VANCOUVER, March 28, 2019
- Programme of Work approval received
- Field start up in Western Australia delayed due to tropical cyclone Veronica
VANCOUVER, March 28, 2019 /CNW/ - NxGold Ltd. ("NxGold" or the "Company"), (TSXV: NXN) is pleased to provide an update on its permitting activities leading to the execution of the proposed 2019 exploration programme. The Programme of Work (PoW) application for field work on the Mt Roe Gold Project covering both the Sholl and Prinsep tenement areas has been approved and, as previously reported, excess tonnage permits have also been approved.
The approved permits cover work activities including trenching on select target areas as well as up to 2,500m of rotary air-blast drilling in select areas. The current work plan includes drainage/stream sampling on the newly granted tenements; these areas host the 80oz and Pineapple nugget patches with no known previous work focussing on identifying the source of the nuggets. The plan includes expanding or establishing soil grids at the Eagle, Hawk, Swan, and Crow target areas in order to define the extents of the previously identified anomalous trends (News Release December 18, 2018). The most aggressive phase of the current work plan is the trenching of three inferred target structures: 80oz an inferred source of coarse nuggets, Eagle where two conjugate vein structures hosted visible gold in previous work (News Release September 10, 2018), and Hamburger where the structure is interpreted to have preserved a sediment basin where melon seed nuggets have been collected and the structural trend is the postulated source of gold and quartz specimen nuggets.
Accordingly the Company is continuing its systematic staged approach to exploration in the Pilbara by initially working on the newly granted tenements and covering them with more regional style exploration methods of stream silt samples and propseting/mapping followed by soil grids and trenching of anomalies. This then allows for prioritization of the most prospective targets for drill evaluation, and with success, a discovery.
Currently a major tropical cyclone in the Karratha area has delayed work program start for two to three weeks.
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 are hoping to start work as soon as weather conditions in the field permit."
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.
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.
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.
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.
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