Vancouver, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- NevGold Corp.
("NevGold" or the "Company") (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is
pleased to announce that it has identified high-grade copper, gold, and silver
mineralization at surface at the newly staked Zeus Copper Project ("Zeus", "Zeus
Project") in the emerging Hercules Copper District of southwestern Idaho. The
positive sampling results highlight the significant copper porphyry potential at
Zeus. As detailed in NevGold's News Release dated April 18, 2024 (see NevGold
News Release dated April 18, 2024 (https://nev-gold.com/news/nevgold-announces-
positive-copper-porphyry-potential-at-the-zeus-copper-project-in-the-hercules-
copper-trend-idaho/)), there are many similar geological characteristics between
Hercules Silver Corp.'s ("Hercules Silver", TSXV:BIG) copper porphyry discovery
at the Hercules Project (see Hercules Silver News Release dated October
10, 2023 (https://herculessilver.com/hercules-silver-intersects-185-meters-of-
0-84-cu-111-ppm-mo-and-2-6-g-t-ag-including-45-meters-of-1-94-cu-in-first-deep-
hole-drilled-at-hercules/)), and the Zeus Copper Project. NevGold will continue
its active field program at Zeus throughout the summer.
Key Highlights
* Positive high-grade copper, gold, and silver surface sampling results
confirm the significant copper porphyry potential at the Zeus Copper Project
* ZRS-07: 1.22% Cu, 8.19 g/t Au, and 21.9 g/t Ag
* ZNR-01: 1.30% Cu, 0.19 g/t Au, 11.3 g/t Ag
* ZRS-03: 0.91% Cu, 0.22 g/t Au, 20.0 g/t Ag
* ZRS-02: 0.86% Cu, 0.11 g/t Au, 9.9 g/t Ag
* APF: 1.03 g/t Au, 114 g/t Ag
* Strong similarities between Zeus and the Hercules Silver copper porphyry
discovery at the Hercules Project continues to be highlighted with the
results from the active field program
* NevGold will continue its field program with further surface geochemical
sampling and geophysical surveys to identify drill targets over the coming
months
Figure 1 - Photo of copper-gold-silver mineralization (ZRS-07: 1.22% copper,
8.19 g/t gold, and 21.9 g/t silver) from the Thorn Springs Target. The green
mineral in the Figure is malachite, a copper mineral produced by supergene
weathering of primary copper mineralization. The sample was collected on Bureau
of Land Management ("BLM") mineral claims and could be drilled with an
Exploration Notice, a process that typically takes 4-6 weeks. To view image
please click here (https://nev-gold.com/site/assets/files/7803/figure1_zrs-
07_vhigherquality.jpeg)
NevGold CEO, Brandon Bonifacio, comments: "The initial results from sampling
completed at Zeus have yielded exceptional results, further validating the
copper porphyry potential at the Project. The initial samples were taken as our
Team was completing the project claim staking and the results have identified
widespread copper-gold-silver mineralization across the entire project. With our
project knowledge improving with each day spent in the field, we continue to
confirm that Zeus has significant copper porphyry potential and that there may
be multiple target areas or a potential cluster of copper deposits at the
Project. We are diligently advancing other field work with the goal of arriving
at drill targets over the coming months."
NevGold VP Exploration, Derick Unger, comments: "Our compilation of geologic
data and initial sampling has established multiple target areas and indicates
that there is widespread mineralization at the Zeus Project. The presence of
high-grade to highly anomalous values of copper, gold and silver confirms that
the Zeus Project has strong potential to host a major porphyry copper system.
Additionally, the fact that mineralization is widely scattered over the entire
property, in multiple target areas, suggests the possibility of a cluster of
copper deposits. This first group of surface samples was completed while we were
staking the mineral claims at Zeus. We plan to complete a much more detailed and
systematic program of sampling and geologic mapping during this summer field
season."
Zeus - Identified Target Areas
The preliminary rock chip sampling by NevGold, as well as historical sampling
(Henricksen, 1975) and compilation of geologic data, has identified at least
five targets within the Zeus Project. This preliminary work indicates a large
footprint of mineralization and potential for multiple copper porphyry producing
intrusive centers.
Figure 2 - Copper analysis of Zeus Project surface samples and target areas. To
view image please click here (https://nev-
gold.com/site/assets/files/7803/figure2_cu.jpg)
Figure 3 - Gold analysis of Zeus Project surface samples and target areas. To
view image please click here (https://nev-
gold.com/site/assets/files/7803/figure3_au.jpg)
Figure 4 - Silver analysis of Zeus Project surface samples and target areas. To
view image please click here (https://nev-
gold.com/site/assets/files/7803/figure4_ag.jpg)
Thorn Springs
The Thorn Springs Target is the site of a large porphyry copper style alteration
zone (Figure 5) that was first identified by Henricksen (1975). Sampling by
Henricksen and NevGold (ZRS-07: 1.22% copper, 8.19 g/t gold, 21.9 g/t silver)
has identified significant copper-gold-silver mineralization. The style of
alteration, strong oxidation, and presence of copper minerals suggests that
erosion has exposed the top of the copper-gold mineralization and that the
deposit has experienced supergene enrichment, an important process in creating
high-grade copper deposits. Thorn Springs has significant soil cover and poor
outcrop exposure; these conditions may conceal a much larger mineralization
footprint. The use of modern exploration methods, including soil geochemistry
and high-resolution geophysics, will be key to identifying mineralization that
may have been missed by previous prospectors. A significant portion of the Thorn
Springs Target is located on land managed by the Bureau of Land Management
("BLM") and could be drill tested with an Exploration Notice permit, which takes
approximately 4-6 weeks to complete.
Figure 5 - Thorn Springs Target map of porphyry copper alteration (modified from
Henricksen, 1975) with samples collected by NevGold and Henricksen. The
alteration pattern is typical of porphyry copper deposits and indicates the
erosional level is at the top of the porphyry system (see insert of "Porphyry
Copper Alteration Model", modified from Lowell and Guilbert, 1970 and John et.
al., 2010). Strongly developed oxidation suggests supergene enrichment has
increased the grades of the primary copper mineralization. To view image please
click here (https://nev-gold.com/site/assets/files/7803/figure5-tspringsupdated-
j20.png)
Mortimer
The Mortimer Target is the southern most exposure of a 4-kilometer trend of
copper-gold-silver mineralization that extends north-northeast to the Abundance
Target. The target includes the area around the historical Mortimer Mine where
significant skarn mineralization has been observed in open cuts, mine dumps, and
outcrops. Multiple samples (Figure 6) have shown 0.8-1.3% copper in marble,
magnetite, and intrusive rocks associated with the skarn.
Figure 6 - Photo of copper-gold-silver mineralization (ZNR-01: 1.30% copper,
0.19 g/t gold, and 11.3 g/t silver) from the Mortimer Target. The green mineral
is malachite, a copper mineral produced by supergene weathering of primary
copper mineralization. To view image please click here (https://nev-
gold.com/site/assets/files/7803/figure6_znr-01_vhigherquality.jpg)
Iron Mountain
The Iron Mountain Target is located along the northeast continuation of the
Mortimer-Abundance Trend and shows highly anomalous copper values in Triassic
intrusive rocks as well as a large amount of mapped Huntington Formation, the
formation that hosts copper mineralization at Hercules Silver's copper porphyry
discovery at the Hercules Project. The work by Henricksen (1975) identified
hornfels metavolcanic and metasedimentary host rocks that were intruded by
Triassic dikes and plutons. Henricksen (1975) also reported "unusually large
concentrations of sulfides" including the copper mineral chalcopyrite and the
zinc mineral sphalerite. The many geologic similarities to the Hercules Project
suggests that the area has strong potential to host a blind porphyry copper
deposit.
Abundance
The Abundance Target is defined by a 0.6-kilometer geochemical trend of copper
up to 0.25% situated in the northeastern extension of the 4-kilometer Mortimer-
Abundance Trend. The zone is hosted within the metasediments of the Weatherby
Formation, a known cover unit emplaced by the Bayhorse Thrust Fault. The
underlying andesitic volcanics of the Lower Huntington Formation are rich in
iron, which is a critical factor for intruding porphyritic plutons to host
potentially economically recoverable mineralization. Additionally, Henricksen
(1975) reported the presence of supergene copper enrichment in a now collapsed
adit of the Abundance Mine. This area has many analogous attributes to the blind
porphyry copper deposit discovered by Hercules Silver at the Hercules Project.
Golden Goose
Rock chip samples from the Golden Goose Target, named after Golden Goose Canyon,
which lies just to the west, contained some of the highest silver values (114
g/t) and gold values (1.03 g/t) identified at Zeus to date. This area is similar
to the Abundance Target in that the Weatherby Formation is emplaced by the
Bayhorse Thrust Fault over the Huntington Formation. This area also has the
potential to contain a blind porphyry copper deposit similar to that which was
discovered by Hercules Silver.
?
Selected Results from NevGold's Sampling Program
+-------------+---------+------+--------+--------+-----------------------------+
| Target Area |Sample_ID|Cu (%)|Au (g/t)|Ag (g/t)| Sample Description |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Aplite strongly altered with |
| | | | | |limonite, sericite, quartz, |
|Thorn Springs|ZRS-07 | 1.220| 8.19| 21.9|and malachite |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Quartz diorite breccia with |
| | | | | |malachite replacement of |
|Mortimer |ZNR-01 | 1.298| 0.188| 11.3|clasts |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Marble breccia with malachite|
|Mortimer |ZRS-02 | 0.857| 0.111| 9.9|and hematite in matrix |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Quartz diorite with |
| | | | | |malachite, azurite, and |
|Mortimer |ZRS-03 | 0.913| 0.219| 20.0|hematite along fractures |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Strongly altered quartz |
| | | | | |diorite with malachite on |
|Mortimer |RSL01 | 0.833| 0.056| 10.5|fractures |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Quartz diorite breccia, |
|Iron Mountain|WP645 | 0.015| 0.005| 1.5|hematite alteration of matrix|
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Phyllite (Big Hill Wacke) |
| | | | | |with quartz veins, copper |
|Abundance |WP624 | 0.254| 0.027| 6.00|sulfides and malachite |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Marble with veins of quartz, |
|Abundance |WP625A | 0.045| 0.005| 0.6|hematite, and magnetite |
+-------------+---------+------+--------+--------+-----------------------------+
|Abundance |WP625B | 0.051| 0.009| 1.5|Strongly clay-altered dacite |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Silicified andesite with |
|Abundance |WP637 | 0.039| 0.044| 2.3|strong hematite alteration |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Andesite flow (Lower |
| | | | | |Huntington) brecciated with |
|Golden Goose |ZWDU1205 | 0.012| 0.025| 26.2|quartz and hematite |
+-------------+---------+------+--------+--------+-----------------------------+
| | | | | |Breccia of silicified |
| | | | | |metasediments with specular |
|Golden Goose |APF | 0.050| 1.03| 114|hematite in matrix |
+-------------+---------+------+--------+--------+-----------------------------+
Table 1- Selected rock samples from the Zeus Project.
Planned 2024 Activities / Status Update
NevGold will continue its active exploration program at Zeus in 2024 including:
* Geological database review (completed);
* Geological mapping (in process);
* Comprehensive surface geochemical sampling (in process);
* Geophysics such as magnetics, gravity, EM, CSAMT, or IP (in preparation);
and,
* Drill testing copper targets identified by the above activities (subject to
the above activities).
Figure 7 - Geologic Map of the Hercules Copper Trend compiled by the NevGold
geology team.
Modified from (Henricksen, 1975), (Fankhauser, 1968), (Skurla, 1974), (Lund,
2021), (Adair, 1985).
To view image please click here (https://nev-
gold.com/site/assets/files/7803/figure7_districtgeologyzeusbig-j20updated.jpg)
Figure 8 - Zeus Project Location and Hercules Copper Trend. To view image
please click here (https://nev-
gold.com/site/assets/files/7803/figure8_entiredistrict-j20.jpg)
References
Adair, D. H. (1985). High-Grade Silver Potential of The Hercules Project, Cuddy
Mountain District, Idaho. Report for Anglo-Bomarc Mines, LTD.
Fankhauser, R. E. (1968). Geologic Map of The Southern Cuddy Mountains
Washington County, Idaho. Idaho Geological Survey.
Henricksen, T. A. (1975). Geology and Mineral Deposits of the Mineral-Iron
Mountain District, Washington County, Idaho, And of a Metallized Zone in Western
Idaho and Eastern Oregon. A Thesis Submitted to Oregon State University.
John, D.A., Ayuso, R.A., Barton, M.D., Blakely, R.J., Bodnar, R.J., Dilles,
J.H., Gray, Floyd, Graybeal, F.T., Mars, J.C., McPhee, D.K., Seal, R.R., Taylor,
R.D., and Vikre, P.G., 2010, Porphyry copper deposit model, chap. B of Mineral
deposit models for resource assessment: U.S. Geological Survey Scientific
Investigations Report 2010-5070-B, 169 p.
Lowell, J.D., and Guilbert, J.M., 1970, Lateral and vertical alteration-
mineralization zoning in porphyry ore deposits: Economic Geology, v. 65, p.
373-408.
Lund, K. (2021). Geology of the Payette National Forest and Vicinity, West-
Central Idaho. U.S. Department of the Interior, U.S. Geological Survey.
Skurla, S. J. (1974). Geologic Map of The Sturgill Peak Area, Washington County,
Idaho. Thesis Submitted to Oregon State University.
ON BEHALF OF THE BOARD
"Signed"
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at bbonifacio@nev-
gold.com, call 604-337-4997, or visit our website at www.nev-gold.com
(http://www.nev-gold.com/).
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance:
All sampling was conducted under the supervision of the Company's geologists and
the chain of custody from the Project to the independent sample preparation and
analytical facility, American Assay Labs in Sparks, NV, was continuously
monitored. The samples were crushed, pulverized and sample pulps were analyzed
using the methods IO-FAAu30 and IM-4AB52.
Technical information contained in this news release has been reviewed and
approved by Derick Unger, CPG, the Company's Vice President, Exploration, who is
NevGold's Qualified Person under National Instrument 43-101 and responsible for
technical matters of this release.
About the Company
NevGold is an exploration and development company targeting large-scale mineral
systems in the proven districts of Nevada and Idaho. NevGold owns a 100%
interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the
Nutmeg Mountain gold project and Zeus copper project in Idaho.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements include, but are not limited to, the proposed work
programs at Zeus, and the exploration potential at Zeus. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking
statements. Such risks include, but are not limited to, general economic, market
and business conditions, and the ability to obtain all necessary regulatory
approvals. There is some risk that the forward-looking statements will not prove
to be accurate, that the management's assumptions may not be correct or that
actual results may differ materially from such forward-looking statements.
Accordingly, readers should not place undue reliance on the forward-looking
statements. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
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