NV Gold Corporation (TSX VENTURE:NVX) (the "Company") is pleased to report drill
results from its completed follow-up 23-hole 2,560 meter reverse circulation
drill program (announced July 26, 2011) on its 100 percent owned (subject to a 1
percent NSR) Afgan-Kobeh Gold Project located in Eureka County, Nevada.
Highlights from this program include hole 11-22, which returned 4.049 g Au/t
over 16.8 meters (0.118 oz Au/ton over 55 feet), including 6.735 g Au/t over 9.1
meters (0.197 oz Au/ton over 30 feet). Drill hole 11-22 is located on the
northeastern margin of the NI 43-101 compliant gold resource of 66,000 ounces of
gold (3.21 million tons at 0.021 oz Au/ton) in indicated resources and 55,000
ounces (3.97 million tons at 0.014 oz Au/ton) in inferred resources, using a
cut-off of 0.006 oz Au/ton, delineated at Afgan in the June 13, 2011 technical
report of the Company. Drill hole 11-22 indicates the resource remains open to
expansion to the east. 


"The intercept encountered in Hole 22 demonstrates that more closely spaced
drilling has the potential to add additional tonnage of higher grades and could
enhance the average grade of the known resource," stated John Watson, President
and C.E.O. NV Gold Corporation. "The drill results also confirm the continuity
of low-grade mineralization at the margins of our inferred resource."


The objective of the 2011 follow-up drill program included infill and step-out
drilling at the Afgan resource area, as well as testing of new targets at Kobeh.
A total of 2,560 meters (8,400 feet) of drilling was completed and samples were
submitted for assay to ALS Chemex in Elko, Nevada. All analyses have now been
received. The Afgan drilling returned encouraging results, with confirmation of
the outlying, lower-grade projections of mineralization along the margins of the
resource, in addition to the very encouraging intercept in hole 11-22. Ten holes
were completed in the northern portion of the project, in the Roberts Gold lease
area, but did not intersect any significant mineralization. Two holes were
drilled in the Kobeh area, south of the Afgan mineral resource, and those holes
encountered anomalous gold and warrant follow-up with future drilling.


The following table summarizes significant results from the 2011 drill program:



              Intercept       Length        Grade        Grade         Area
Hole              (feet)       (feet)     (g Au/t)  (oz Au/ton)     or Zone
---------------------------------------------------------------------------
11-11           20 - 40           20        0.182        0.005        Afgan
---------------------------------------------------------------------------
11-14           35 - 65           30        0.720        0.021        Afgan
---------------------------------------------------------------------------
11-15          90 - 105           15        0.491        0.014        Afgan
---------------------------------------------------------------------------
              155 - 165           10        0.475        0.014        Afgan
---------------------------------------------------------------------------
11-16           45 - 70           25        0.195        0.006        Afgan
---------------------------------------------------------------------------
11-17           45 - 80           35        0.575        0.017        Afgan
---------------------------------------------------------------------------
11-20         255 - 295           40        0.269        0.008        Afgan
---------------------------------------------------------------------------
11-21         285 - 340           55        0.326        0.010        Afgan
---------------------------------------------------------------------------
11-22         120 - 180           55        4.049        0.118        Afgan
---------------------------------------------------------------------------
                  incl.           30        6.735        0.197             
---------------------------------------------------------------------------
11-23         320 - 355           35        0.351        0.010        Afgan
---------------------------------------------------------------------------



A total of 9 of the 13 holes drilled in the Afgan area intersected potentially
economic mineralization. Hole number 11-22 intersected a thick zone of strong
mineralization, which remains open to the east and may connect to a similar zone
drilled in 2010. Data derived from previous exploration, including maps and
reports, combined with 3D computer modeling were used to design the drill
program.


The Afgan-Kobeh project is a Carlin-Type Gold system consisting of two
contiguous parcels of land totaling over 4,250 acres controlled by the Company.
Included in this land block is a group of 109 unpatented claims covering an area
of approximately 2,180 acres owned 100 percent by the Company (the Afgan-Kobeh
block), subject to a 1 percent NSR, and a group of 104 unpatented claims
covering an area of approximately 2,080 acres leased by the Company (the Roberts
Gold block), subject to a 3 percent NSR. 


The project's potential is enhanced by its location near the southeastern
portion of an alignment of mineral deposits, referred to as the Battle
Mountain-Eureka Gold trend (also known as the Cortez trend), at its intersection
with the Northern Nevada Rift. The project is located between the Gold Bar
deposit (previously mined by Atlas Minerals; now controlled by U.S. Gold) and
the currently producing Archimedes (Ruby Hill) gold mine of Barrick Gold Corp.
The Cortez Trend and the Carlin Gold Trend (to the northeast) are widely
believed to reflect major crustal structures and account for a significant
number of the sediment-hosted, disseminated gold deposits in the western United
States.


Assays reported herein were conducted by ALS Chemex in Elko, Nevada using a fire
assay with an AA finish, with results greater than 3 g Au/t (0.088 oz Au/ton)
being re-analyzed by fire assay with a gravimetric finish.


Michael Gustin, CPG, of Mine Development Associates, is the company's qualified
person on the Afgan Gold project. 


NV Gold Corporation's objective is to create shareholder value by identifying,
acquiring, exploring, and developing advanced-stage gold projects within the
major gold producing areas of Nevada and in Europe.


On behalf of the Board of Directors,

John E. Watson, President and CEO

For further information, visit the Company's website at www.nvgoldcorp.com.

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.
These statements include statements of the potential to increase grade and
tonnage of a resource, that mineralization has the potential to be economic and
that zones of mineralization may connect. Mineral resource estimates can also be
considered forward looking statements. 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 an unexpected lack of continuity of mineralization,
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.
NV Gold (TSXV:NVX)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more NV Gold Charts.
NV Gold (TSXV:NVX)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more NV Gold Charts.