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Friday, Mar 24, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


NevGold’s oxide gold drill program in Nevada finds positive results

Its Resurrection Ridge drill program now has a mineralized footprint of over 700 by 350m

NevGold's oxide gold drill program in Nevada finds positive results
Photo via NevGold Corp.

NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50)’s drill program at the Resurrection Ridge in Nevada intercepted more oxide gold on its last assay and expanded its mineralized footprint by over 100 meters.

On Wednesday, the mining firm announced that its Resurrection Ridge drill program now has a mineralized footprint of over 700 by 350 meters. The company says the current target at Limo Butte has shown it has more near-surface oxide gold positive results.

The number of holes and consistency of the near-surface, high-grade oxide gold drill holes that have been drilled in this program are very encouraging, the company explained. This type of volume and consistency is not often seen and it’s a differentiating factor for the company to drive a formal resource estimate next year.

“We are extremely excited about the volume and consistency of the drill results we have released to date, but the system is also fully open and we have over 20 kilometers of strike length to continue to test,” CEO Brandon Bonifacio said in a statement.

“We have an abundance of targets to drill and this will help us build to a significant multi-million-ounce oxide gold resource in Nevada,” Bonifacio added.

The company says there is also a remaining kilometer of untested area –with the right geological characteristics– which could potentially double or triple the size of the current orebody.

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NevGold operations are surrounded by other mining operations including Freeport-Mcmoran (NYSE: FCX) and Centerra Gold (NYSE: CGAU)(TSX: CG).

Both Freeport and Centerra are actively drilling their respective projects which straddle NevGold’s Limo Butte project to the northeast and southwest. The company says that the presence of large neighboring projects like these shows the geological potential of the area.

“It will be very exciting to follow the results of their programs as these are some very large neighbors to have immediately next to us and shows the geological potential in the area,” Bonifacio explained.

Mineralization at Resurrection Ridge starts at a vertical depth below the surface of approximately 20-60 meters. Highly oxidized mineralization has been seen in all of the holes drilled to date at Limousine Butte.

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NevGold VP of exploration Derick Unger said the new drilling at Resurrection Ridge both expands the mineralized footprint and confirms the company’s geologic model that mineralization continues to the northeast.

“We consider this area especially prospective because the outcrops appear to be older dolomites that have been faulted over the favorable Pilot Shale host-rock,” Unger explained.

“No drilling has been completed under the dolomites because they serve as an impermeable cap that could conceal mineralization.”

“Testing areas with potential for concealed mineralization is the key to unlocking more value at Limousine Butte and expanding the mineralized system with the objective of driving towards a multi-million ounce resource base,” Unger added.



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