NV Gold Provides an Update on its SW Pipe Exploration Program

VANCOUVER, BC / ACCESSWIRE / April 27, 2023 / NV Gold Corporation (TSXV:NVX) (OTCQB:NVGLF) (FSE:8NV) ("NV Gold" or the "Company") is pleased to provide an exploration update for the Company's 100%-owned SW Pipe Project located in Lander County approximately 6 km (3.7 miles) southwest of the Pipeline gold mine in the central Cortez gold belt of north-central Nevada (see Figure 1).

Highlights

• Initial drill hole fully permitted; drill pad construction complete.
• The Company has filed Notice of Intent for four additional drill holes with the Bureau of Land Management (BLM).
• A drill rig has been secured; drilling will commence in the second half of April 2023.

Foto: Accesswire

Figure 1: SW Pipe Location in Proximity to the Cortez and Pipeline Gold Mines.

Foto: Accesswire

Figure 2: SW Pipe Soil Geochemistry and Mercury Vapor Target, and Proposed Drill Hole Location.

Historical Work and Geology

• Chip sampling by NV Gold in 2022 returned gold values up to 1.74 ppm, with high arsenic and antimony, elements enriched in productive Carlin-type gold deposits. Historic shallow drilling in 1989 yielded intersections that include: 0.442 g/t over 16.8 m; in 89-1, 0.654 g/t over 15.2 m in 89-2; 0.794 g/t over 9.2 m in 89-9; 0.580 g/t over 18.3 m in 89-11.
• Mineralization is largely within 100 m (328 feet) of surface and is hosted by siltstones and quartzite within the western-facies sequence (the upper-plate of the regional Roberts Mountains thrust fault).
• Preliminary results indicate that north-northwest-striking faults may have localized mineralization which also spread laterally away from these "feeder" faults in a stratiform style along a major geologic contact, possibly a thrust fault. The north-northwest striking faults have not been tested by drilling, and faults of this orientation are the key control to localizing gold mineralization along the Cortez gold belt, including the nearby Pipeline, Cortez Hill and Goldrush deposits, which contain at least 40 million ounces of gold.

2022 Exploration Soil Sampling Results

• A total of 567 soil samples were collected on the SW Pipe Project and later modeled in MapInfo. Modeling shows a large and comprehensive zone of overlapping Carlin-type geochemical anomalies including gold, arsenic, antimony, mercury, thallium, and selenium, adjacent to and merging with a "Magmatic Plume", which is characterized by strong Lead, Tungsten and Tellurium zones (see Figure 2).

Thomas Klein, VP Exploration stated, "I am excited to see the daily progress the Company is making on preparing to drill the first drill hole into this newly defined target at our SW Pipe gold project in Lander County, Nevada. The Company's team of experts is confident in the target concept and is looking forward to permitting four additional drill pads to further evaluate these square-kilometers-sized, geochemistry anomalies appropriately to uncover the next Carlin-type gold system in Nevada. We are in elephant mining country and less than 6 kilometers from Nevada Gold Mines' multi-million-ounce Pipeline and Cortez gold deposits. We are excited about the potential to make this exploration effort a discovery success story".