NV Gold Corporation (TSX-V:NVX, OTC:NVGLF) announced that an environmental update at its SW Pipe gold project in Nevada has identified an estimated exploration target of 35,000 - 70,000 oxide ounces of gold.
The SW Pipe project is located roughly 6 kilometers southwest of the Pipeline/Gold Acres/Robertson Battle Mountain-Cortez Trend complex. It has shown near-surface oxide gold mineralization hosted in sandstone, chert, shaly siltstone, greenstone, and slate rock types.
“NV Gold has successfully delineated a substantial near surface, oxide gold system at its SW Pipe property in Lander County, Nevada,” said Thomas Klein, vice president of exploration. “This area of gold mineralization can be interpreted as possible ‘leakage’ from a larger target at depth, emplaced through structural conduits. Given the favorable setting proximal to several large gold deposits, the modest deposit is further support for deeper exploration."
Historically, there have been at least seven drilling programs resulting in 49 reverse circulation drill holes available for use in modeling. Based on drill holes with gold assay values available, there is not presently sufficient drilling density to calculate an inferred resource, the company said.
However, the data does provide an exploration target that contains between 5 and 6 million tons, with grades ranging from 0.25 to 0.40 grams per ton.
The company began drilling its initial hole at SW Pipe on May 10, but due to challenging ground conditions, it opted to terminate the existing hole and relocate the drill rig to its Triple T Gold project.
"SW Pipe remains a high-priority target for the Company but the encountered ground conditions and expected depth of the drill holes requires a larger budget to adequately test the target at depth. In an effort to allocate our capital in a disciplined manner, we have elected to move the drill rig to the Triple T Gold Project where the holes are shallower and much less expensive,” CEO John Seaberg said.
“As such, crews have been mobilized to begin a ~1,000 - 1,500 meter RC Drill Campaign that will entail 10 - 15 drill holes designed to exploit the properties near surface, high-grade oxide gold potential. Triple T is 100% owned by NV Gold and is fully permitted.”
The Triple T project comprises 41 claims and is located in the Humboldt Range 9 kilometers east of the Rochester silver-gold operation and 42 kilometers southeast of the Florida Canyon gold mine.
More information can be found here.
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