Nevgold Drill Program to Follow-up on Historic High-Grade Silver Mineralization at Historic Cornucopia Mining District, Nevada
29 Março 2011 - 8:00AM
Marketwired
Nevgold Resource Corp. (TSX VENTURE: NDG) ("Nevgold" or "the
Company") is pleased to announce plans to follow-up on historic
high-grade silver drill results at the Cornucopia property in
north-central Nevada during the 2011 field season. Nevgold's recent
compilation of over 25,000 feet of historic drill results has not
only highlighted the high-grade silver mineralization within the
well-known Leopard vein system, but as well a corridor of lower
grade, near-surface, oxide silver-gold mineralization with bulk
tonnage exploration potential. The historic drill data, coupled
with the Cornucopia District's high-grade underground mining
history that dates back to 1873, emphasizes the discovery potential
for a broad system of silver mineralization that has remained
unexplored during the current bull market in precious metals.
Cornucopia's upside potential is further underscored by the recent
30 year highs in the price of silver. The Company's upcoming
program will be focused on the surface-exposed, high-grade, oxide
silver (gold) mineralized system hosted within Nevgold's
privately-held, patented claim land position. Please see
www.nevgoldcorp.com for more information.
Introduction and Discussion of Historic Drill Results. The
Cornucopia project occurs in Elko County's historic Cornucopia
mining district, and is situated approximately 15 miles
north-northwest of Tuscarora, Nevada. Nevgold's consolidated land
position covering the Cornucopia district is comprised of a
contiguous block of one patented and 48 unpatented lode mining
claims totalling approximately 950 acres. The property's epithermal
silver mineralization is hosted by Tertiary volcanic rocks, and is
similar to the Midas mine (Newmont Mining Corporation) and the
Ivanhoe property (currently under development by Great Basin Gold)
located 32 miles to the southwest. The mineralization is associated
with quartz veining, silicification and argillic alteration.
High-grade silver veins of the Leopard underground mine occur with
ruby silver, tetrahedrite, stephanite and electrum, and display
crustiform to colliform banding, and evidence of multiple periods
of vein and wall rock brecciation.
Nevgold's data compilation is based upon past exploration
conducted by three companies: 1) Homestake Mining Corporation
drilled 9 rotary and 9 core holes totalling 4,559 feet in 1979, 2)
Western States Mining Company drilled 58 rotary holes totalling
11,800 feet from 1980 to 1981, and 3) Bonanza Silver Corporation
drilled 14 reverse circulation holes totalling 9,175 feet in 2000.
This historic drill data, combined with mine production records and
surface geologic mapping, delineates a northwest trending, 2000 by
500 foot corridor of silver-dominant precious metals mineralization
parallel to the structural fabric of the Leopard vein system.
In general, the drill pattern consists of vertical holes at a
nominal grid spacing of 70 to 100 feet. The mineralized corridor is
best represented by Homestake's drilling on a fence of three angle
core holes (CD-16 to -18) and one rotary vertical hole (CR-2) that
returned a series of near-surface silver intercepts as summarized
below.
---------------------------------------------------------------------------
True
Drill From To Length Width Silver Silver
Hole (ft) (ft) (ft) (ft)(i) oz/ton g/t
---------------------------------------------------------------------------
CD-16 62 131 69.0 64.8 2.42 83.1
---------------------------------------------------------------------------
CD-17 23 53 30.0 27.2 8.23 282.0
---------------------------------------------------------------------------
Including 23 43 20.0 18.1 11.92 408.7
---------------------------------------------------------------------------
CD-17 164.5 173 8.5 7.7 1.81 62.1
---------------------------------------------------------------------------
CD-18 18 91 73.0 30.8 6.60 226.1
---------------------------------------------------------------------------
Including 56 66 10.0 4.2 38.00 1302.9
---------------------------------------------------------------------------
CR-2 0 100 100.0 34.2 7.31 250.5
---------------------------------------------------------------------------
Including 45 90 45.0 15.4 13.84 474.5
---------------------------------------------------------------------------
(i) True widths are approximate and based upon interpretation of the
mineralizing controls as currently understood.
Although Cornucopia has been known as a high-grade silver
district, there is a significant envelope of lower grade oxide
mineralization as outlined by over 2900 feet (11%) of drilled
intercepts that assayed greater than 0.50 oz/ton silver (max 71.50
oz/ton Ag). In addition, the property has significant gold
exploration potential as given by drill intercepts totalling 900
feet (3.5%) that assayed greater than 0.010 oz/ton gold (max 0.660
oz/ton Au). Importantly, the silver mineralization crops out at
surface, as highlighted by the drill intercepts in the following
table (also see CR-2, 0-100 feet in preceding table).
---------------------------------------------------------------------------
True
Drill From To Length Width Silver Silver
Hole (ft) (ft) (ft) (ft)(i) oz/ton g/t
---------------------------------------------------------------------------
CR-4 0 165 165 56.4 1.77 60.8
---------------------------------------------------------------------------
Including 120 145 25 8.6 4.78 163.7
---------------------------------------------------------------------------
CR-6 0 30 30 10.3 1.82 62.3
---------------------------------------------------------------------------
L4S-0E 0 195 195 66.7 1.32 45.1
---------------------------------------------------------------------------
L5S-0E 0 90 90 30.8 0.99 34.0
---------------------------------------------------------------------------
L6S-0E 0 70 70 23.9 1.17 40.2
---------------------------------------------------------------------------
(i) True widths are approximate and based upon interpretation of the
mineralizing controls as currently understood.
Homestake and Western States focused their 1979-1981 work in the
area of historic underground mining activity, whereas Bonanza
Silver's drilling in 2000 was principally peripheral to the zones
of known mineralization. Accordingly, the property has not
undergone significant exploration in the primary resource target
area in nearly 30 years. This presents Nevgold with an exceptional
exploration opportunity in a mining district known for its
documented history of high-grade silver production (NBMG "Mineral
Resources of Elko County, Nevada 1991; Bulletin 106; Lapointe,
Tingley and Jones).
Nevgold's 2011 Program. The Company is currently planning for a
2011 exploration program consisting of geological mapping,
geochemical sampling and reverse circulation drilling to follow-up
on the historic results. Nevgold's drilling will provide a check of
the historic rotary and core assay results, as well as potentially
providing a foundation for a NI 43-101 compliant resource estimate
for the property. The location of the principal target area within
Nevgold's patented claim position should facilitate the permitting
process, which is expected to be completed by the end of May
(assuming normal seasonal weather conditions).
Comments on Historic Results and 2010 Nevgold Sampling. The
Company believes that the historic drill results are reliable and
relevant. There are no historic drill samples available for Nevgold
check assaying, although the Homestake drill logs do record
confirmatory independent lab check assays. Furthermore, exploration
results from three companies, one a well-known international mining
company (Homestake, since taken over by Barrick in 2002) and
another a long-standing US explorer and producer (Western States
Minerals Corp.), provide some measure of independent cross-check
and verification of the results. Nevgold's preliminary
reconnaissance assessment of the property included 38 grab samples
taken from waste dumps and stockpiles in the historic mining area,
with results averaging 1.61 oz/ton silver (55.1 g/t Ag), with a
maximum 17.15 oz/ton silver (588.0 g/t Ag). The gold results from
this sampling averaged 0.013 oz/ton (0.44 g/t Au), with a maximum
of 0.186 oz/ton (6.37 g/t Au).
Comments on Sampling, Assaying, and QA/QC. Nevgold's samples
were collected in accordance with accepted industry best practices.
Assay and geochemical analyses were performed at ALS Chemex (ISO
9001:2000 certified), with gold determined by fire assay with
ICP-AES finish, and silver determined with aqua regia digest and
ICP-AES or AAS techniques. As standard procedure, the Company
conducts routine QA/QC analysis on all assay results, including the
systematic utilization of certified reference materials, blanks,
and field duplicates.
Mr. Dean D. Turner, P.Geo., a Qualified Person as defined by
National Instrument 43-101 and consultant to the Company, has
reviewed and verified the technical information contained in this
news release.
About Nevgold. Nevgold Resource Corp. is focused on the
acquisition, exploration and development of select high quality
precious metals properties with near to intermediate term
production potential in the western US.
Forward-Looking Statement:
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of Nevgold Resource Corp. Actual
results may differ materially from those currently anticipated in
such statements.
Neither TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Nevgold Resource Corp. Nathan A. Tewalt Chief
Executive Officer (360) 392-8747 ntewalt@nevgoldcorp.com Nevgold
Resource Corp. Kim C. Casswell Corporate Secretary (604) 669-0868
kcasswell@nevgoldcorp.com www.nevgoldcorp.com
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