NV Gold Reports Increase in Gold Resource at Afgan-Kobeh
12 Maio 2011 - 10:00AM
Marketwired Canada
NV Gold Corporation (TSX VENTURE:NVX) (the "Company") is pleased to report the
positive results of its new NI 43-101 compliant resource estimate on its 100
percent owned Afgan-Kobeh gold project located in Eureka County, Nevada. The
updated resource includes the results from the Company's 25-hole, 2,355 metre
reverse-circulation drill program completed in 2010 (Results released November
23, 2010). The estimate was prepared by Mine Development Associates ("MDA"), of
Reno, Nevada, an independent consultant for the Company.
Highlights:
By comparison to the previous resource estimate at the Property completed by MDA
as of March, 2004, the new resource estimates reflects:
-- a 32% increase in Indicated gold resource to 66,000 oz (3,206,000 tons @
0.021 oz/ton) (previously 50,000 oz (1.850,000 tons @ 0.027 oz/ton));
-- a 62% increase in Inferred gold resource to 55,000 oz (3,972,000 tons @
0.014 oz/ton) (previously 34,000 oz (1.290,000 tons @ 0.026 oz/ton)).
These increases arise from a combination of an increase in resources from the
positive drilling results and a decrease in the cut-off grade to 0.006 oz/ton
from the 0.01 oz/ton used in the previous resource estimate.
Estimated resources at various cut-off grades are shown in the following tables.
Indicated Resources
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Tons oz Au/ton Total oz Au Cut-off (oz Au/ton)
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3,687,000 0.019 68,000 0.005
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3,206,000 0.021 66,000 0.006
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2,537,000 0.024 62,000 0.008
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2,152,000 0.027 58,000 0.010
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Inferred Resources
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Tons oz Au/ton Total oz Au Cut-off (oz Au/ton)
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5,207,000 0.012 61,000 0.005
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3,972,000 0.014 55,000 0.006
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2,343,000 0.019 45,000 0.008
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1,677,000 0.023 39,000 0.010
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Notes:
1. 0.006 oz Au/ton cut-off is designed to capture mineralization
potentially available to open pit extraction and heap leach processing.
2. The effective date of the Afgan-Kobeh gold resources is May 1, 2011.
3. The reportable resources are highlighted in bold. Modeled mineralization
is tabulated at additional cut-offs to provide grade-distribution
information, as well as to account for conditions other than those
envisioned by the reportable cut-off.
The Company plans to complete a 30-35 hole, 2,800 meter drill program designed
to increase and upgrade the resource, as well as initiate a preliminary economic
assessment (PEA) at Afgan-Kobeh.
"These results support our belief that Afgan-Kobeh could be developed into a
mine," commented John Watson, President and CEO of NV Gold Corporation. "With
the current gold price, the near-surface location of the deposit and the oxide
geology of the property, we think the project has a strong chance of success."
Mineral resources, which are not mineral reserves, do not have demonstrated
economic viability.
The Afgan-Kobeh mineral resources were modeled and estimated by MDA by
evaluating the drill data statistically, utilizing geologic interpretations
provided by the Company to interpret gold mineral domains on cross sections
spaced at 100-foot intervals across the extents of the modeled mineralization,
rectifying the mineral-domain interpretations on long sections spaced at 20-foot
intervals, analyzing the modeled mineralization geostatistically to aid in the
establishment of estimation parameters, and interpolating grades into a
three-dimensional block model.
Michael M Gustin of MDA is a qualified person under National Instrument 43-101
and has approved the technical information in this release.
On behalf of the Board of Directors,
John E. Watson, President and CEO
For further information, visit the Company's website at www.nvgoldcorp.com.
Caution Regarding Forward-Looking Statements - This news release contains
certain forward-looking statements, including a resource estimate and statements
regarding the resource at the Afgan/Kobeh project being amenable to
heap-leaching, the expansion and upgrading of existing resources, the initiation
of a preliminary economic assessment by the Company and the potential of the
Afgan/Kobeh project to host an open pit gold operation. These statements are
subject to a number of risks and uncertainties. Actual results may differ
materially from results contemplated by the forward-looking statements. Factors
that could cause actual results to differ materially from those in the
forward-looking statements include the risk that cyanidation may not achieve
acceptable recovery rates on other parts of the resource or that these recovery
rates may not be able to be replicated in a commercial scale operation, that
additional exploration may not expand or upgrade the resource, that the Company
may not pursue a preliminary economic assessment due to disappointing results or
financial conditions, that the anticipated economics of the Afgan/Kobeh project
will not be sufficiently profitable to warrant commencing production, the
uncertainty of continuity of observed mineralization assumed in mineral resource
estimates, particularly inferred resources, changes in metal prices, changes in
the availability of funding for mineral exploration and development,
unanticipated changes in key management personnel and general economic
conditions. When relying on forward-looking statements to make decisions,
investors and others should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such forward-looking
statements. The Company does not undertake to update any forward-looking
statements, oral or written, made by itself or on its behalf.
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