NSGOLD REPORTS HIGH GRADE GOLD ASSAYS AT ITS MOOSELAND GOLD PROJECT

VANCOUVER, le 18 avril /CNW/ - NSGold Corporation (TSXV: NSX) is pleased to report that it has received assays on all outstanding holes, numbers 11 through 26, that comprise the Phase 1 drilling campaign completed at its Mooseland Gold Project in Halifax County, Nova Scotia. All assays have now been received from the laboratory and data is currently being collated and analyzed for inclusion in an updated NI 43-101 technical report.

Holes number 11 through 13 were drilled on the West Zone of the Mooseland Project and Holes 14 through 26 penetrate the East Zone. In total 39 significant intercepts in terms of grade and tonnage, based upon a minimum mining width of 1.5 meters, occurred in these holes. Hole NSG-21-10 returned the most significant intercepts as detailed below;

  • 122.15 gpt over a width of 2.2 meters; including 243.73 gpt over 1.1 meters from 104.0 meters to 105.1 meters
  • 36.93 gpt over a width of 2.0 meters; including 61.18 gpt over 1.2 meters from 113.8 meters to 115.0 meters

The above results include intercepts containing anomalous gold in quartz structures assaying between 0.1 and 1.0 grams per tonne. These quartz structures have accompanying sulfides that contain anomalous gold values that may be indicative of potential gold presence elsewhere in the vein.  Additional intercepts and respective higher grade zones are disclosed in the accompanying table (Appendix A).

A total of 98 samples assayed in excess of 1 gpt gold in holes NSG-11-10 through NSG-26-10, of which 16 assays exceeded 10 gpt gold. The plus 10 gpt results are summarized in the following table.

Hole #
 
From
(meters)
To
(meters)
Width*
(meters)
Grade**
(gpt)
NSG-11-10 296.70 297.30 0.60 16.49
NSG-12-10 67.20 67.80 0.60 15.63
NSG-13-10 71.20 71.70 0.50 11.19
NSG-14-10 32.60 33.20 0.60 195.09
NSG-15-10 68.90 69.40 0.50 209.5
  85.00 85.70 0.70 39.55
  186.80 187.30 0.50 112.8
NSG-16-10 45.00 45.60 0.60 13.17
  180.90 181.60 0.70 13.54
NSG-17-10 130.00 130.60 0.60 10.45
  202.20 203.00 0.80 16.61
NSG-20-10 168.00 168.90 0.90 50.0
NSG-21-10 104.00 105.10 1.10 243.73
  113.80 115.00 1.20 61.18
NSG-22-10 85.90 86.40 0.50 19.81
NSG-24-10 231.00 231.90 0.90 17.57

*   core length (core angles range from 40-70 degrees)

** uncut

The objective of Phase 1 of the Mooseland Program is to confirm and enhance the results of earlier drilling programs and to provide a basis for decisions regarding follow on exploration and development work on the property.

All drilling completed in Phase 1 was carried out within the boundaries defined by the limits of the historical gold resources as determined by Hecla Mines Canada.  All data, including the historical data, has been submitted to MineTech International Inc. of Halifax NS for incorporation into an updated NI 43-101 report that is currently underway.

All samples were sent to Laboratoire Expert of Rouyn-Noranda, Quebec for analysis. 4,169 samples were tested for gold by fire assay method of which approximately 25% were analyzed by the "screen for metallics" method utilizing 100% of the sample.

Leipsigate Update

Results from sampling of the three diamond drill holes drilled on NSGold's Leipsigate property south of Bridgewater, Nova Scotia have been received. Holes L-1-10 (-45 degrees) and L-2-10   (-60 degrees) were drilled from the same site and tested the Rose Lead on the Leipsigate anticline. Hole L-1-10 returned a value of 10.898 gpt gold over 0.5 meters in quartz veining in the first sample taken. Sampling of this area will be expanded.  Hole L-2-10 intersected the same structure and returned anomalous gold values.

The Rose Lead was explored, along with many other showings on the Leipsigate property, in the late 1800's to early 1900's. In 1906 government geologist E.R. Faribault reported that 45 ounces of gold was extracted from just 3 tons of rock making it one of the richest veins known in the area.

Hole L-3-10 was positioned to intersect the Main Fissure Vein, which provided most of the historic production on the property, at a location 1.3 km from the nearest historic workings. Although no significant gold values were obtained, the structure was measured at 2.37 meters wide (approximately 2.0 meters true width) and contained abundant carbonate alteration and arsenopyrite, known indicators for gold in this area. NSGold believes that this now opens up a large prospective target for further exploration.

Frankfurt Stock Exchange Listing

NSGold is pleased to announce that its common shares are now listed on the Frankfurt Stock Exchange under ticker symbol 0NS (zero NS). The stock listing is quoted in Euros.  The Frankfurt Stock Exchange is the largest stock exchange in Germany and is one of the world's largest trading centres for securities.

NSGold expects that the listing of its shares on the Frankfurt Stock Exchange will provide ease of access to trading our shares.

Qualified Person

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.

About NSGold

NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada. NSGold's flagship property is the Mooseland Gold Project.  NSGold's shares are listed on the TSX Venture Exchange under the symbol NSX.

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.

Appendix A
Significant Drill Intercepts Greater than 1g.per Tonne and more than 1,5 m widths

Hole # From To
meters
Width* Grade**
g/T
Including
      meters g/T
West Zone            
NSG-11-10 130.40 132.50 2.10           1.19    
  296.20 298.00 1.80           5.68 0.60 16.49
NSG-12-10 66.70 68.30 1.60           6.05 0.60 15.63
  119.90 121.40 1.50           2.82    
NSG-13-10 67.10 68.70 1.60           2.19    
  70.70 72.20 1.50           4.00 0.50 11.19
  82.30 85.30 3.00           1.23    
East Zone            
NSG-14-10 32.60 35.10 2.50         47.09 0.60 195.09
  124.00 125.80 1.80           3.36    
  129.00 130.50 1.50           4.66    
  133.00 134.50 1.50           1.41    
NSG-15-10 67.30 69.40 2.10         49.96 0.50 209.50
  83.60 85.70 2.10         13.31 0.70 39.55
  96.60 100.30 3.70           1.04    
  154.90 157.00 2.10          1.43    
  162.70 167.70 5.00           2.25    
  186.30 188.00 1.70         33.22 0.50 112.80
  202.00 203.50 1.50           1.06    
NSG-16-10 43.00 45.60 2.60           3.53    
  51.70 53.20 1.50           1.58    
  124.50 126.00 1.50           3.22    
  168.80 170.50 1.70           2.39    
  180.40 182.10 1.70           5.83    

Appendix A
Significant Drill Intercepts Greater than 1g.per Tonne and more than 1,5 m widths
(Continued)

Hole # From To Width*
meters
Grade**
g/T
Including
      meters g/T
East Zone (Continued)          
NSG-17-10 108.50 110.20 1.70           1.27    
  128.60 130.60 2.00           3.62    
  201.60 204.00 2.40           5.70    
  318.00 319.70 1.70           2.10    
NSG-20-10 51.10 52.60 1.50           1.93    
  168.00 169.60 1.60         28.94 0.90 50.00
NSG-21-10 102.90 105.10 2.20       122.69 1.10 243.73
  113.00 115.00 2.00         36.93 1.20 61.18
NSG-22-10 52.50 54.00 1.50           1.39    
  85.10 87.00 1.90           5.36 0.50 19.81
NSG-23-10 50.10 51.70 1.60           1.24    
  155.40 157.20 1.80           1.10    
  167.80 170.70 2.90           1.02    
  181.00 182.90 1.90           1.72    
NSG-24-10 231.00 232.70 1.70           9.33 0.90 17.57
  287.50 289.40 1.90           2.63 0.50 9.92

*core length (core angles range from 40-70 degrees) ** uncut

SOURCE NSGOLD CORPORATION

For further information:

Glenn A. Holmes
Chief Financial Officer, NSGold Corporation
(902) 483-2308
glenn.holmes@nsgoldcorp.com

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