Key Highlights
High-Grade, Heap-Leachable Gold Intercepted from Surface: the Company intercepted 72 g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (heap-leachable) (Hole NMD0003), and 0.56 g/t Au over 23.9 meters from 24.1 meters depth, including 0.89 g/t Au over 11.4 meters from 25.6 meters depth with 4.33 g/t Au intercepted near the bottom of the hole (Hole NMD0001, hole was lost in mineralization). The mineralization starts at surface with minimal stripping required, and exhibits positive, heap-leach characteristics with both free gold and oxidized material. (Figure 1)
High-Grade Potential at Depth: Hole NMD0003 intercepted multiple, large, vein/breccia zones at 251 meters and 469 meters depth, with assays pending, in an entirely untested area of the Project. (Figure 1, Figure 4, Figure 5) The average historical hole depth at the Project is only 75 meters, and the Company sees significant resource expansion potential at depth. Hole NMD0003 intercepted a material structure that will require follow up drilling as the quartz textures seen in the core indicate a potential high-grade feeder structure is present at depth.
Open, Near-Surface Mineralization Along Strike: a large step-out 140 meters from the nearest drill collar intercepted significant anomalous mineralization starting at 4.6 meters depth and extending to 93.6 meters depth with grades up to 0.43 g/t Au. (Hole NMD0002) Mineralization is open in all directions and further drillholes are planned in this area to test additional targets identified by geochemical and geophysical data previously collected at the Project.
Current Drill Program Update: the drill program is tracking according to schedule and budget, and drill results will be continuously released over the coming months.
NevGold VP Exploration,
Drill Results
Hole ID Length, m* g/t
NMD0001 23.9 0.56 24.1 48.0 hole terminated in mineralization
including 11.4 0.89 25.6 37.0
NMD0001a 53.3 0.20 29.0 82.3 poor core recovery
NMD0001a 24.2 0.28 135.2 159.4 poor core recovery
NMD0002 10.0 0.16 4.8 14.8 intercepted up to 0.43 g/t Au down to 93.6m
NMD0003 79.3 0.72 10.4 89.6
including 13.4 2.32 25.6 39.0
including 11.0 pending 251.3 262.3 assays pending, hydrothermal vein-breccia
including 7.6 pending 469.1 476.7 assays pending, hydrothermal vein-breccia
* Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70% to 90% of downhole thickness. All holes were completed with core drilling. Any apparent errors in arithmetic are due to rounding.
Figure 1 - Cross-section looking northeast through
Figure 2 - Plan view map of
Figure 3 - Core Photos - NMD0003 from 31.7 meters to 34.4 meters (104 to 113 ft.), included in the zone
that assayed 13.4 meters at 2.32 g/t Au. To view image please click here
Figure 4 - Core Photos - NMD0003, hydrothermal vein-breccia that starts at 251.3 m (824.5 ft.), representing a possible feeder structure and target for high-grade mineralization at depth. To view image please click here
Figure 5 - Core Photos - NMD0003, hydrothermal vein-breccia that starts at 469.1 m (1539 ft.), representing a possible feeder structure and target for high-grade mineralization at depth. To view image please click here
Drillhole Orientation Details
Hole ID Azimuth degrees Dip degrees Total Depth feet Total Depth meters
NMD0001 95 55 157.5* 48.0*
NMD0001a 95 55 1498.5* 456.7*
NMD0002 85 45 587 178.9
NMD0003 130 70 1656.5 504.9
* Did not reach target depth.
Engagement of Marketing Consultant
The Company has entered into an agreement with
Note 1:
On
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 GoldMining's Mineral Resource Estimate as current mineral resources, and
ON BEHALF OF THE BOARD
"Signed"
For further information, please contact
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company's geologists and the chain of custody from the Project to the independent sample preparation facility,
Technical information contained in this news release has been reviewed and approved by
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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. 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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