General Precious Metals
Nevgold Corp. (TSX-V: NAU)(OTC: NAUFF) CEO Brandon Bonifacio on Hitting 2.13 g/t Oxide Au Over 58.2 Meters, Including 12.32 g/t Oxide Au Over 5.9 Meters At The Cadillac Valley Target Area At Limousine Butte
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Nevgold, Mr. Brandon Bonifacio. Brandon, how are you today?
Brandon Bonifacio: Good, thanks Gerardo. How about yourself?
Gerardo Del Real: I'm well. I'm well. I know you've been busy. It's a slightly different gold market than the last time you and I chatted. We hoped and and kind of saw that the trend was higher. It now looks like $2,000 is going to be where gold is comfortable at. I think we see, you know, much higher prices later on in the year.
Would love to get your take there, but we have to talk about the news release from a couple of days ago. You had an intercept of 58.2 meters of 2.13 grams per tonne oxide, including 12.32 grams per tonne oxide gold over 5.9 meters. This was at the Cadillac Valley target area. Talk to me about the location of these holes the portion of the assays that have been received and why the team’s so excited.
We talked a bit off air. And I'd love for you to provide the context here around these results.
Brandon Bonifacio: Definitely. So Cadillac Valley was one of the key highly prospective target areas that we identified at Limousine Butte. So at the start of this year, when we added our second rig in the middle of January, we put that rig at Cadillac Valley and started drilling that target. That is approximately two kilometers from the Resurrection Ridge area, which is where we released those initial batch of assays from February 8th.
So it's very exciting that we're hitting known areas of mineralization approximately two kilometers away from the historical resource at Resurrection Ridge. What's exciting about this hole is it is at the tip of the Cadillac Valley target area. And we tried to paint that picture in the news release with the long and cross sections that we presented.
And what we're seeing from some of the follow up holes that we drilled at Cadillac Valley and we're hitting some really, really good alteration at shallower levels. So it does mean that the mineralization is trending up dip and we look forward to updating the markets on those releases as we receive them from the assay lab, which should be in and around the end of March.
And I also want to say that it's great to see that this hole was sent to the lab in the third week of January and we’re already releasing assays as of March 8th. So it's fantastic that we're getting that live data, which then obviously helps with our interpretation and geological model and as we plan the rest of the program. So all in all, very exciting to see those results and we're very excited about what's to come from these further assays as well.
Gerardo Del Real: And again, just to be absolutely clear, there's assays pending for the section from 277.7 meters to 403.6 meters, correct?
Brandon Bonifacio: Correct on the remainder of this hole. But then we also have a number of other holes that have been completed, and those are the ones stepping back from that hole that's in the press release. So we have a number of other holes. They fortified better at the lab from Cadillac Valley as well that are pending. So we should have a very comprehensive release coming sort of end of March timeframe on the remainder of the case. Great area.
Gerardo Del Real: It's great to hear that the labs are turning the assays around. You mentioned in the release that Cadillac Valley is a new potential resource area. It's clear to me that you're going to be drill testing it with at least 3,500 meters, according to the release. Is there is there the potential that you expand on that depending on the assays? Because it's clear to me that this has become a near-term focus for the company.
Brandon Bonifacio: Definitely, yeah. It's something we review on a daily or weekly basis in terms of where the holes are placed. So most definitely if we continue to hit along strike which looks to be around two kilometers long to date from some of the holes that we drilled, we will continue to drill that target area. There is a 3,500 meters of the 10,000 earmarked today.
But naturally, if we are having success with some of these holes and assays that we released shortly, we will continue to build that target to really drive towards that near-term resource at the Cadillac Valley target area along with the Resurrection Ridge area. And I think that's part of the story that Nevgold is trying to deliver on is that we do have to key what we would call deposit areas at Resurrection Ridge in Cadillac Valley.
And if we can deliver successfully on that, we do think we have a near-term resource opportunity of north of a million ounces of oxide resources.
Gerardo Del Real: Your chief geologist talks about how, you know, satisfying it is to have the results align with the geological model. It's again clear to me that that model is becoming better understood with every release. Is that is that accurate there, Brandon?
Brandon Bonifacio: Yes, definitely it is accurate. And I think with that also, there's a number of new areas because we are delivering on our initial thinking and interpretation of the project in district that there are some new areas that will fold into this drill program that could really open up new targets or potential new deposits. So that's the real exciting part as well is when you're having results aligning with your interpretation that what else does that open up in the entire 67 square kilometer land package that could have the same characteristics as the Resurrection or Cadillac Valley.
Gerardo Del Real: High grade oxide gold… Nevada… $2,000 gold. A lot to be excited for assays pending the labs turning them around into you know pretty pretty good turnaround times. A lot to like there anything to add to that.
Brandon Bonifacio: No I think that's a great summary Gerardo and looking forward to getting back and for your audience on the back of that next assay release and obviously gold's cost instability here obviously with some of the macro economic unfortunate situations that are playing out. But I think as a company, as I've said a number of times on your show and on the calls we've had is as a company, we need to continue to execute on our stated deliverables to the market. And I think we've done that to date and we'll continue to do so in the future. So thanks again for the time and thanks again to all your listeners.
Gerardo Del Real: While said looking forward to those assays and chatting again. Thanks again, Brandon.
Brandon Bonifacio: Thanks, Gerardo. Have a great day.