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Wednesday, Nov 6, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Copper

NevGold uncovers high-grade multi-metallic mineralization in Idaho

The Thorn Springs target is the site of a large porphyry copper style alteration zone

NevGold Corp's uncovers high-grade multimetallic find in Idaho
Image via NevGold.

NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) found high-grade copper, gold and silver mineralization at surface at its Zeus Copper Project in the Hercules Copper District of southwestern Idaho.

Announced on Thursday, the positive sampling results show the strong potential of the copper porphyry at Zeus. In addition, these results share many similar geological characteristics with Hercules Silver Corp.‘s (TSXV: BIG) (OTCQB: BADEF) (FWB: 8Q7) discovery at the Hercules project in Western Idaho.

A copper porphyry is a large, low-grade mineral deposit typically found in or near intrusive igneous rocks, often in volcanic or subduction zone areas. These deposits contain copper, usually along with other metals such as molybdenum, gold, and silver.

Highlights at the Zeus Copper Project include:

  • ZRS-07: 1.22 per cent Cu, 8.19 g/t Au, and 21.9 g/t Ag

  • ZNR-01: 1.30 per cent Cu, 0.19 g/t Au, 11.3 g/t Ag

  • ZRS-03: 0.91 per cent Cu, 0.22 g/t Au, 20.0 g/t Ag

  • ZRS-02: 0.86 per cent Cu, 0.11 g/t Au, 9.9 g/t Ag

  • APF: 1.03 g/t Au, 114 g/t Ag

“The initial samples were taken as our Team was completing theproject claim stakingand the results have identified widespread copper-gold-silver mineralizationacross the entire project,” Brandon Bonifacio, NevGold’s CEO, said.

“With our project knowledge improving with each day spent in the field, we continue to confirm that Zeus has significant copper porphyry potential and that there may be multiple target areas or a potential cluster of copper deposits at the project.”

Photo of copper-gold-silver mineralization from the Thorn Springs Target. Image via Nevgold.

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High grade multi-metallic find confirms strong potential porphyry

NevGold’s preliminary rock chip sampling, along with historical sampling and compilation of geologic data, has identified at least five targets within the Zeus Project. Additionally, this preliminary work indicates a large footprint of mineralization and the potential for multiple copper porphyry-producing intrusive centers.

“The presence of high-grade to highly anomalous values of copper, gold and silver confirms that the Zeus Project has strong potential to host a major porphyry copper system,” said Derick Unger, NevGold’s VP of exploration.

“Additionally, the fact that mineralization is widely scattered over the entire property, in multiple target areas, suggests the possibility of a cluster of copper deposits.”

Thorn Springs is the first target. It is also the site of a large porphyry copper style alteration zone where sampling has identified a copper-gold-silver mineralization.

The alteration style, strong oxidation, and copper minerals at Thorn Springs indicate supergene enrichment and exposed copper-gold mineralization. Yet, despite significant soil cover and poor outcrop exposure, modern exploration methods like soil geochemistry and high-resolution geophysics could reveal hidden mineralization. The Bureau of Land Management hosts a large part of the target area at present, but that could change after NevGold collects an exploration permit. The company anticipates that process will take 4-6 weeks to complete.

The Mortimer Target represents another significant opportunity for NevGold.

The target is at the southern end of a 4-kilometer trend extending to the Abundance Target, and it features copper-gold-silver mineralization. It includes the historical Mortimer Mine area, where the previous exploration has observed skarn mineralization. Samples from marble, magnetite, and intrusive rocks in the skarn also show 0.8-1.3 percent copper.

Zeus Project map. Image via Nevgold.

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Iron Mountain Target shows high copper values

The Iron Mountain Target, located along the northeast continuation of the Mortimer-Abundance Trend, shows highly anomalous copper values in Triassic intrusive rocks and a significant amount of the Huntington Formation, which hosts copper mineralization at Hercules Silver’s Hercules Project. Previous work identified hornfels metavolcanic and metasedimentary host rocks intruded by Triassic dikes and plutons.

The Abundance Target lies in the northeastern extension of the 4-kilometer Mortimer-Abundance Trend. The target’s definitions include a 0.6-kilometer geochemical trend of copper, with concentrations up to 0.25 percent. The zone is hosted within the metasediments of the Weatherby Formation.

The fifth target is called Golden Goose and it’s located near Golden Goose Canyon.

Rock chip samples from the target have yielded some of the highest silver (114 g/t) and gold (1.03 g/t) values identified at Zeus.

Similar to the Abundance Target, this area features the Weatherby Formation emplaced over the Huntington Formation by the Bayhorse Thrust Fault. It also has the potential to host a blind porphyry copper deposit, akin to the discovery by Hercules Silver.

Furthermore, the iron-rich andesitic volcanics of the Lower Huntington Formation provide a critical factor for porphyritic plutons to host potentially economically recoverable mineralization. Additionally, previous reports identified supergene copper enrichment in a now-collapsed adit of the Abundance Mine. This area shares many analogous attributes with the blind porphyry copper deposit discovered by Hercules Silver at the Hercules Project.

NevGold will continue its active exploration program at Zeus in 2024. The company has already completed the geological database review and moved onto geological mapping and comprehensive surface geochemical sampling. The preparation for geophysical surveys is under way. Additionally, NevGold plans to drill test the copper targets identified through these activities, contingent upon their completion.

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