- Nuggets found by NxGold management during site visit.
- Close spatial relationship of numerous prospector holes and prospective unit confirmed.
- Grab samples collected (assays pending).
- Mapping continues.
VANCOUVER, April 24, 2018 /CNW/ - NxGold Ltd. (the "Company") (TSX-V:NXN) is pleased to announce the discovery of additional gold during its maiden mapping program on its Mt. Roe Gold Project located in the Pilbara Region, Western Australia. The project lies adjacent to tenement holdings of Novo Resources (TSX:NOV) and Artemis Resources (ASX:ARV) (Figure 1).
There is a close spatial relationship to numerous prospector gold detector holes occurring within tens of meters downslope along the prospective conglomerate contact zone (the "Unconformity") (Figure 2). Further surveying and trenching is planned to more fully determine the orientation and extent of this unconformity structure, interpreted to be the source of the melon seed gold nuggets found on the project area to date by previous owners and by the Company's executive team (Figure 3).
During the recent mapping program seven nuggets were recovered by the Company's CEO in approximately half an hour of detecting on the north eastern side of the tenement package (Figure 4). Ten grab samples of more conventional styles of potential gold mineralisation, epithermal and shear-hosted, were collected and submitted for assay; results are pending.
Christopher McFadden, Chief Executive Officer commented, "It is exciting to get fieldwork underway in the heart of this new gold exploration province. We are expecting a report on the mapping shortly and this will be the first step in unlocking this opportunity. It is remarkable being able to find a number of nuggets in such a short time considering the area has been picked over by prospectors for many years. Mapping is ongoing and a follow up phase of work to better understand the geology and gold morphology will commence soon after. We look forward to updating the market as further work is commenced."
NxGold is a Vancouver-based exploration company. The Company owns 80% of the Mt. Roe gold project located in the Pilbara region of Western Australia. The Company has also entered into an earn-in agreement with Meliadine Gold Ltd. to earn up to a 70% interest in the Kuulu Project (formerly known as the Peter Lake Gold Project) in Nunavut and an earn-in agreement to earn up to a 100% interest in the Chicobi Project located within the prolific Abitibi Greenstone Belt in Québec.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The scientific and technical information in this news release has been prepared or approved by Darren Lindsay, Vice President Exploration and Development, of the Company, a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including whether the proposed acquisition will be completed. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE NxGold Ltd.
For further information: Travis McPherson, Vice-President Corporate Development, NxGold Ltd., +1 604 428 4112, [email protected]