target areas in order to define the extents of the previously identified anomalous trends (News Release
December 18, 2018). The most aggressive phase of the current work plan is the trenching of
three inferred target structures: 80oz an inferred source of coarse nuggets, Eagle where two conjugate vein structures hosted
visible gold in previous work (News Release September 10, 2018), and Hamburger where the structure
is interpreted to have preserved a sediment basin where melon seed nuggets have been collected and the structural trend is the
postulated source of gold and quartz specimen nuggets.
Accordingly the Company is continuing its systematic staged approach to exploration in the Pilbara by initially working on the
newly granted tenements and covering them with more regional style exploration methods of stream silt samples and
propseting/mapping followed by soil grids and trenching of anomalies. This then allows for prioritization of the most
prospective targets for drill evaluation, and with success, a discovery.
Currently a major tropical cyclone in the Karratha area has delayed work program start for two to three weeks.
Christopher McFadden, Chief Executive Officer, commented, "We are looking forward to
continuing the detailed and systematic exploration approach on the recently granted tenements in the Pilbara and are hoping to
start work as soon as weather conditions in the field permit."
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
About NxGold
NxGold is a Vancouver-based exploration company. The Company owns 80% of the Mt. Roe gold project located in the
Pilbara region of Western Australia. The Company has also entered into an earn-in agreement with Meliadine Gold Ltd.
to earn up to a 70% interest in the Kuulu Project (formerly known as the Peter Lake Gold Project) in Nunavut.
Technical Disclosure
NxGold advises that the Mt Roe Gold project is an early stage exploration project and there is no certainty of the discovery
nor definition of a mineral resource.
The scientific and technical information in this news release has been prepared or approved by Darren
Lindsay, P.Geo., Vice President Exploration and Development, of the Company, a "qualified person" within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation.
"Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that
the Company expects or anticipates will or may occur in the future including whether the proposed acquisition will be completed.
Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the
negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that general
business and economic conditions will not change in a material adverse manner, that financing will be available if and when
needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals
required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner.
Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are
considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ materially from any projections of future events or results expressed
or implied by such forward-looking information or statements, including, among others: negative operating cash flow and
dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by forward-looking information, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated,
estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The
Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except
as required by applicable securities laws.
SOURCE NxGold Ltd.
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