DEL MAR, Calif., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Merrill Moses, President of Nevada Gold, Corp (the "Company") (OTC:NVGC), is pleased to report encouraging results from the companies phase one exploration program conducted on the Diamond Jim Mine property. Below is an extract from the recent report written by the company's consulting geologist Brian Brewer who oversaw this 2013 exploration program. Nevada Gold Corp is also pleased to report the Forest Services Department has also approved the NVGC's "plan of operations for mining activities on National Forest Systems Lands" which will allow Nevada Gold Corp to conduct a below surface chip sample program form old underground workings as part of the phase two 2014 exploration program.
All samples discussed herein, with the one exception of the grab sample from the dump, were select samples taken of various quartz vein material found near the main Diamond Jim portal and around the cabin / dump. All samples were analyzed at ALS Minerals Laboratory located in Reno, Nevada utilizing 35 element Aqua Regia ICP –AES methodology. Gold was analyzed utilizing a 30g fire assay with ICP – AES finish. All samples were personally collected by Brian T. Brewer, a certified professional geologist and qualified person.
The first grab sample was a fairly large and representative sample of the dump material. The assay laboratory reported the sample weight at 16.60kg. Although this sample assayed with significant silver value (4.20 opt), there were also interesting values to be the zinc, gold and antimony. The zinc value (7910 ppm) is considerably higher than any other sample collected, 3-times higher than the next highest samples (2630 ppm). This sample assayed 0.3680 ppm gold. This again, is significantly higher than the majority of the other samples collected. Also, this dump grab sample assayed significantly higher in antimony (1940 ppm Sb) than any other sample (more than twice as much as the next highest sample). Given this, there is the possibility that the mine was encountering more Au-Zn-Sb mineralization towards the end of their operation instead of the higher Ag mineralized vein that the mine is known for. If this is, in fact, the case, than the possibility of mineral zonation associated with a porphyry system should be explored. This theory is also supported by the more gold rich property to the south-southeast (St. Elmo Property) and antimony property to the northwest (Gribble Antimony). It is possible that the Diamond Jim Property has a significantly larger mineral potential than just the narrow high-grade silver veins that are currently known to exist on the property.
All other select samples were taken from float / dump material and consisted of either quartz vein or quartz vein breccia with varying degrees of sulfide mineralization and /or oxidation.
Of the remaining 8 samples, 5 (62.5%) had significant silver mineralization of at least 12.48 opt Ag with the highest value of 29.75 opt Ag. The majority of the silver mineralization appears to be associated with fine-grained disseminated galena. However, there is one strongly oxidized sample (10736) that has significant Ag mineralization (12.48 opt) with no visible sulfides.
Lead mineralization appears to correlate very well with the silver mineralization. Again, however, there is one exception where the sample ran high in silver (23.86 opt Ag) with considerably less lead than the other samples (2.59% Pb compared to 8.36% to >20% Pb).
Zinc mineralization seems to be relatively high in the system but does not appear to directly correlate to either silver or lead mineralization.
Three (3) samples were surprisingly anomalous to high in gold with the highest value being 1.075 ppm Au. The other two samples were 0.413 and 0.500 ppm Au. No obvious correlation was noticed between gold and any other mineral.
Sample 10736 yielded the highest gold value (1.075 ppm Au), significant silver (12.48 opt Ag), considerable lead (8.36 % Pb) the highest zinc and antimony values aside from the dump grab sample (26.30 ppm Zn and 873 ppm Sb). This sample was strongly oxidized quartz vein / vein breccia material with no visible sulfides noted.
In summary, 6 of the 9 samples collected (66.67%) resulted in significant mineralization of varying amounts and associations between Ag, Au, Pb, Zn and Sb. There is no doubt that the Diamond Jim Property was host to a narrow high-grade silver system with significant amounts of lead and zinc. However, the limited sampling that was recently conducted also indicates that the property may also be host to a larger mineralized system that has not yet been identified.
Brian Brewer then recommended additional exploration on the Diamond Jim property, specifically to not only re-examine the known high-grade silver bearing structures but also to to address the property's potential for other unknown targets.
In addition, Nevada Gold Corp wants to inform its shareholders that steps are being taken in order to have the company's shares re-quoted on the Over-the-Counter Bulletin Board operated by the Financial Industry Regulatory Authority, a recognized stock exchange, however we cannot provide any assurances that we will be successful in our efforts. The company is in ongoing dialog with parties necessary to have this done. We will continue to update shareholders as to the progress of this as information and events develop. Nevada Gold Corp also encourages shareholders to visit the company's website and Facebook page to view all related documents relating the Diamond Jim Mine property, including exploration reports and permits relating the our ongoing exploration program.
About Nevada Gold Corp
Nevada Gold Corp (OTC:NVGC) is a publicly traded US exploration company focused on precious metals targets in the gold rich area of North Eastern Nevada. To date, Nevada State has produced over 200 million ounces of gold with Nevada accounting for almost 84% of the US annual gold production. Most recently the company has a acquired an option to earn a 75 percent interest in the former producing silver/lead and gold mine called the Diamond Jim Mine located in Northern Nevada State.
The Diamond Jim Mine in Elko County consists of 53 claims and is located in northeastern Nevada, 20 miles (32 km) south of the Idaho border, 69 miles (111 km) north of the city of Elko and 260 miles (418 km) northeast of the city of Reno. The property lies on the easterly end of the northeast-trending Midas trend, one of Nevada's several important epithermal gold belts. The Midas trend hosts a number of significant to world-class gold districts such as Midas-Ken Snyder Mine and the Jerritt Canyon Mine (recently produced its 8 millionth ounce of gold). These mines produce mainly from epithermal vein systems favorable for small but profitable high-grade operations and Carlin-type sediment-hosted deposits amenable to large-scale open-pit bulk mining.
Company Website: http://www.nvgoldcorp.net
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Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that the company will be able to complete the terms and conditions of the option agreement for the acquisition of an interest in the Diamond Jim property, the mineralization or results of future exploration programs on the Diamond Jim property, or that the company's shares will become quoted on the OTCBB in the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.