VANCOUVER, British Columbia, April 18, 2024 (GLOBE NEWSWIRE) -- NevGold Corp.
("NevGold" or the "Company") (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is
pleased to announce that it has identified significant copper porphyry potential
after completing a geological review and 3-D model of the newly staked Zeus
Copper Project in the emerging Hercules Copper Trend in southwestern Idaho. The
Company's geological review included detailed assessments of historical records,
compilations and reinterpretation of numerous published geological maps,
creation of a 3-D geological model, and analysis of rock chip samples collected
by the NevGold Team while staking the mineral claims over the past 6 months.
Key Highlights
* Positive results from the geological review and 3-D model highlight the
significant copper porphyry potential at the Zeus Copper Project
* Strong similarities have been identified between the Zeus Project and the
Hercules Silver Corp. (TSXV:BIG, "Hercules") 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/)):
* Both projects have Triassic age plutons, the likely source of the copper
porphyry
* Both projects have Olds Ferry terrane rocks including the Hercules
Rhyolite and Lower Huntington Formation (Seven Devils equivalent)
* Both projects have a cover sequence of Izee terrane rocks including the
Weatherby Formation
* Both projects are located along the Bayhorse Thrust Fault, a major
structural corridor, which places Izee Terrane rocks (Weatherby
Formation) overtop of Olds Ferry terrane rocks (Huntington Formation)
* Both projects have abundant mineral occurrences and historical mine
workings
* Both projects are erosional windows through the post-mineral Columbia
River basalts that cover the vast majority of the Hercules Copper Trend
* NevGold will rapidly advance preparations for an active field program at
Zeus starting in May
NevGold CEO, Brandon Bonifacio, comments: "We are very pleased with how positive
the results have been from our upfront geological work on the newly staked Zeus
Copper Project. Due to our strong presence in Washington County, Idaho with our
Nutmeg Mountain gold project, our team had a robust understanding of the
regional geology which we were able to leverage in the identification of the
Zeus Project as the next best copper porphyry target on the trend alongside the
Hercules Project. Over the past 6 months we have also spent a significant amount
of time in the field with our technical team. Instead of utilizing external land
staking crews, our core NevGold team completed the staking process which also
allowed us to advance surface geology work including reconnaissance mapping and
rock chip sampling as we were in the field staking claims. This has been a major
advantage in being able to rapidly advance the project. All of the geological
signatures that we encountered through our geological review and time in the
field solidify our view that Zeus has excellent copper porphyry potential and is
some of the most strategic ground in this emerging Hercules Copper Trend."
NevGold VP Exploration, Derick Unger, comments: "The copper potential at Zeus
has stood out since our first day in the field when we were finding float
samples with copper mineralization and porphyry-style alteration in outcrops.
Our enthusiasm for the project has continued to grow as we have completed our
geological review. The similarities to the Hercules Project are striking. Both
projects host a large suite of rocks from the Olds Ferry terrane including a
significant thickness of Hercules Rhyolite which conceals the blind porphyry at
the Hercules Project, and will be an important area to test at Zeus. It is also
very encouraging that both projects have Triassic age plutons, which is the
likely source of the copper porphyry mineralization at the Hercules Project.
This suggests there is strong potential for discovery of a blind copper porphyry
at Zeus as well. The main focus now is rapidly advancing the project, and we are
preparing for an active field program starting in May as the snow melts and the
field conditions improve. Zeus offers some of the most compelling copper
porphyry targets in this emerging copper trend."
Geology of the Hercules Copper Trend
The Hercules Copper Trend is hosted in the Blue Mountain Province, a series of
accreted terrains of Permian-Triassic intrusive rocks (plutons) and Triassic-
Jurassic volcanic and sedimentary rocks. At the Hercules Project the existence
of historically mined silver-base metal veins in the Jurassic volcanic rocks led
Hercules to drill beneath the volcanic rocks into the underlying Triassic
intrusive rocks where porphyry-style copper mineralization was discovered
(Figures 1 and 2). The same geologic conditions identified at the Hercules
Project exist at the Zeus Project, where historical production of silver-base
metal veins in Jurassic-Triassic volcanic and sedimentary rocks on the western
side of the district transitions to Triassic intrusive rocks with porphyry-style
alteration and copper mineralization present at surface (Figures 1, 2, 3, and
4).
Figure 1 - Geologic Map of the Hercules Copper Trend compiled by the NevGold
geology team.
Modified from (Henricksen, 1974), (Fankhauser, 1968), (Skurla, 1974), (Lund,
2021), (Adair, 1985).
Please click here to view image.
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17ac44f06006)
Figure 1 Summary: Figure 1 outlines the geologic map of the Hercules Copper
Trend compiled and reinterpreted by the NevGold geology team. As the figure
shows, there are many similarities between the Hercules Project and Zeus
Project. Both projects exhibit the same host rocks including the Olds Ferry
terrane rocks of the Upper Huntington Formation, including the Hercules
Rhyolite, as well as rocks of the Lower Huntington Formation (Seven Devils
equivalent) which were intruded by Triassic aged plutons and are a likely host
to copper porphyry mineralization. Additionally, both projects have significant
amounts of Izee terrane rocks of the Weatherby Formation, which are post-mineral
and could conceal a copper porphyry deposit.
Figure 2 - Side by Side of Hercules Project and Zeus Project Geology. Maps
compiled by NevGold geology team.
Modified from (Henricksen, 1974), (Fankhauser, 1968), (Skurla, 1974), (Lund,
2021), (Adair, 1985).
Please click here to view image.
(https://www.globenewswire.com/NewsRoom/AttachmentNg/958e188d-fcdb-
4a3f-8cb8-161014d4f406)
Figure 2 Summary: Figure 2 outlines that both the Hercules Project and Zeus
Project contain the Hercules Rhyolite (light blue) and other Olds Ferry terrane
rocks along with Triassic plutons (brown), which have been identified as
important factors in the formation and preservation of potential copper porphyry
deposits in the district. The similarities between the Hercules Project and Zeus
Project are included in the Key Highlights section above.
Figure 3 - Zeus Project Geology Map compiled by NevGold geology team.
Modified from (Henricksen, 1974), (Lund, 2021), (Mitchell & Bennett, 1979).
Please click here to view image.
(https://www.globenewswire.com/NewsRoom/AttachmentNg/c3ee12d6-caa5-439c-a285-
5078a7c04069)
Figure 3 Summary: Figure 3 identifies the presence of Olds Ferry terrane
volcanic and sedimentary rocks of the Huntington Formation (dark to light blue)
which host numerous historical mineral occurrences and mine workings that
primarily focused on high-grade silver-base metal veins. The Triassic intrusive
rocks (brown) lay beneath and intrude into the volcanic and sedimentary rocks
and show indications of copper porphyry style mineralization.
Figure 4 - Zeus Project cross-section interpreted by NevGold geology team.
Geologic mapping and historical drilling at the Mineral Project (left and center
of Figure) suggest a tilted porphyry deposit with the porphyry center east
(right side of Figure) of the historical drillholes.
Please click here to view image.
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0510f3dec848)
Figure 4 Summary: Figure 4 is a cross-section looking north through the Mineral
Project (Hercules) and Zeus Project (NevGold) in the Mineral District. The
historical drilling completed at the Mineral Project suggests that there is a
tilted copper porphyry deposit with the porphyry center located to the east of
the historical drillholes. NevGold's Zeus Project is to the east of the
historical drillholes.
Figure 5 - Zeus Project Stratigraphic Column compiled by NevGold geology team.
Modified from (Henricksen, 1974), (Dorsey & LaMaskin, 2007), (Lund, 2021).
Please click here to view image.
(https://www.globenewswire.com/NewsRoom/AttachmentNg/c43fab22-7a05-4da0-bcf6-
3d210c79d7ab)
Figure 5 Summary: Figure 5 summarizes the stratigraphic units identified in the
district. Copper mineralization appears to be related to the Triassic plutons
ranging between 210-200 Ma. The United States Geological Survey ("USGS") has
dated Triassic plutons on the Zeus Project at 204 Ma and 200 Ma. The silver-base
metal mineralization is hosted in the Hercules Rhyolite and other Huntington
Formation rocks (Olds Ferry terrain) as well as the Triassic plutons.
Planned 2024 Activities and Status Update
NevGold plans an active exploration program at Zeus in 2024. This program
includes:
* Geological review and 3-D model creation (completed);
* Geological mapping (in process);
* Comprehensive surface geochemical sampling (in preparation);
* 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).
History of the Mineral District, Washington County, Idaho
Total historical production from the Mineral District is nearly 1 million ounces
of silver, and over 900,000 pounds of copper, along with significant lead and
zinc, and minor gold credits (Table 1). Mineralization was first identified in
the Mineral District in the 1870's by local prospectors. The early work
ultimately led to the development of two smelters where ore was processed and
then shipped across the Snake River to Huntington, Oregon (Mitchell V. E.,
2000).
The Mineral District has seen minimal modern exploration campaigns. The most
notable campaigns were on the land now covered by Hercules' Mineral Project and
came from Cyprus Mining between 1968-1970. Cyprus drilled several holes
intersecting high-grade silver bearing polymetallic veins and copper
mineralization. Two of the holes (MDD-1 and MDD-2, Figure 4) were drilled into
what appears to be the distal porphyry zone and encountered significant copper
values and propylitic alteration (MDD-1 and MDD-2 were not assayed for gold or
molybdenum) (see Hercules Silver News Release dated October 2, 2023
(https://herculessilver.com/hercules-silver-enters-into-lease-option-agreement-
for-copper-gold-porphyry-target-in-hercules-mining-district/)). To NevGold's
knowledge, no modern exploration has been completed at Zeus prior to NevGold
staking the project.
The Mineral District has two types of mineralization (Anderson & Wagner, 1952).
The majority of the historical ore was produced from silver-bearing veins
composed of fine-grained sulphides in calcite gangue. The ore minerals consisted
of pyrite, tetrahedrite, chalcopyrite, galena and sphalerite with localized
enrichments of marcasite, wurtzite and sulphosalts. The second type of
mineralization style in the Mineral District was reported at the Jessie/Condor
mine and was characterized by quartz-tourmaline veins that contain tetrahedrite,
galena, pyrite, chalcopyrite, and sphalerite, which occurred in fissured and
fractured diorite and quartz diorite. In 1901, famous geologist Waldemar
Lindgren visited the Mineral District and noted that:
"The Jessie (Condor) represents a totally different type of deposit. Tourmaline
veins are, as a rule, connected with deep-seated processes and formed under
higher pressure and temperature than ordinary hydrothermal gold and silver
veins" (Lindgren, 1901).
Quartz tourmaline veins are often associated with deep seated hydrothermal
systems that can serve as indicators of porphyry coppery style deposits due to
their association with hydrothermal fluid pathways.
+---------------+--------+--------+--------+--------+--------+--------+--------+
|Mine and Years | | Old | | | | | |
| in | Ore |Tailings| Gold | Silver | Copper | Lead | Zinc |
| Production | (tons) | (tons) |(ounces)|(ounces)|(pounds)|(pounds)|(pounds)|
+---------------+--------+--------+--------+--------+--------+--------+--------+
| Historical | | | | | | | |
| Smelter | | | | | | | |
|Production pre-| | | | | | | |
| 1900* |Unknown | | |600,000 |266,700 | | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
|Black Hawk Mine| | | | | | | |
| (1947) | 21 | | | 515 | 590 | 247 | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
| Jessie/Condor | | | | | | | |
| Mine (1941) | 12 | | 8 | 15 | 705 | | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
|Enterprise Mine| | | | | | | |
| (1918-1947) | 210 | | | 10,306 | 11,560 | 1,928 | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
| Eagan Mine | | | | | | | |
| (1919-1949) | 3,177 | 4 | 4 |169,051 |122,524 | 3,205 | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
|Ladd Metals Co.| | | | | | | |
| (1903-1905) | 5,673 | | 55 | 8,890 |373,493 | 3,205 | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
| Other | | | | | | | |
| properties | | | | | | | |
| (1940) | 26 | | | 2,630 | 2,022 | 338 | |
+---------------+--------+--------+--------+--------+--------+--------+--------+
| Silver Still | | | | | | | |
| Mine (1922- | | | | | | | |
| 1950) | 4,989 | | 25 |166,128 |123,275 |135,555 | 4,630 |
+---------------+--------+--------+--------+--------+--------+--------+--------+
| Total for | | | | | | | |
| District | 14,108 | 4 | 92 |957,535 |900,869 |144,478 | 4,630 |
+---------------+--------+--------+--------+--------+--------+--------+--------+
Table 1 - Mineral District Historical Production, compiled by Mitchell (2000).
Figure 6 - Zeus Project Location and Hercules Copper Trend
Please click here to view image.
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1db3dfba7789)
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).
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.
References
Adair, D. H. (1985). High-Grade Silver Potential of The Hercules Project, Cuddy
Mountain District, Idaho. Anglo-Bomarc Mines, LTD.
Anderson, A. L., & Wagner, W. R. (1952). Reconnaissance Geology and Ore Deposits
of The Mineral District. . Idaho Department of Land: Bureau of Mines and
Geology.
Dorsey, R. J., & LaMaskin , T. A. (2007). STRATIGRAPHIC RECORD OF TRIASSIC-
JURASSIC COLLISIONAL. American Journal of Science, Vol. 307 December 2007, P.
1167-1193, DOI 10.2475/10.20007.03.
Fankhauser, R. E. (1968). Geologic Map of The Southern Cuddy Mountains
Washington County, Idaho. Idaho Geological Survey.
Henricksen, T. A. (1974). 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.
Lindgren, W. (1901). The Gold Belt of The Blue Mountains of Oregon. USGS 22nd
Annual Report.(1900-1901) pt, 11, pp.561-776.
Lund, K. (2021). Geology of the Payette National Forest and Vicinity, West-
Central Idaho. U.S. Department of the Interior, U.S. Geological Survey.
Mitchell, V. E. (2000). History of Selected Mines in the Minerals District,
Washington County, Idaho. Idaho Geological Survey, Staff Report 00-14.
Mitchell, V. E., & Bennett, E. H. (1979). Geologic Map of The Baker Quadrangle,
Idaho. Idaho Department of Land: Bureau of Mines and Geology.
Skurla, S. J. (1974). Geologic Map of The Sturgill Peak Area, Washington County,
Idaho. Thesis Submitted to Oregon State University.
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