NV Gold Corporation Granted Exploration Permit for Swiss Property
06 Novembre 2012 - 1:30PM
Marketwired Canada
NV Gold Corporation (TSX VENTURE:NVX) (the "Company" or "NVX") announced today
that its wholly-owned Swiss subsidiary, SwissGold Exploration AG, has been
granted a five-year exploration permit (the "Permit") for gold and precious
metals that covers an area of 115 square kilometers within the Communes of
Disentis/Muster, Sumvitg and Trun in Canton Graubunden, southeastern
Switzerland.
John E. Watson, the President and CEO of the Company, commented that: "I am very
pleased by the support and encouragement the mayors of the Communes of
Disentis/Muster, Trun and Sumvitg have given to the Company in its pursuit of
the Permit. These mayors recognize the economic benefits that mining could offer
their Communes, provided it can be undertaken responsibly, and we look forward
to advancing exploration work on this promising project."
The Permit is for a 5-year term, but is renewable for two additional 5-year
terms. Under the terms of the Permit, the Company must pay an initial fee for
the permit, pay an annual fee of CHF 4,500 (4,500 Swiss Francs) and incur
exploration expenditures of CHF 100,000 per year on the Surselva Property to
maintain the Permit in good-standing. Excess expenditures may be carried forward
to meet expenditure requirements in future years. The Permit was granted under
the mining laws in place in Disentis/Muster and Sumvitg. Trun currently does not
have its own mining law. The three Communes have agreed to work to settle a
harmonized mining law that will apply in all three Communes. The existing mining
laws in Disentis/Muster and Sumvitg provide that the Permit holder is entitled
to a mining concession subject to completing a satisfactory feasibility study
and environmental impact study, amongst other things.
The Company anticipates an aggressive field exploration program in 2013. This
program will expand upon exploration completed by SwissGold Exploration
geologists in 2011 on the current property and on adjacent areas in the Commune
of Medel. Alluvial placer gold is present in streams draining the entire
Surselva permit area, and previous exploration has defined a number of gold
occurrences, including native gold, within crystalline basement rocks of the
Tavetsch and Gotthard massifs of the Central Swiss Alps. The Gotthard massif
consists of granite, granitoid and polymetamorphic basement rocks. The adjacent
Tavetsch zone consists primarily of sericite schist with lesser volumes of
pegmatite and lenses of ultramafic rocks and is interpreted as a major shear
zone. Most of the known gold occurrences are hosted within
sericite-quartz-pyrite schist of the Tavetsch zone. Sulfide minerals, dominated
by pyrite and locally arsenopyrite, are usually associated with gold
mineralization and occur as disseminations, veinlets with associated quartz, and
often wispy layers or laminations of semi-massive sulfides with thicknesses of
up to a few centimeters. The gold mineralization at Surselva may be classified
as orogenic gold-type mineralization, with considerable similarities to numerous
gold deposits in Ontario, Canada.
The Surselva project area was drill-tested by the Narex-Micham joint venture in
1986 and 1987. A total of 17 diamond drill holes for 3865.45 meters tested three
identified mineralized horizons. Of these, 10 drill holes for 2766.15 meters
were within the area of the current exploration permit. Significant drill
intersections are presented in the following table. The Company is in possession
of all known data from previous work, including all of the previously-drilled
core. The structural setting and the mineralized gold system is of substantial
dimensions and is open laterally and at depth.
Hole From, To, Intercept, Gold,
Number meters meters meters g/t
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DH-86-02 50.8 63.5 12.7 0.51
including 61.6 61.9 0.3 4.95
74.5 101.7 27.2 0.97
including 77.8 79.95 2.15 7.95
249.75 252.8 3.05 3.50
including 249.75 250.4 0.65 3.09
and including 251.9 252.4 0.5 16.46
265.3 271.8 6.5 2.59
including 269.35 270.9 1.55 9.19
DH-86-03 84.8 109.55 24.75 0.6
including 92.9 93.95 1.05 3.01
DH-86-05 5.8 6.3 0.5 5.35
160.8 164.5 3.7 0.98
including 162.7 163.4 0.7 4.67
256.6 263.3 6.7 0.44
DH-86-06 76.4 91.4 15 0.66
98.4 109.2 10.8 2.15
including 104.2 105.2 1 5.91
including 107.2 108.2 1 3.49
250 287 37 0.94
DH-86-07 135.8 146.6 10.8 0.45
151.4 181 29.6 0.6
196.8 212.5 15.7 0.38
221.2 226.15 4.95 0.89
DH-86-08 178.35 216.1 37.75 0.6
245.9 262.65 16.75 1.07
DH-86-09 89.4 128.3 38.9 0.75
DH-86-10 136.3 148.25 11.95 0.45
Drill intersections reported are down-hole distances; true thicknesses of
mineralization are not known.
SwissGold Exploration geologists completed a program of reconnaissance
prospecting and rock-chip geochemistry in 2011. Of the 215 rock-chip geochemical
samples collected across the permit area, 37 contained more than 1 g/t gold, 16
of these contained more than 2 g/t gold, and 7 of these contained more than 3
g/t gold, with a high value of 10.2 g/t gold in one sample.
Dr. Michael Gustin of Mine Development Associates, an independent Qualified
Person under NI 43-101, has reviewed and approved the technical information
disclosed in this release.
On behalf of the Board of Directors,
John E. Watson, President and CEO
Forward-Looking Statements
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements regarding the geological
potential of the properties and other future plans and objectives of the Company
are forward-looking statements that involve various risks and uncertainties.
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 regulatory issues,
market prices, availability of capital and financing, general economic, market
or business conditions, timeliness of government or regulatory approvals and
other risks detailed herein and from time to time in the filings made by the
Company with securities regulators. The Company disclaims any intention or
obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT:
NV Gold Corporation
John E. Watson
President and CEO
303.674.9400
jewats@aol.com
www.nvgoldcorp.com
NV Gold (TSXV:NVX)
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