New Placer Dome Gold Corp. Geophysical Surveys Continue to Identify New Drill Targets - Kinsley Mountain Gold Project - Nevada
VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / New Placer Dome Gold Corp. ("New Placer Dome" or the "Company") (TSX-V:NGLD)(OTCQB:NPDCF)(FSE:BM5) is pleased to announce the completion of the first half of the 2021 induced polarization (IP) / resistivity geophysical surveys and currently underway at its flagship Kinsley Mountain Gold Project ("Kinsley Mountain") in Nevada.
Kinsley Mountain is located 90 km south of the Long Canyon Mine1, operated by the Newmont/Barrick Joint Venture, Nevada Gold Mines. It hosts Carlin-style gold mineralization under and adjacent to a historical open-pit, run-of-mine heap leach operation, and hosts an Indicated Resource at the Western Flank Zone (WFZ) of 302,000 ounces of gold grading 6.11 g/t Au (1.54 million tonnes)[1].
The first phase of the 2021 IP/resistivity geophysical surveys infilled the area between the WFZ and Shale Saddle 2020 survey grids. There is a correlation between enhanced chargeability and drill confirmed high grade gold sulphide mineralization at the WFZ. At Shale Saddle, anomalous gold values were discovered on the periphery of a 500 by 250 metre untested chargeability anomaly.
Seven lines, totaling 30 km line, were completed during the first phase of surveying, extending the existing 2020 Shale Saddle grid north to connect and overlap with the south end of the WFZ grid (Figure 1) Chargeability anomalies were detected on all lines, coincident with modelled Secret Canyon shale rocks, the main host of high-grade sulphide gold mineralization at the WFZ and Secret Spot. The Company's 2020 drilling yielded high-grade gold sulphide intercepts from the Secret Canyon shale including: 10.2 g/t gold (Au) over 6.1 metres within a broader zone averaging 2.63 g/t Au over 38.1 metres in KMR20-017 at the WFZ; and 11.3 g/t Au over 2.9 m within a broader zone grading 3.81 g/t Au over 11.6 m in KMD20-006 at Secret Spot[2]. Significantly, the two holes are separated by a 1.5-kilometer expanse of largely untested Secret Canyon stratigraphy.
Max Sali, CEO and founder of New Placer Dome commented, "The number and quality of new Secret Canyon shale drill targets generated by the first phase of IP/resistivity surveying at Kinsley has far exceeded our expectations. High grade gold mineralization intersected during the Company's 2020 drilling at the WFZ and Secret Spot illustrate the substantial prospectivity of Secret Canyon shale rocks within the Project area. The results of the ongoing geophysical surveys will allow the Company to focus and prioritize drill targeting in its search for blind zones of high-grade gold mineralization within the vast areas of untested Secret Canyon shale throughout the Kinsley Mountain Project."
The new chargeability anomalies occur within areas untested by previous drilling, with each line producing one or more potential drill targets. Several anomalies are spatially associated with major fault structures including the Kinsley NW Fault and the Transverse Fault, which correlate to WFZ and Secret Spot gold mineralization, respectively. Together with anomalies identified by the 2020 Shale Saddle survey, a broad north-south trending zone of elevated chargeability has been delineated over a strike length of 1.5 km.
The next phase of surveying currently underway extends the 2020 WFZ grid to the east, covering the Upper Kinsley Ridge pits and Notch Peak breccias. Two lines, totaling 5 line-km, are planned for the WFZ grid extension. An additional 45 line-km are planned for the underexplored Kinsley North Range, covering a total area of 25 square km of undrilled target host rocks.
Figure 1. Northeast-facing isometric view of the Kinsley Mountain Project showing the 2020 and 2021 IP/resistivity survey chargeability inversions.
Methodology and QA/QC
Seven IP/resistivity lines have been completed to date during 2021 infilling the area between the WFZ and Shale Saddle target. The lines are spaced 150 metres apart, with line lengths ranging from 3.6 to 4.0 kilometres. Data were collected using the Direct Current Resistivity, Induced Polarization ("DCIP") method, on a 16-channel pole-dipole array with a dipole size (a-spacing) of 100 metres. A GDD GRx16 receiver and GDD 5000W-2400V-20A IP Tx model Tx4 transmitter was used. Raw data were loaded into GDD IP Post-Process software and Geosoft Oasis Montaj software for quality control and review. The reviewed data were used to produce pseudo section plots of apparent resistivity and apparent chargeability and were the input for the inversion. Inversions were completed using the UBC-GIF DCIP2D inversion codes. Each line of data was inverted independently. The resistivity and IP inversion is a two-step process. The resistivity inversion is run first, and this model is used in the chargeability inversion. Multiple inversions were completed for quality control.
About New Placer Dome Gold Corp.
New Placer Dome Gold Corp. is a gold exploration company focused on acquiring and advancing gold projects in Nevada. New Placer Dome's flagship Kinsley Mountain Gold Project located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture, Nevada Gold Mines), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI 43-101 indicated resources containing 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes)[3]. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly hosting Carlin-style gold mineralization. New Placer Dome also owns 100% of the Troy Canyon Project, located 120 km south of Ely, Nevada. New Placer Dome is run by a strong management and technical team consisting of capital markets and mining professionals with the goal of maximizing value for shareholders through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of New Placer Dome and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.
On behalf of the Board of Directors,
/s/ "Max Sali"
Max Sali, Chief Executive Officer
Contact Information:
Max Sali, Chief Executive Officer & Director
Tel: 604 620 8406
Email: msali@newplacerdome.com
Neither the 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 news release.
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information or statements" within the meaning of applicable securities law, including without limitation, the completion of the geophysical survey program and subsequent drilling and the expected outcomes and results, other statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, 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. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. For further information concerning these and other risks and uncertainties, refer to the Company's filings on www.SEDAR.com.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as "social licence"); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather and climate conditions, increase in costs, equipment failures, government regulations and policies, litigation, exchange rate fluctuations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, decrease in the price of gold and other metals, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
[1] Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021, with an effective date of May 5, 2021 and prepared by Michael M. Gustin, Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (www.sedar.com). Long Canyon Mine is not necessarily indicative of mineralization within New Placer Dome Properties.
[2] See New Placer Dome news releases dated January 11, and April 29, 2021. True width of mineralized intervals is interpreted to be between 60-90% of the reported lengths.
[3] Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021 with an effective date of May 5, 2021 and prepared by Michael M. Gustin, Ph.D., and Gary L. Simmons, MMSA and filed under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (www.sedar.com). Long Canyon Mine is not necessarily indicative of mineralization within New Placer Dome Properties.
SOURCE: New Placer Dome Gold Corp.