Updated Gold Mineral Resource announced by NevGold at Nutmeg Mountain, Idaho, comprising 1,186,000 ounces Indicated and 548,000 ounces Inferred in open-pit, heap-leach operations.
NevGold Corp., an exploration and development company focused on large-scale mineral systems in the proven districts of Nevada and Idaho, has presented an updated Mineral Resource Estimate (MRE) for its Nutmeg Mountain project in southwest Idaho.
The MRE, prepared by Greg Mosher, P. Geo (Global Mineral Resource Services, "GMRS"), shows significant growth over the last 24 months. Indicated tonnage has increased by 18%, while inferred tonnage has more than doubled compared to the 2021 MRE.
The updated MRE includes 1.19 Mozs of Indicated Resources at 0.50 g/t Au (74.2 Mt) and 548 kozs of Inferred Resources at 0.34 g/t Au (49.8 Mt). Mineral Resources are estimated in accordance with Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required under National Instrument 43-101 ("NI 43-101").
Mineralization at Nutmeg Mountain starts at surface with a low strip ratio, expected to be less than 1:1. The Company completed five core holes totaling 1,371 meters in early 2023, four of which were within the known envelope of mineralization, and the data from these holes have been used in the MRE.
To support reasonable prospects for eventual economic extraction, the MRE used assumptions such as a gold price of US$2350/oz, mining costs, processing costs, heap-leach process recovery, and an overall pit slope angle of 50 degrees.
As part of its commitment to ESG practices, NevGold is reviewing alternate energy potential near the Project, including geothermal, solar, and wind power generation. The Company is also considering collaboration agreements with alternate energy partners to assess opportunities to lower the carbon footprint at the Project.
A technical report on the Updated MRE is being prepared in accordance with NI 43-101 standards and will be available on the Company's website and on SEDAR+ within 45 days of the date of this news release. Mr. Greg Mosher (P.Geo., M.Sc. Applied) served as the independent "Qualified Person" under NI 43-101, and Mr. Greg French, CPG, the Company's Vice President, Exploration, also reviewed and approved the scientific and technical information contained in this news release.
Figure 6 displays a plan view map of the Nutmeg Mountain gold project with a geology summary, highlighting mineralization at a 0.20 Au g/t cutoff and areas with additional mineralization potential. The Project is located in a favorable mining jurisdiction in southwest Idaho.
NevGold plans to complete further metallurgical testwork to advance the Project to a Preliminary Economic Assessment (PEA). The Company looks forward to continuing to explore and develop the Nutmeg Mountain project and potential opportunities for sustainable energy solutions.
Read also:
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
- Financial Actions of BlockDAG Following Inter and Borussia Agreements: Anticipating Future Steps
- International powers, including France, Germany, and the UK, advocate for the reinstatement of sanctions against Iran.
- Companies urged to combat employee resignation crisis, as per findings from the Addeco Group
