- Seeking to resolve Kuulu access issues
- Programmes of Work pending approval for Roe Gold
Project
- Application for Excess Tonnage approved
VANCOUVER, Feb. 19, 2019 /CNW/ - NxGold Ltd.
("NxGold" or the "Company"), (TSXV: NXN) is
pleased to provide exploration activity guidance for the first half
of 2019. Meeting requests, applications and notices required for
the execution of exploration activities throughout 2019 have been
submitted to the appropriate regulatory bodies and organisations.
The expectation is that in 2019 NxGold will be able to resolve the
current inability to explore at its Kuulu project in Nunavut and at the same time will advance
select targets at the Mt. Roe Gold Project to the drill evaluation
stage of exploration.
Kuulu Project:
The Kuulu Project has received a positive Nunavut Planning
Commission (NPC) conformity decision, a positive Nunavut Impact
Review Board (NIRB) decision and a Type B Water License from the
Nunavut Water Board (NWB) for water use for camp and drilling
purposes. In addition, a land use license from the Lands Department
of the Kivalliq Inuit Association (KIA) is required for NxGold to
undertake exploration activities on the Kuulu project area. This
licence has not yet been obtained but the Company continues to work
with the KIA and the local community in an effort to obtain the
necessary licence which has been granted the previous seven years
on the same tenements. The underlying Earn-in Agreement with
Meliadine Gold Ltd. (private) is in good standing and remains under
force majeure until the Company can access the ground under the
Land Use License terms. The underlying Mineral Exploration
Agreement with Nunavut Tunngavik Inc. also remains in good standing
with rents paid up to date with expenditure requirements under
force majeure due to the inability to undertake work.
Mt. Roe Gold Project: Prinsep tenements:
Programme of Work applications ('PoW') have been submitted that
contemplate activities including detailed soil sampling across the
1.8 km length of the horizon of interest that has previously
returned two roughly 500 m sections
hosting elevated gold values in rock grab samples (see News
Releases dated: January 22, 2019 and
December 18, 2018). Subsurface
evaluation using rotary air blast drilling is also contemplated by
the PoW submission.
Mt. Roe Gold Project: Sholl tenements:
PoW applications have been filed for work that covers trenching
for shallow high-grade mineralisation in the Kangaroo, Hawk, Eagle
and Upper Pineapple areas and rotary air blast drilling in the
Eagle area. Proposed work on these tenements includes silt sampling
drainages on the recently granted tenements (see News Release
dated: December 18, 2018), initial
and additional soil sampling in the Crow, Eagle, and Hawk areas.
Evaluation of induced polarisation geophysics to refine targets on
known auriferous structures may also be undertaken.
In addition, the Company is pleased to report that it has
received approval of its applications for the ability to remove
excess tonnages of material from the Mt. Roe tenements from the
Western Australian Department of Mines, Industry Regulation and
Safety. These approvals will allow the company to undertake
disturbance works significantly in excess of the volumes normally
allowed under prospecting licences.
The above work programs on the Mt. Roe Gold Project are designed
to refine targets for potential drilling evaluation by midyear.
The Company is planning to commence field work by mid-March on
the assumption that all the necessary applications are approved in
time.
Christopher McFadden, Chief
Executive Officer, commented, "We are looking forward to
progressing discussions with the KIA in Nunavut with the objective of being able to
obtain the necessary licence so we can commence exploration on the
exciting Kuulu project as soon as we can. We are highly aware
of the issues raised by the community and are hopeful we can reach
a mutual understanding that will allow our proposed activities to
commence. In Australia we are looking forward to continuing
the detailed and systematic exploration approach on the recently
granted tenements and are hoping to start work as soon as
conditions in the field are cooler and all necessary applications
and paper-work has been completed with the relevant
authorities.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About NxGold
NxGold is a Vancouver-based exploration company. The
Company owns 80% of the Mt. Roe gold project located in the Pilbara
region of Western Australia. The Company has also entered
into an earn-in agreement with Meliadine Gold Ltd. to earn up to a
70% interest in the Kuulu Project (formerly known as the Peter Lake
Gold Project) in Nunavut.
Technical Disclosure
NxGold advises that the Mt Roe Gold project is an early stage
exploration project and there is no certainty of the discovery nor
definition of a mineral resource.
The scientific and technical information in this news release
has been prepared or approved by Darren
Lindsay, P.Geo., Vice President Exploration and Development,
of the Company, a "qualified person" within the meaning of
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects. Although efforts have been made to review the
historical soil data the sample location nor values have been
verified by the qualified person as of the date of this release and
therefore readers are cautioned about interpretations of that
data.
Cautionary Statement Regarding "Forward-Looking"
Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
"Forward-looking information" includes, but is not limited to,
statements with respect to activities, events or developments that
the Company expects or anticipates will or may occur in the future
including whether the proposed acquisition will be completed.
Generally, but not always, forward-looking information and
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or the
negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including
among others, that general business and economic conditions will not change in a material adverse manner, that
financing will be available if and when needed and on reasonable
terms, and that third party contractors, equipment and supplies and
governmental and other approvals required to conduct the Company's
planned exploration activities will be available on reasonable
terms and in a timely manner. Although the assumptions made by the
Company in providing forward-looking information or making
forward-looking statements are considered reasonable by management
at the time, there can be no assurance that such assumptions will
prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in the forward-looking information
or implied by forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking
information and statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or information.
The Company undertakes no obligation to update or reissue
forward-looking information as a result of new information or
events except as required by applicable securities laws.
SOURCE NxGold Ltd.
