BEDFORD, NS,
Dec. 20, 2012 /CNW/ - NSGold
Corporation (TSXV: NSX) is pleased to announce that it has
obtained promising results on two more of its seven exploration
licenses in the Cheticamp area of
Nova Scotia.
Sampling from the Mountain Top Mine area, known
to host at least 12 mineralized showings, returned significant
values from quartz-sericite schist taken from two of these sites as
detailed in the table below:
Sample # |
Gold
(g/tonne) |
Silver
(g/tonne) |
Copper
(%) |
Lead
(%) |
Zinc
(%) |
|
|
|
|
|
|
806253 |
4.73 |
23.2 |
0.10 |
0.39 |
4.62 |
806263 |
3.39 |
138.0 |
0.72 |
6.94 |
1.03 |
Amax Minerals Exploration Limited ("Amax") in
1979 reported sampling of boulders of massive galena in several
locations on this property that returned assay values up to 1,334
grams per tonne silver, 42.3% lead and 8% zinc. Amax also reported
sampling of boulders of massive arsenopyrite that returned assay
values up to 4.11 grams per tonne gold, 160.4 grams per tonne
silver, 1.27% lead and 1.77% zinc. Significant gold, silver and
copper values have been reported by other companies that have
explored elsewhere on the property. The source of this
mineralization has yet to be found. A number of soil
geochemical and geophysical (EM) anomalies remain either untested
or under-explored.
NSGold also recently collected rock samples from
another area of its Cheticamp Project known as the Core Shack
Showing. In particular three samples taken from mineralized
quartz-sericite schist returned significant values as detailed in
the table below:
Sample # |
Gold
(g/tonne) |
Silver
(g/tonne) |
Copper
(g/tonne) |
Lead
(%) |
Zinc
(%) |
|
|
|
|
|
|
806277 |
5.49 |
15.2 |
0.19 |
0.27 |
2.53 |
806278 |
3.74 |
86.0 |
0.15 |
0.62 |
0.51 |
806279 |
3.94 |
9.9 |
0.02 |
0.05 |
0.29 |
Amax carried out a limited drill program at the
Core Shack area in 1979 with the best reported drill intercept
being 4.11 gram per tonne gold, 40.8 g per tonne silver, 1.76% lead
and 2.39% zinc over 4.5 meters. The limits of this mineralization
have not been adequately explored.
NSGold previously reported significant precious
and base metal results from rock samples taken from two other of
its Cheticamp exploration
licenses, Fisset Brook and Rocky
Brook (see NSGold news release dated August 1, 2012).
NSGold Chief Executive Officer, Glenn Holmes, commented;
"These latest sampling results, together with
those reported in August 2012,
demonstrate the potential for the Cheticamp land package to host a significant
combined precious and base metal deposit. NSGold
intends to complete a thorough review the historic exploration
results with the view of designing a follow on exploration program
for the New Year."
At the Cheticamp Property base metal and
precious metal mineralization occurs in an altered meta-sedimentary
sequence (mainly quartz-sericite schist with some chlorite schist)
within altered volcanics. Numerous additional showings, as well as
two former producing mines (the Galena Lead/Zinc Mine and the
Mountain Top Copper/Gold Mine), occur on nearby claims, also owned
by NSGold, in a similar geological environment. NSGold has
excellent claim coverage in these areas.
The rocks of the Cheticamp Highlands region are
of the Aspy Terrane which correlates with the Gander and Dunnage
Zones of Newfoundland, host to the
Buchans area deposits, and the
Miramichi Zone of north-central New
Brunswick, host to the Bathurst area deposits.
Mooseland Gold Project
NSGold also announces that it has completed the
Fall 2012 drilling program at its wholly-owned Mooseland Gold
Project located in Halifax County, Nova
Scotia. This program was partially funded with a Mineral
Incentive Program grant from the Nova Scotia Department of Natural
Resources
A total of 15 diamond drill holes were
completed, including two that encountered old mine workings and
were abandoned. Drill hole depths ranged from 66 to 80 meters and
all encountered multiple zones of quartz bearing argillites that
contained varying amounts of arsenopyrite, both in and around the
quartz veins. Logging of the core is now complete and core samples
are being sent to Laboratoire Expert Inc. in Rouyn-Noranda for analysis.
The purpose of the Fall 2012 drill program was
to obtain additional data for the near surface gold mineralization
for purposes of evaluating the potential for open pit mining of the
West Zone. The West Zone has been previously 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.
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