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NV Gold Continues Drilling Hole ARC-6C Deeper at its 100% Controlled ATV Gold Project and Announces Private Placement of up to CDN$390,000
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- NV Gold Corpora
About this update from Nv Gold Corporation
[{"type":"text","content":" NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- NV Gold Corporation (TSX-V:NVX) (OTCQX:NVGLF) (“NV Gold” or the “Company) is pleased to announce that it has re-entered diamond drill hole ARC-6C and anticipates extending it up to an additional 600 meters. NV Gold also announces a private placement of units of the Company for gross proceeds of up to CDN$390,000 (the “Placement”). As announced in its news release dated March 2, 2018, diamond drill hole ARC-6C intercepted carbonate-bearing sedimentary rocks thought to belong to the Comus Formation at its 100% controlled Across the Valley (“ATV”) Gold Project in north-central Nevada. Orebodies at the nearby Twin Creeks (Newmont) and Turquoise Ridge (Barrick and Newmont) mines are hosted by Comus Formation. After cutting approximately 120 m of this important rock unit, hole ARC-6C was terminated at 477.3 m. NV Gold drilling is inadequate to confirm with certainty the true width, however the Company believes that the dip of the unit is at or near horizontal and, since the drilling is vertical, the observed thickness should approximate true width. Drilling has recently resumed and the hole has advanced approximately 120 meters to a depth of 597 m. What are interpreted as decalcified muddy, silty and sandy rocks have been encountered (Figures 1-3 below). Zones of silicification are also evident as are local accumulations of very fine-grained sulfide minerals. NV Gold interprets such alteration as evidence of hydrothermal activity. The ATV gold project encompasses approximately 13,000 acres of lode mining claims on Bureau of Land Management lands and fee ground leased from Oro Vaca Ranch and is situated approximately 10 km southeast of the Twin Creeks and Turquoise Ridge mines on the Getchell trend. Mines of the Getchell trend have produced over 20 Moz gold from Carlin-type deposits hosted by Paleozoic sedimentary rocks, especially carbonate-bearing units of the lower plate of the Roberts Mountain thrust. NV Gold targeted the underexplored ATV area based on structural modeling that suggests faulted extensions of lower plate host rocks of the Getchell trend might be buried under young alluvium and volcanic rocks in this area. NV Gold’s CEO, John Watson commented “We are glad to re-commence dri...