VANCOUVER, Sept. 19, 2011 /CNW/ - NSGold Corporation (NSX: TSXV) is pleased to provide the following update with respect to its various
Mooseland Gold Project
A total of seven diamond drill holes have been completed thus far on the
East Zone at Mooseland, including the deepening of Hole #NSG-25-10 from
last year's drilling program. One more drill hole is planned for the
East Zone after which the drill will be moved over to the West Zone. A
total of 5,000 meters of drilling is planned this year with the
drilling designed to test under-explored areas in the historic drilling
zones as well as complete several holes planned for last year's program
that were not possible due to adverse weather conditions at the time.
Core logging and sample preparation are proceeding well at this time.
Additionally, Leading Edge Geomatics (LEG) of Fredericton, N.B., has
completed an airborne LiDAR survey over all claims held by NSGold at
its Mooseland project. The objective of the survey is to better define
the structure and stratigraphy of the Mooseland gold deposits.
Interpretation of the survey results is pending.
Other Nova Scotia Properties
A trenching program at the Company's Ecum Secum Gold Property is planned
to be completed during September. This property is held under an
option agreement and consists of 6 claims located on the coast
approximately 33 km east of Sheet Harbour. There is ample evidence of
historic mining on this property including several pits and trenches
and three shafts.
Also, over the next few weeks an initial prospecting program utilizing a
portable x-ray fluorescence (XRF) analyzer is planned for the Barney's
River and James River properties which the Company staked last year.
The area staked covers the surface exposure of a Peralkaline Syenite, a
coarse-grained intrusive igneous rock of the same general composition
as granite. This is a rock type that has elsewhere been found to
contain commercially viable Rare Earth Elements (REE's) deposits and
has become a primary focus for exploration for these minerals.
Geologically this formation lies along the major Cobequid-Chedabucto
fault system and intrudes into a complex of sedimentary volcanic and
gabbroic rocks. Based on past limited wide spread grab sampling the
formation has been found to contain anomalous values of REE's. Claims
staked in the previous year in the Folly Lake region of northern Nova
Scotia, and located proximally to the same fault system, will be also
be explored for REE's.
LEG has completed flying LiDAR surveys over the Company's Cheticamp,
Indian Path, Ecum Secum and Moosehead properties covering a total area
of 124 square kilometres. NSGold expects that the LiDAR information
will enable its technical staff to better interpret the structure of
the rock formations on these properties, and prove to be a useful tool
in targeting known and prospective potential mineralized zones on these
properties. The survey data is presently being compiled.
Dios Padre Silver Project
At the Company's Dios Padre Silver Project located in Sonora State,
Mexico, geological mapping is ongoing and a 3-D Induced Polarization
(IP) ground survey has commenced. Additionally, NSGold has recently
acquired, through claim staking, an additional 2,500 hectares near the
Dios Padre Project. These claims supplement the approximately 3,000
hectares previously acquired by claim staking (see NSGold news release
dated July 18, 2011).
NSX Silver Inc.
NSGold continues to advance the process to separate its Nova Scotia
assets (gold, base metals and rare earth elements) and Mexican assets
(silver) into two separate public companies. NSGold's intention is to
distribute to its shareholders, on a share-for-share basis, all of the
shares of a newly-incorporated company, NSX Silver Inc., which will
indirectly hold NSGold's Mexican silver properties, including the Dios
Padre property. NSGold Corporation will continue to own its Nova Scotia
gold, base metal and rare earth exploration properties. After the share
distribution, it is not expected that NSGold will hold any shares of
NSX Silver. A Preliminary Prospectus in relation to the "spin out"
transaction is expected to be filed with the regulatory authorities in
both English and French later this month.
Perry MacKinnon, P.Geo., Chief Geologist for NSGold, a qualified person
as defined by National Instrument 43-101, has reviewed and approved the
information provided in this news release.
NSGold Corporation is a mineral exploration company actively exploring
for gold in Nova Scotia, Canada and silver in Mexico. NSGold's
principal properties are the Mooseland gold property, located in Nova
Scotia, and the Dios Padre property, located in the municipality of
Yecora, State of Sonora, Mexico. 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.
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 CORPORATION
For further information:
Glenn A. Holmes
Chief Financial Officer, NSGold Corporation