VANCOUVER, March 13, 2012 /CNW/ - NSX Silver Inc. (TSXV: NSY) and NSGold Corporation (TSXV: NSX) are pleased to announce the commencement of the Phase 1 drilling program on the Dios Padre Project located in the Sierra Madre Occidental region of the State of Sonora, Mexico.
The Phase 1 drilling program for the Dios Padre Project comprises a seven hole 2,000 meter preliminary program designed to test the geochemical and geophysical anomalies discovered during the 2011 exploration program. These anomalies represent significant areas of interest for silver, gold and copper as well as other base metals. As previously press released by NSGold Corporation, the 2011 3-D Induced Polarization geophysical survey revealed a large conductive anomaly that lies just to the north of the most recent historic mining operations striking east - west. This area appears to approach the surface and may outcrop within the geochemical anomalies. The central core of this anomaly appears as a highly-conductive mass approximately 600 meters wide by 800 meters long with a depth of at least 300 meters, which is the limit of the effective range of the survey method. The area of the new anomaly is underlain by a substantial rhyolite intrusive. As well, the exploration effort defined a metal zonation suggestive of a buried porphyry copper to the north of the main silver zone. It appears the silver mineralization in rhyolite intrusive rocks may represent distal apophyses of a larger, mineralized intrusive at depth to the north.
Depending upon the results from the preliminary drilling program the Company intends to carry out a Phase 2 program consisting of an estimated 30 additional drill holes (approximately 8,000 meters), to expand the geologic data base and to better target potential areas of mineralization including those that were the focus of historic mining activity.
The phased drilling program is a recommendation of the Company's independent geological consultant, D.R. Duncan and Associates ("DRD") of Windsor, Nova Scotia. DRD prepared a 43-101 compliant technical report for the Dios Padre Project in February 2012 and a copy of the report is available on www.sedar.com under the Company's profile.
Perry MacKinnon, P.Geo., Chief Geologist for NSX Silver, a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided in this news release.
About NSX Silver
NSX Silver Inc. is a mineral exploration company actively exploring for silver and associated metals in Mexico. NSX Silver's principal property is the Dios Padre Project, Sonora State, Mexico which is held under an option agreement whereby NSX Silver can earn a 100% interest. NSX Silver's shares are listed on the TSX Venture Exchange under the symbol NSY.
NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada. NSGold's principal property is the Mooseland gold property, located in Nova Scotia. 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.
For further information:
Glenn A. Holmes
Chief Financial Officer, NSX Silver Inc. and NSGold Corporation