BEDFORD, NS,
Oct. 22, 2012 /CNW/ - NSGold
Corporation (TSXV: NSX) is pleased to announce that it is
undertaking a further drilling program at its wholly-owned
Mooseland Gold Project located in Halifax County, Nova Scotia.
NSGold intends to drill ten shallow diamond
drill holes ranging from 50 to 75 meters in length along the West
Zone at Mooseland for purposes of
evaluating the potential for open pit mining of the West
Zone. The West Zone has been drill tested at depth and extends
along strike approximately 1,000 meters, however, past drilling
campaigns (110 holes totaling 29,000 meters) were not designed to
target the gold bearing veins within 75 meters from the
surface. The Mooseland gold
deposit occurs within a typical Meguma structure with steeply
dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with
similar widths and grades. Of particular significance from a
potential open-pit mining perspective is the relatively shallow
depth (generally 0.5-1.5 meters) of overburden covering the West
Zone deposit and the geometry of the near surface saddle veins.
The West Zone comprises 57% (259,000 ounces) of
the total inferred mineral resources for the Mooseland Gold Project
which are estimated at 454,000 ounces of gold (see NSGold news
release dated June 5, 2012). A
summary of the June 2012 resource
estimate is provided in the table below.
Mooseland Summary of
Non-Diluted Inferred Mineral Resources
|
| |
Cut-off Grade
(g/tonne) |
Tonnes Above
Cut-off |
Average Diluted
Grade (g/tonne) |
Ounces |
| West Zone |
2.6 |
1,460,000 |
5.52 |
259,000 |
| East Zone |
2.6 |
1,060,000 |
5.72 |
195,000 |
| Total |
2.6 |
2,520,000 |
5.6 |
454,000 |
The drilling program is scheduled to commence in
November 2012 and is being partially
funded with a Mineral Incentive Program grant from the Nova Scotia
Department of Natural Resources.
NSGold also announces that it has, subject to
regulatory approval, retained Venture Liquidity Providers Inc.
("VLP") to initiate its market-making service to provide assistance
in maintaining an orderly trading market for the common shares of
the company.
The market-making service will be undertaken by
VLP through a registered broker, W.D. Latimer Co. Ltd., in
compliance with the applicable policies of the TSX Venture Exchange
and other applicable laws. For its services, the corporation has
agreed to pay VLP $5,000 per month
for a period of 12 months. The agreement may be terminated at any
time by the corporation or VLP. The corporation and VLP act at
arm's length, and VLP has no present interest, directly or
indirectly, in the corporation or its securities. The finances and
the shares required for the market-making service are provided by
W.D. Latimer. The fee paid by the
company to VLP is for services only.
VLP is a specialized consulting firm based in
Toronto providing a variety of
services focused on TSX-V-listed issuers.
Qualified Person
Perry MacKinnon P.
Geo., Chief Geologist, for NSGold, a qualified person as
defined by National Instrument 43-101 has reviewed the information
provided in this news release.
About NSGold
NSGold Corporation is a mineral exploration
company actively exploring for gold in Nova Scotia, Canada. NSGold's principal
property is the Mooseland Gold Property. NSGold's shares are listed
on the TSX Venture Exchange under the symbol NSX.
Forward-Looking Statements
This news release contains statements that
may constitute "forward-looking information" or "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking information and
statements may include, among others, statements regarding the
future plans, costs, objectives or performance of NSGold
Corporation ("NSGold"), or the assumptions underlying any of the
foregoing. In this news release, words such as "may",
"would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No
assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, or if any of
them do so, what benefits that NSGold or its shareholders will
derive. Forward-looking statements and information are based
on information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond NSGold's control. These
risks, uncertainties and assumptions include, but are not limited
to, those described under "Risks and Uncertainties" in NSGold's
Management Discussion and Analysis for the Year ended December 31, 2011, which is available on
SEDAR at www.sedar.com, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. NSGold does not intend, nor does NSGold undertake
any obligation, to update or revise any forward-looking information
or statements contained in this news release to reflect subsequent
information, events or circumstances or otherwise, except if
required by applicable laws.
Neither 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.
SOURCE NSGOLD CORPORATION