- Nuggets found by NxGold management during site
visit.
- Close spatial relationship of numerous prospector holes and
prospective unit confirmed.
- Grab samples collected (assays pending).
- Mapping continues.
VANCOUVER, April 24, 2018 /CNW/ - NxGold Ltd. (the
"Company") (TSX-V:NXN) is pleased to announce the discovery
of additional gold during its maiden mapping program on its Mt. Roe
Gold Project located in the Pilbara Region, Western
Australia. The project lies adjacent to tenement holdings of
Novo Resources (TSX:NOV) and Artemis Resources (ASX:ARV) (Figure
1).
There is a close spatial relationship to numerous prospector
gold detector holes occurring within tens of meters downslope along
the prospective conglomerate contact zone (the "Unconformity")
(Figure 2). Further surveying and trenching is planned to
more fully determine the orientation and extent of this
unconformity structure, interpreted to be the source of the melon
seed gold nuggets found on the project area to date by previous
owners and by the Company's executive team (Figure 3).
During the recent mapping program seven nuggets were recovered
by the Company's CEO in approximately half an hour of detecting on
the north eastern side of the tenement package (Figure 4). Ten grab
samples of more conventional styles of potential gold
mineralisation, epithermal and shear-hosted, were collected and
submitted for assay; results are pending.
Christopher McFadden, Chief
Executive Officer commented, "It is exciting to get fieldwork
underway in the heart of this new gold exploration province.
We are expecting a report on the mapping shortly and this will be
the first step in unlocking this opportunity. It is
remarkable being able to find a number of nuggets in such a short
time considering the area has been picked over by prospectors for
many years. Mapping is ongoing and a follow up phase of work
to better understand the geology and gold morphology will commence
soon after. We look forward to updating the market as further
work is commenced."
About NxGold
NxGold is a Vancouver-based exploration company. The
Company owns 80% of the Mt. Roe gold project located in the Pilbara
region of Western Australia. The Company has also
entered into an earn-in agreement with Meliadine Gold Ltd. to earn
up to a 70% interest in the Kuulu Project (formerly known as the
Peter Lake Gold Project) in Nunavut and an earn-in agreement to earn up to
a 100% interest in the Chicobi Project located within the prolific
Abitibi Greenstone Belt in Québec.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Technical Disclosure
The scientific and technical information in this news release
has been prepared or approved by Darren
Lindsay, Vice President Exploration and Development, of the
Company, a "qualified person" within the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
Cautionary Statement Regarding "Forward-Looking"
Information
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
"Forward-looking information" includes, but is not limited to,
statements with respect to activities, events or developments that
the Company expects or anticipates will or may occur in the future
including whether the proposed acquisition will be completed.
Generally, but not always, forward-looking information and
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or the
negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes
no obligation to update or reissue forward-looking information as a
result of new information or events except as required by
applicable securities laws.
SOURCE NxGold Ltd.