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Monday, Mar 4, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

NevGold Corp. gets exploration notice approval from Bureau of Land Management

The project at Nutmeg Mountain hosts an estimated 910,000 indicated ounces of gold and 160,000 inferred ounces of gold

Nutmeg looking north along the resource. Image via NevGold.

NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) received approval of its exploration notice permit from the Bureau of Land Management (BLM) at the Nutmeg Mountain gold project in Idaho.

The project at Nutmeg Mountain hosts an estimated 910,000 indicated ounces of gold (43.5 Mt @ 0.65 g/t Au) and 160,000 inferred ounces of gold (9.1 Mt @ 0.56 g/t Au). The approval will enable disturbance of the federal unpatented mining claims at the project, which earlier has meant only limited drilling historically.

“It has been a very diligent start to our work at Nutmeg Mountain since closing the transaction in August-2022,” said Brandon Bonifacio.

“Our drill program started on January 18th, and approval of this important exploration notice permit from the BLM opens up large portions of the project that have minimal to no historical drilling.”

Read more: 2023 will be a ‘very strong’ year for gold mining: NevGold

Read more: NevGold should be trading at a premium to peers: Analysis

Exploration notice opens up substantial room for expansion

Also, approximately 85 per cent of the 2020 resource estimate is on the patented mining claims and other land. This leaves a number of identified resource expansion and exploration targets on the unpatented claims free.

The drill program is underway and the first samples are anticipated to be sent to the assay lab.

“The permit approval is another de-risking milestone at Nutmeg Mountain and we appreciate the various governing bodies who worked positively and collaboratively with us through the process. We remain on track to have initial drill assays from Nutmeg Mountain by March,” said Bonifacio.

Goldmining Inc published a national instrument 43-101 technical report on the project called “Technical Report — Almaden Gold Property.”

The effective date was April 1, 2020. It included the following table which Nevgold is using as a historical mineral resource estimate.

At present, a Nevgold qualified person has not done work to classify GoldMining’s mineral resource estimate as current mineral reserves. Nevgold is also not treating the estimate as current mineral resources or mineral reserves.

Chart via stockwatch

Nevgold Corp. Is presently trading at $0.39.

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Nevgold is a sponsor of Mugglehead news coverage

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