NevGold (TSXV:NAU) Reports Results from Nutmeg Mountain Gold Project, Intercepting 0.80 g/t Au Over 51.5 Meters From Surface Including 1.40 g/t Au Over 11.3 Meters From 10 Meters Depth

Figure 1 – Cross-section looking east through Nutmeg Mountain with US$1500/oz Au pit shell from the 2020 historical resource estimate outlined in red (Note 1). Red intervals on NMD0004 represent Au intercepts of greater than 0.20 g/t Au. Orange dashed line represents area with exploration upside. Source: NevGold Corp.

NevGold Corp. (TSXV:NAU) has reported additional oxide gold findings at the Nutmeg Mountain gold project in Idaho. The 2020 historical mineral resource estimate listed at the site was 910,000 indicated ounces of gold (43.5 Mt @ 0.65 g/t Au) and 160,000 inferred ounces of gold (9.1 Mt @ 0.56 g/t Au). NevGold noted that this historical estimate has not been updated due to insufficient work by a qualified person, so it is not currently classified as a mineral resource or mineral reserve.

Additionally, the company is nearing the completion of a current Mineral Resource Estimate (MRE) at Nutmeg Mountain, anticipated by early July.

NevGold CEO, Brandon Bonifacio, commented in a press release: “The further results from our inaugural drill program at Nutmeg Mountain continue to highlight the at-surface, oxide gold mineralization at the project that we anticipate will be amenable to heap leach processing. Drillhole NMD0004 will also be utilized for the commencement of metallurgical testwork with focus on optimization opportunities in the grinding and comminution area. We are looking forward to the remaining approximate 130 meters of assays pending from Drillhole NMD0004, which is at the assay lab undergoing further testwork. We are also pleased to announce that we are advanced in completing a current Mineral Resource Estimate at Nutmeg Mountain, with targeted completion in early July. Nutmeg Mountain is one of very few oxide gold, heap-leach projects of scale and grade with mineralization starting at surface in the Western USA.”

Among the key findings reported, gold was intercepted from the surface, indicating the project may be suitable for heap leach processing. NevGold reported an intercept of 0.80 g/t Au over 51.5 meters from the surface, which includes 1.40 g/t Au over 11.3 meters from a depth of 9.8 meters (Hole NMD0004). Pending are assays for the remaining 130 meters of the hole.

The company has also begun metallurgical testing at the site, employing McClelland Laboratories from Sparks, Nevada. The tests are set to explore optimization opportunities regarding grinding, comminution, and recovery methods.

Further results from the 2023 drilling program denote a large, near-surface mineralized footprint. For instance, 0.72 g/t Au was found over 79.3 meters from 10.4 meters depth (Hole NMD0003), and 0.56 g/t Au over 23.9 meters from 24.1 meters depth (Hole NMD0001).

The orientated core drilling part of the program is now complete and will be transitioning to Reverse Circulation (RC) drilling. NevGold is also progressing towards a current Mineral Resource Estimate (MRE) at the Nutmeg Mountain site, with a targeted completion date in early July.

Highlights from the results are as follows:

Figure 2 – Plan view map of Nutmeg Mountain with drill collar locations. Yellow line outlines the project boundary, with green shading defining the unpatented Bureau of Land Management (“BLM”) claims that have been permitted through the Exploration Notice. The remaining unshaded areas are patented claims and private leases which can be drilled under different guidelines. Mineralization contained within the US$1500/oz Au pit shell from the Historical 2020 Resource is outlined in red (Note 1). Source: NevGold Corp.

Drill Results

Hole ID Length, m* g/t Au From, m To, m Comment
NMD0001** 23.9 0.56 24.1 48.0 hole terminated in mineralization
    including 11.4 0.89 25.6 37.0
NMD0001a** 53.3 0.20 29.0 82.3 poor core recovery
NMD0001a** 24.2 0.28 135.2 159.4 poor core recovery
NMD0002** 10.0 0.16 4.8 14.8 intercepted up to 0.43 g/t Au down to 93.6m
NMD0003** 79.3 0.72 10.4 89.6
including 13.4 2.32 25.6 39.0
NMD0004 51.5 0.80 0.0 51.5
    including 11.3 1.40 9.8 21.0
128.5 pending 51.5 180.0 Assays pending

*   Downhole thickness reported; true width varies depending on drill hole dip and is approximately 70% to 90% of downhole thickness. All holes were completed with core drilling. Any apparent errors in arithmetic are due to rounding.
** Assays released on April 13, 2023.

Updated Mineral Resource Estimate
The Company has engaged Global Mineral Resource Services from North Vancouver, Canada to complete the MRE at Nutmeg Mountain. Targeted completion of the MRE is early July.

Geology Summary

Hole NMD0004 was a metallurgical drillhole and based on the core logging completed, the hole shows strong oxidation in the mineralized zone. The hole was split into quarters, and part of the hole was sent to McClelland Laboratories in Sparks, Nevada to commence metallurgical testwork. The focus of the new testwork program is to systematically augment the historical metallurgical data with focus on grinding, comminution, and optimal recovery methods.

The remainder of assays from Hole NMD0003 were received. Along with the previously announced 0.72 g/t Au over 79.3 meters from 10.4 meters depth, the hole contained multiple zones of anomalous mineralization with grades up to 0.61 g/t Au. The textures and alterations logged in the core exhibit positive characteristics and highlight that the Company is vectoring in on the potential high-grade feeder structure at the Project. More core drilling will be incorporated into further drilling at the Project in 2023.

Drillhole Orientation Details

Hole ID Azimuth degrees Dip degrees Total Depth feet Total Depth meters
NMD0001 95 55 157.5* 48.0*
NMD0001a 95 55 1498.5* 456.7*
NMD0002 85 45 587 178.9
NMD0003 130 70 1656.5 504.9
NMD0004 350 80 599 182.6

*   Did not reach target depth.

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance: All sampling was conducted under the supervision of the Company’s geologists and the chain of custody from the Project to the independent sample preparation facility, American Assay Labs in Sparks, NV, was continuously monitored. The samples were crushed, pulverized and sample pulps were analyzed using industry standard fire assay methods. A blank and certified reference material was inserted approximately every 20th sample and duplicates of coarse reject material was analyzed approximately every 20th sample. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.

Note 1: Nutmeg Mountain – Historical 2020 Mineral Resource

On July 14, 2020, GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“GoldMining”) published an NI 43-101 technical report on the Project titled “Technical Report – Almaden Gold Property”, with an effective date of April 1, 2020, which includes the following, and which NevGold is treating as a Historical Mineral Resource Estimate:

Nutmeg Mountain – GoldMining 2020 Mineral Resource Estimate

Classification Cutoff Grade
Au g/tonne
Tonnes Gold Grade
g/tonne
Ounces Gold
Indicated 0.30 43,470,000 0.65 910,000
Inferred 0.30 9,150,000 0.56 160,000

Table 1: Mineral Resource from GoldMining’s NI 43-101 technical report filed on SEDAR on July 14, 2020

The Historical Mineral Resource Estimate is believed to be reliable and relevant and professionally calculated under the assumptions made in 2020. A Nevgold Qualified Person has not done sufficient work to classify GoldMining’s Mineral Resource Estimate as current mineral resources, and NevGold is not treating the estimate as current mineral resources or mineral reserves. The current NevGold drilling and geological work is considered sufficient to allow for NevGold to complete an updated Mineral Resource Estimate at the Project.

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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