(See Note 1: historical 2020 mineral resource estimate of 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 Company also identified visible gold in previously assayed historical core during a detailed core relogging campaign completed since the transaction closed on
Key Highlights
Untapped Lateral Resource Expansion Potential: identification of a large epithermal vein outcropping at surface with no historical drilling over 650 meters south of the main 2020 resource at Nutmeg Mountain (Figure 1) opens meaningful lateral resource expansion potential and could be the high-level portion of a high-grade feeder zone. The outcropping vein has a width of over 6 meters and over 100 meters of exposed strike length with no historical drilling. Geochemical and textural signatures indicate it is near the top of the epithermal system, above the expected gold-silver zone. (Figure 2)
High Grade Opportunity: the Company has identified a large, structurally controlled, high-grade core in the 2020 resource. Most of the historical drilling completed at the project has been vertical and the extents of the higher-grade portions of the orebody have not been fully tested at depth or along strike. This is an immediate opportunity to increase the size and grade of the resource. Visible gold was observed in historically drilled core starting at 45.4 meters depth. (Figure 3)
Phase 1 Core Relogging and Surface Mapping Completed, Project is Drill-Ready: the Company has diligently completed an initial geological mapping and relogging program focused on the historical work completed on the project. There are many untapped opportunities identified, which will be the focus of the initial program at the project.
NevGold VP Exploration,
Figure 1 - Plan view of Nutmeg Mountain project with resource block model and newly identified vein.
To view image please click here
Figure 2 - Outcrop of greater than 6 meters wide vein with previously mined adit, over 650 meters from the main body of the 2020 resource estimate at Nutmeg Mountain. The vein is strongly banded and brecciated with near surface chalcedonic silica textures and cinnabar mineralization, indicating it is above the typical low-sulphidation epithermal gold-silver high-grade zone. To view image please click here
Figure 3 - Core Photo - Visible gold in banded vein from historical drill hole TAL-794 at 45.4 meters (149 feet) depth.
To view image please click here
Figure 4 - Map of
Note 1: On
Nutmeg Mountain Historic 2020 Mineral Resource
Classification Cutoff Grade
Au g/tonne Tonnes Gold Grade
g/tonne Ounces Gold
Indicated 0.30 43,470,000 0.65 910,000
Inferred 0.30 9,150,000 0.56 160,000
Table 1: Mineral Resource from GoldMining's NI 43-101 technical report filed on SEDAR on
A Nevgold Qualified Person has not done sufficient work to classify the Historical Resource Estimate as current mineral resources, and
ON BEHALF OF THE BOARD
"Signed"
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About the Company
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Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward looking statements in this news release include statements with respect to the Company's future exploration plans with respect to the Project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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