NSGold Completes Initial Program at Silver Hill Property in Nevada
BEDFORD, NS, Oct. 29, 2013 /CNW/ - NSGold Corporation (NSX: TSXV) is pleased to announce the completion of a phase 1 exploration program at its Silver Hill Property located in the Edna Mountains, Humboldt County, Nevada. The Silver Hill claims are located about six miles south of Golconda, and are situated within the Getchell Trend, a well-known mineral belt that is host to the Twin Creeks, Chimney, Getchell, Pinson, and Preble mines, among others.
The phase 1 program comprised preliminary geologic mapping, geochemical sampling, and structural analysis. Geologic mapping has delineated and rock chip sampling has confirmed a 2500 to 3000 foot long zone of silver and gold mineralization within a 25 to 100 foot wide high angle shear zone. Mapping suggests the high angle shear zone may be a variant of the Golconda Thrust or a later fault zone that offsets the thrust zone. In the vicinity of the Silver Hill claims, the zone separates upper plate Pennsylvanian-age Pumpernickel Formation to the east from older, lower plate Preble Formation to the west. Granodiorite intrusives occur in the vicinity of Silver Hill, and are displayed as small masses, dikes, and sills.
The geologic setting of the Silver Hill mineralization exhibits characteristics that are similar to the Getchell, Pinson and Preble gold mines to the north in that mineralization is contained in or occurs along wide shear zones. At Pinson and Preble, the Preble Formation is an important host rock to the precious metal mineralization.
Strong silver and gold values were found within argillically-altered and silicified phyllite and calcareous rocks of the Preble Formation within the shear zone. In the mineralized zones, silver values are highly anomalous, ranging up to 243 grams per tonne. Gold values are low but anomalous, and generally are within a range of 0.1 to 0.156 grams per tonne. Silver mineralization exhibits strong affinities with tungsten, bismuth, and molybdenum, with subsidiary affinities with lead, arsenic, copper, and iron. The affinity of silver with tungsten, bismuth, and molybdenum is suggestive of a skarn association, and skarn minerals and alteration were found in float during mapping. On the other hand, gold displays strong affinities only for arsenic and antimony, and may represent a separate mineralizing event than the silver mineralization.
Upon completion of data compilation, the Company plans to proceed with a phase 2 exploration program which will consist of trenching and further sampling followed by drilling to test the targets developed by both phases of work.
Mooseland Gold Property, Nova Scotia
NSGold's core asset is the 100% owned Mooseland Gold Property located in Halifax County, Nova Scotia. The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades. Total inferred mineral resources for the Mooseland Gold Project are estimated at 454,000 ounces of gold using a cut-off grade of 2.6 grams per tonne (see NSGold news release dated June 5, 2012). This estimate is based on drill core assay results from historic and recent drilling programs totaling 45,382 meters in 183 drill holes. A summary of the June 2012 resource estimate is provided in the table below.
|Mooseland Summary of Non-Diluted Inferred Mineral Resources|
NSGold holds the Mooseland Property free and clear subject only to a gross metal royalty payable to Globex Mining equal to four percent of all metals produced from the property. Globex also has the right to receive a five percent (5%) interest in the issued and outstanding share capital of NSGold at the time the Mooseland Property enters into production. The Mooseland Property is comprised entirely of Crown owned land with no privately owned portions.
The Mooseland Property is located approximately 13 kilometers from Atlantic Gold's (ATV:ASX) Touquoy Gold Project and 65 kilometers from Resources Appalaches' (AAP:TSXV) Dufferin Gold Mine. Atlantic Gold has announced plans for the development of an open pit gold mine at Touqouy with annual gold production of 84,000 ounces and Resources Appalaches earlier this year secured a $10 million financing for the re-development of the Dufferin Mine.
Sample Protocol and QA/QC (Silver Hill)
Where outcrops were extensive or bedrock exposure good, continuous and contiguous rock chip channel samples were taken to determine presence, tenor, and continuity of mineralization. Individual outcrops or small bedrock exposures were sampled in multiple locations on the individual outcrop. Samples were delivered by field personnel, under the direct supervision of the Qualified Person, to Inspectorate Labs in Reno, Nevada. Analyses were conducted using ICP-AA methodology. Any samples that exceeded ICP limitations were then analyzed utilizing traditional gravimetric and fire assay methods. The Company relied upon the extensive internal standards used by the independent lab to qualify and certify the results. Internal standards were reported by the lab to the Company, and the analyses determined to be within standard statistical limits for precision, reproducibility, and accuracy.
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, 2012, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NSGOLD CORPORATIONFor further information:
Glenn A. Holmes
Chief Executive Officer, NSGold Corporation