- Field program initiated on Mt Roe Gold Project
- Targeting interpreted high grade structures and defining
Prinsep anomaly
- Ground-truthing magnetic feature identified in magnetic
inversion
VANCOUVER, April 24, 2019 /CNW/ - NxGold Ltd.
("NxGold" or the "Company"), (TSXV: NXN) is
pleased to annouce the initiation of the field program at the Mt
Roe Gold Project located near Karratha in Western Australia. The program is focusing on
further defining, to drill-ready, a number of prioritised target
areas.
The initial work program includes the following
activities: detailed soil sampling of the +1,000m Prinsep gold anomaly (currently defined
by limited soil and rock samples) [News Release January 22, 2019], expansion and infill of the
previously completed soil grids on the
Hawk and Eagle target areas [News Release December 18, 2018] which is to expand to cover
the Crow target area, trenching of four structures interpreted to
be controlling the distribution of gold anomalies in the Eagle,
Hawk and Kangaroo target areas, and regional silt sampling /
prospecting / target mapping within the recently granted tenements
[News Release December 12, 2018].
In addition, a ground-truthing exercise will be undertaken on
the recently granted tenements to determine if there is a surface
expression of an approximately 300 nanoTesla magnetic anomaly
(magnetic susceptibility model SI0.025 – 0.045) resulting in a very
defined pipe-like feature in the inversion of the magnetic data
collected last year. The inversion anomaly has rough
dimensions of 100m diameter and
occurs between -100m to -500m elevation (see Figure 1).
The magnetic data review and inversions were completed and
reviewed by SJ Geophysics of Langley,
BC.
The magnetic anomaly occurs in a portion of the land package
that hosts numerous exposures of the Sholl Intrusion, a
differentiated or layered mafic intrusive complex. To the NE
and to the SW of this portion of the property numerous prospects
have historically evaluated copper, nickel and platinum group
element occurrences. The historical prospects have been
reported to occur at the contact of a more ultramafic member with a
more mafic member of the intrusion.
Christopher McFadden, Chief
Executive Officer, commented, "We are looking forward to
continuing the detailed and systematic exploration approach on the
recently granted tenements in the Pilbara and in particular
undertaking work to evaluate any surface expression of the magnetic
anomaly recently identified from the geophysical work previously
undertaken."
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.
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.
Technical Disclosure
NxGold advises that the Mt Roe Gold project is an early stage
exploration project and there is no certainty of the discovery nor
definition of a mineral resource.
The scientific and technical information in this news release
has been prepared or approved by Darren
Lindsay, P.Geo., 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.
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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,
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will or may occur in the future including
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and on reasonable terms, and that third party contractors,
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required to conduct the Company's planned exploration activities
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forward-looking information as a result of new information or
events except as required by applicable securities laws.
SOURCE NxGold Ltd.