NV Gold Corporation drills 41.14m at 0.844 g/t in Awakening Zone
Three of six initial holes have assays as drilling tests the newly leased ground between two mineralized areas at Slumber.
Mara Quinlan
NV Gold Corporation CVENVX OTCMKTSNVGLF reported on Wednesday that hole SL-42 cut 41.14 metres at 0.844 grams per tonne gold in the Awakening Zone of its Slumber project in Nevada. The intercept gives the explorer a measured target about 1.4 kilometres northeast of previously reported gold zones.
Shares closed Wednesday at C$0.94 on the TSX Venture Exchange, up 17.5 per cent from Tuesday's C$0.80 close, according to the CVENVX quote as of 4 p.m. EDT. At that 4 p.m. EDT close Wednesday, the CVENVX page showed 161,090 shares traded against a daily average of 30,740.
NV Gold has received assays for three of the six holes drilled at the start of its September reverse circulation program. The company plans a 25 to 30 hole campaign and expects drilling to continue into November 2026 or later.
The main SL-42 intercept began 158.5 metres downhole and included 21.34 metres grading 1.00 grams per tonne gold. True widths are not yet known; NV Gold estimates they could run from 70 to 100 per cent of the reported drill lengths.
A separate interval in SL-42, starting six metres below surface, returned 50 metres at 0.420 grams per tonne gold. Hole SL-38 cut 47.25 metres at 0.655 grams per tonne from 185.98 metres downhole, giving the company another assay in the same new exploration area.
SL-38 ended in mineralization after broken rock caused the hole to cave, the release said. Two intervening holes, SL-39 and SL-39A, stopped short of their target depths in fractured and altered ground; their assays were pending as of Sept. 23. Results for the lower part of SL-42 were also delayed at the laboratory.
"With the addition of leased private land connecting the Company's existing claim blocks, drilling has now commenced to test whether the gold mineralization continues between the two areas of known gold," NV Gold chief executive John Watson said in the release.
The Awakening Zone crosses the boundary between NV Gold's existing claims and the recently leased DeLong Ranch land. Surface mapping has suggested a possible connection to mineralization in the older Slumber Zone, and the current drilling is intended to test that possibility across the intervening ground.
NV Gold drilled 34 reverse circulation holes totalling 8,588 metres at Slumber before this year, according to the Sept. 23 release. Its March 2023 exploration target for the southern claim block remains conceptual, and the company says there is no certainty the prospective tonnage and grades will be confirmed.
The company plans preliminary tests on samples from this program to assess whether the mineralization could be treated by heap leaching. In the Sept. 23 release, it reported more than $2 million in treasury and no debt, but gave no cash runway for the remaining drilling.
Drilling at Slumber is expected to continue into November 2026 or later.
