VANCOUVER, Jan. 26 /CNW/ - NSGold Corporation (NSX : TSXV) provides the following update on the drilling programs at its
Leipsigate and Mooseland gold properties located in Nova Scotia.
Leipsigate Drilling Update
NSGold has completed 3 diamond drill holes totalling 281 meters on its
Leipsigate Property located in Lunenburg County of Nova Scotia. Drill
holes L-1-10 and L-2-10 were planned to intersect one of the many
historic high grade bedding parallel veins on the property. Drill hole
L-3-10 was spotted to test the extension of the "Main Fissure Vein"
from which most of the historic production on the property occurred.
Drill hole L-3-10 is located approximately 1300 meters from the nearest
historic workings and 1900 meters from the nearest previous drilling.
NSGold is pleased to report that this drill hole intersected the
targeted structure. Samples have been sent to the Minerals Engineering
Centre at Dalhousie University in Halifax for analysis.
The Leipsigate Gold District represents a significant exploration target
for NSGold and the Company believes it has the potential to host
multiple mining deposits. NSGold's land position covers most of the
known Leipsigate District encompassing an area of 2,168 hectares (134
mineral claims) and extending over a strike length of approximately 9
kilometers. The property has numerous narrow gold zones and at least 7
historic shafts, the deepest of which reached a depth of approximately
100 meters. Historic mining activities recovered a reported 9,650
ounces of gold from an estimated production of 30,000 tons of ore.
NSGold is planning an additional drilling program on the Leipsigate
property in the coming months.
NSGold's Chief Executive Officer, Hans van Hoof, stated;
"While the Company's attention since our listing has been primarily
focused on the Mooseland Project, which is showing solid results, I am
pleased to highlight the exploration work at the Leipsigate Project.
Our geologists have always been optimistic of the potential of
Leipsigate and now the early indications from the drilling are
extremely encouraging. The 281 meters of drilling completed by NSGold
represents the first core drilling ever in this area of the property,
this despite the fact artisanal miners took out over a third of an
ounce of gold per ton from further along the structure.
We are excited to have proven that the mineralised vein structure
continues this far from the historic workings. Also, it is very
important to note that the Company's claims cover 9 kilometers along
this trend, thus the potential for additional resources has been
Mooseland Project Update
All twenty-six (26) drill holes on both the Mooseland West and East
Zones have now been logged and core splitting has been completed. Assay
results for holes NSG-8-10, NSG-9-10 and NSG-10-10 are pending from the
laboratory. Results have been delayed due to equipment problems at the
laboratory which are being rectified and the data from additional drill
holes is expected to begin to be received soon thereafter.
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. 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.
SOURCE NSGOLD CORPORATION
For further information:
Glenn A. Holmes
Chief Financial Officer, NSGold Corporation