NSGold confirms significant gold, silver and base metal potential on its Cheticamp property
BEDFORD, NS, Aug. 1, 2012 /CNW/ - NSGold Corporation (TSXV: NSX) is pleased to report that stream sediment and grab samples from three of its seven exploration licences in the Cheticamp Highlands area of Cape Breton, Nova Scotia have provided encouraging results.
On the Fisset Brook exploration licences 9797 and 7755, rock samples returned values of up to 78.4 grams per tonne silver and 1.44 grams per tonne gold in an area not previously known to contain significant values of either element. Lead and zinc values greater than the detection limit of the ICP assay method, of 0.5% and 1% respectively, were also obtained, as well as antimony values up to 334 ppm. Sediment sampling from two streams on the property has provided a strong vector for further exploration on a section of the claims with no exposure, with values up to 137 parts per million ("ppm") copper, 163 ppm nickel, 145 ppm lead, 445 ppm zinc and 437 ppm arsenic.
On the Rocky Brook licence 09235, NSGold sampling returned values of up to 6.17 grams per tonne gold in an area of historic trenching. A previous limited drill program in this area was carried out by Noranda in 1990 and returned gold values up to 7.8 grams per tonne over 0.6 meters and a 3.6 meter interval assaying 1.05% lead, 2.74% zinc and 0.51% copper. Grab samples from trenching completed by Noranda returned values up to 17.8 grams per tonne gold. Several historic soil anomalies and an IP anomaly remain untested on this property.
Base metal and precious metal mineralization occurs in an altered meta-sedimentary sequence (mainly quartz-sericite schist with some chlorite schist) within altered volcanics. Numerous additional showings as well as two former producing mines (the Galena Lead/Zinc Mine and the Mountain Top Copper/Gold Mine) occur on nearby claims, also owned by NSGold, in a similar geological environment. NSGold has excellent claim coverage in these areas and is planning to undertake further evaluation work on all the exploration licences.
The rocks of the Cheticamp Highlands region are of the Aspy Terrane which correlates with the Gander and Dunnage Zones of Newfoundland, host to the Buchans area deposits, and the Miramichi Zone of north-central New Brunswick, host to the Bathurst area deposits.
Perry MacKinnon P. Geo., Chief Geologist, for NSGold, a qualified person as defined by National Instrument 43-101 has reviewed the information provided in this news release.
NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada. NSGold's principal property is the Mooseland Gold Property. NSGold's shares are listed on the TSX Venture Exchange under the symbol NSX.
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of NSGold Corporation ("NSGold"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that NSGold or its shareholders will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond NSGold's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risks and Uncertainties" in NSGold's Management Discussion and Analysis for the Year ended December 31, 2010, which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. NSGold does not intend, nor does NSGold undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
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SOURCE: NSGOLD CORPORATIONFor further information:
Glenn A. Holmes
Chief Executive Officer, NSGold Corporation