NV Gold Corporation

TSX VENTURE : NVX


NV Gold Corporation

August 29, 2014 12:44 ET

NV Gold Discovers New Gold Zone at Rattlesnake Hills

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2014) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

NV Gold Corporation (TSX VENTURE:NVX) ("the Company") announced today that the 14-hole drill program recently completed on its newly-acquired Rattlesnake Hills Project in Natrona County, Wyoming has intercepted significant gold mineralization at Blackjack, a previously undrilled target on the property.

Hole NVJ 001 intercepted 33.5 m grading 1.33 grams per tonne (or 1.33 ppm or 110 feet @ 0.039 ounces per ton (opt)). Hole NVJ 001 was mineralized throughout its entire length of 152 meters (500 feet), with an average grade for the entire hole of 0.556 g/t. The hole is the western-most hole in the program and therefore this new zone is open in that direction. The Company has not received the silver assays for Hole NVJ 001 and will report them separately when received. Hole NVJ 001 was transected by Hole NVJ 008 (-45 degrees), which passed Hole NVJ 001 at approximately 85 meters from its collar (60m south of Hole NVJ 001). Several intercepts were present in Hole NVJ 008, confirming the results in Hole NVJ 001. (See table below)

Two additional holes were completed to the east of Hole NVJ 001 to test lateral continuity. Holes NVJ 005 and NVJ 007 were drilled 50 meters and 90 meters east of Hole NVJ 001, respectively. Both holes were angle holes drilled to test the structure at 60-80 meters depth. Both holes encountered multiple intercepts of gold and silver mineralization. Importantly, mineralization is increasing in intensity and grade from east to west. Significant results from the Blackjack program are as follows:

Hole TD (m) Intercept (m) Length (m) Au Grade (g/t) Ag Grade (g/t) Au Eq Grade (g/t) Area or Zone
NVJ 001 152 0-152 152 0.556 * * Blackjack
inc 0-33.5 33.5 1.332 * *
43-60 17 0.518 * *
65.5-152 87 0.342 * *
NVJ 002 76 0-12.2 12.2 0.384 1.33 0.40 Blackjack
NVJ 003 116 0-12.2 12.2 0.423 1.33 0.44 Blackjack
NVJ 004 76 0-20 20 0.201 1.39 0.22 Blackjack
NVJ 005 152 0-12 12 0.446 1.10 0.46 Blackjack
46-58 12 0.545 3.63 0.60
64-98 34 0.315 6.75 0.42
NVJ 007 152 111-122 11 0.860 11.44 1.04 Blackjack
NVJ 008 136 0-14 14 0.352 1.09 0.37 Blackjack
38-46 8 0.286 6.86 0.39
67.1-80.8 13.7 0.721 33.26 1.23
81-96 15 0.235 7.18 0.35
105-119 14 0.316 14.08 0.53
* Sample results not yet received
Notes: True widths of these intercepts cannot be determined with the information currently available. Au Equivalent is calculated using gold:silver of 1:65.

Key observations are as follows:

  • Seven of eight holes at Blackjack returned gold values of significance. Six of eight holes, so far, report silver values of interest, with Hole 1 remaining to report.
  • Hole NVJ 001 was collared in strong mineralization and was mineralized throughout its entire length.
  • Gold mineralization encountered in this drill program represents the first discovery of gold outside the two previously drilled deposits at North Stock and Antelope basin, located nearly 8 kilometers to the east, supporting the concept that Rattlesnake Hills could be a district-scale gold play.
  • Results indicate that the Blackjack Zone is increasing in grade and intensity in an east to west direction. The strongest hole was on the western edge of the drilling and is open to the west and north and at depth.

Additionally, 6 holes were drilled at the Baldy Prospect, located on the northwestern portion of the property. Although there was no significant mineralization encountered in these holes, the alteration and structure was of interest and additional follow-up work will be undertaken.

John E. Watson, the Company's President, said "This was the Company's first exploration drilling program at Rattlesnake Hills and it has succeeded in its primary objective of discovering a new gold zone outside the two known, previously drilled deposits. The mineralization remains open to the west along strike and to the north. Both directions have geochemical sampling supportive of a successful follow-up program. We are very excited by these results and will be planning additional drilling at Blackjack and other targets in 2015."

Exploration activities at the Rattlesnake Hills Gold project were conducted under the supervision of Michael B. Ward, P.Geo., a contract geologist of NV Gold who is not independent but is a Qualified Person under NI 43-101. Mr. Ward has approved this news release. Assays reported were conducted by ALS Chemex (Reno, Nevada and Vancouver, BC, Canada) using fire assay with an AA finish and ICP. The data verification procedures and QA/QC procedures followed for the recent drilling program involved inserting certified standards and blanks into the sample stream. Rig duplicates have been collected.

NVX is a Vancouver-based company, whose objective is to create shareholder value by the acquisition, exploration, and development of gold projects located within the major gold producing areas of the western United States and in Switzerland.

On behalf of the Board of Directors,

John E. Watson, President

This news release includes certain forward-looking statements or information. All information other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Company, is forward-looking information that involve various risks and uncertainties. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Statements regarding the Rattlesnake Hills property being a district scale gold play and follow-up exploration are considered forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals, risks inherent in the mineral exploration and production industry, and other risks detailed from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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.

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