NV Gold Corporation: Sampling Results from Medel Property in Switzerland Very Encouraging-Include Samples of Over 10 g/t Gold
January 30 2012 - 8:00AM
Marketwired Canada
NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that its
wholly-owned subsidiary, SwissGold Exploration AG ("SGE") has completed initial
gold exploration reconnaissance work on its Medel concession in eastern
Switzerland, with highly encouraging results. The 2011 program was centered on
the Medel concession, which covers 129 square kilometers in Canton Graubunden.
Of the 86 surface rock samples taken from the Medel concession that were
assayed, 72 samples returned gold values in excess of 150 ppb Au, with 48 of
those in excess of 1.0 g Au/t. Seven samples returned values in excess of 10 g
Au/t.
As previously announced, the 2011 field program was designed to provide initial
reconnaissance of the geology and mineralization of the area, plus focus on
several specific prospect areas that could present viable drill targets for the
2012 season. The work has been completed, all results have been received, and
NVX personnel are engaged in technical review of all historic and current
information on the property.
The primary targets currently identified on the Medel concession include the
Chevron, Cazirauns, Bell and Stavelatsch showings. Each was prospected on the
surface with the collection of selected rock samples submitted for geochemical
analysis. Additionally, two lines of soil geochemical samples were collected and
analyzed.
A total of 86 surface rock samples and 20 soil samples were collected from the
Medel concession area in 2011. Rock samples were analyzed by ALS Laboratories
for gold by fire assay and multi-element geochemistry with aqua regia digestion
for 51 elements by ICP-AES and ICP-MS. Soil samples were analyzed for 51
elements by ICP-AES and ICP-MS with aqua regia digestion. A team of ten persons
was engaged in the 2011 exploration program.
The area of greatest current interest on the Medel concession extends as a trend
over 6 kilometers. Primary targets within this area are:
-- the "Chevron" zone, so named because of the chevron map-form of the
favorable sulfide-bearing quartz-muscovite schist unit. The prospect
appears open to the west and may connect to the Cazirauns and/or Bell
areas to the east.
-- the Cazirauns outcrop zone and associated boulder-rich downslope
alluvial fan; it also appears open to the east;
-- the Bell zone, which was drilled in 1991, also open in all directions
beneath cover;
-- the Stavelatsch zone, located nearly 4 km east of the Bell and Cazirauns
Zones.
Mineralization consists of disseminated to semi-massive or laminated sulfide in
quartz-muscovite schist; identified sulfide minerals are pyrite, arsenopyrite
and pyrrhotite. Tourmaline, ankerite and fuchsite are commonly associated
minerals.
Two lines of soil geochemical samples were collected, both 450 meters in length
and spaced 350 meters apart, with samples collected at 50-meter spacing along
the lines, for a total of 20 soil samples. These soil sample lines were designed
to trace the connection of the Chevron zone with the Cazirauns or Bell zones
beneath heavy soil and vegetation cover. Results were highly encouraging with
both lines returning strong gold anomalies throughout their lengths.
The rock geochemical program was designed to test the grade and areal extent of
gold mineralization within the widespread quartz-muscovite schist units. Field
prospectors were instructed to sample selectively for visible sulfide
mineralization in outcrops of all types. Results were highly encouraging. Of the
86 samples assayed, 72 samples returned gold values in excess of 150 ppb Au,
with 48 of those in excess of 1.0 g Au/t. Seven samples returned values in
excess of 10 g Au/t. The sampling program was completed under the supervision of
Dr. Odin Christensen, a Qualified Person under NI 43-101 and Director of NVX.
Samples were secured while on site and transported in sealed containers by rail
to the analytical laboratory. Duplicate samples confirm the grade and extent of
mineralization.
While many samples were selected for visible mineralization, the wide geographic
extent of favorable results supports the Company's opinion that they are
significant indications of the grade and lateral continuity of mineralization in
this area. The gold systems at Medel appear to be very large and quite robust.
While these systems have been discussed in the literature and subject to limited
prior exploration programs, this large area remains little explored.
The Medel concession was the subject of a modest drilling program in 1991
(International Micham Resources Inc.). Two diamond drill holes, totaling 403.5
meters, were completed under the direction of Mr. David Bell. Both holes were
drilled from a single pad location in order to establish the true thickness and
dip of the host unit. The target zone was mapped in the area of the drilling and
the holes were targeted to intersect the zone at a high angle.
Both holes intersected long intervals of disseminated gold mineralization,
containing shorter intervals of higher grades (see chart). Outcrop samples
collected by NVX in the area of the 1991 drill collar contained gold
concentrations to 8.1 g Au/t. This Bell prospect area is open beneath cover in
all directions.
1991 Drilling Results, Bell Zone
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Drill Hole Intervals Grade
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From (m) To(m) Length (m) Length (ft) g Au/tonne oz Au/ton
----------------------------------------------------------------------------
DDH 91-1 44.2 139.2 95.00 313.50 0.980 .029
includes 66.2 81.2 15.00 49.50 1.620 0.047
87.2 96.2 9.00 29.70 2.200 0.064
100.2 103.2 3.00 9.90 4.103 0.120
173.7 174.7 1.00 3.30 4.011 0.117
DDH 91-2 53.6 145.65 92.05 303.77 0.711 0.021
includes 103.6 110.65 7.05 23.27 2.170 0.063
190.85 195.85 5.00 16.50 1.180 0.034
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The 1991 program suffered from budget limitations and weak gold prices, and as a
result, the holes were never offset.
A similar sub-parallel zone, named Cazirauns, has been identified by NVX some
300 meters to the north of the Bell Zone. Twenty-six rock geochemical samples
collected from outcrop and from coarse boulder alluvium beneath the zone
returned values as high as 17.2 g Au/t. Sixteen of the samples returned assays
in excess of 1.0 g Au/t. The area has received no drilling to date.
The Chevron Zone is located 1-1.5 kilometers northwest of the Bell and Cazirauns
zones. Initial mapping indicates that it may connect to one or both of these
zones under an area hidden beneath soil and vegetation cover. Soil sampling of
this covered area suggests continuity between the zones. Should the zones be
confirmed to connect, the combined target would each have a potential strike
length in excess of 2 kilometers.
The 2011 SwissGold program at Medel and the surrounding area was highly
encouraging. The 2011 work, combined with the historical drilling results will
form the basis for an aggressive exploration program in 2012. Additional surface
sampling and geophysics will be combined with diamond drilling for this season.
It is anticipated that the Bell 1991 drilling will be offset and the Cazirauns
target will be drill tested for the first time. Other targets are being analyzed
and may be drill-tested.
The Company owns a 100% interest in the Medel concession and has applied for an
exploration permit in respect of the remainder of the Surselva District, which
includes the Communes of Medel/Lucmagn, Disentis/Muster, Sumtvig/Somvix, Trun
and Tujetsch.
Dr. Odin Christensen supervised the preparation of the exploration information
that forms the basis of this news 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, including any continuity of, or connection between,
areas of mineralization 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.
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