NSGold confirms significant gold, silver and base metal potential on its Cheticamp property
31 7월 2012 - 6:54AM
PR Newswire (Canada)
BEDFORD, NS, Aug. 1, 2012 /CNW/ - NSGold Corporation is pleased to
report that stream sediment and grab samples from three of its
seven exploration licences in the Cheticamp Highlands area of Cape
Breton, Nova Scotia have provided encouraging results. On the
Fisset Brook exploration licences 9797 and 7755, rock samples
returned values of up to 78.4 grams per tonne silver and 1.44 grams
per tonne gold in an area not previously known to contain
significant values of either element. Lead and zinc values greater
than the detection limit of the ICP assay method, of 0.5% and 1%
respectively, were also obtained, as well as antimony values up to
334 ppm. Sediment sampling from two streams on the property has
provided a strong vector for further exploration on a section of
the claims with no exposure, with values up to 137 parts per
million ("ppm") copper, 163 ppm nickel, 145 ppm lead, 445 ppm zinc
and 437 ppm arsenic. On the Rocky Brook licence 09235, NSGold
sampling returned values of up to 6.17 grams per tonne gold in an
area of historic trenching. A previous limited drill program in
this area was carried out by Noranda in 1990 and returned gold
values up to 7.8 grams per tonne over 0.6 meters and a 3.6 meter
interval assaying 1.05% lead, 2.74% zinc and 0.51% copper. Grab
samples from trenching completed by Noranda returned values up to
17.8 grams per tonne gold. Several historic soil anomalies and an
IP anomaly remain untested on this property. Base metal and
precious metal mineralization occurs in an altered meta-sedimentary
sequence (mainly quartz-sericite schist with some chlorite schist)
within altered volcanics. Numerous additional showings as well as
two former producing mines (the Galena Lead/Zinc Mine and the
Mountain Top Copper/Gold Mine) occur on nearby claims, also owned
by NSGold, in a similar geological environment. NSGold has
excellent claim coverage in these areas and is planning to
undertake further evaluation work on all the exploration licences.
The rocks of the Cheticamp Highlands region are of the Aspy Terrane
which correlates with the Gander and Dunnage Zones of Newfoundland,
host to the Buchans area deposits, and the Miramichi Zone of
north-central New Brunswick, host to the Bathurst area deposits.
Qualified Person Perry MacKinnon P. Geo., Chief Geologist, for
NSGold, a qualified person as defined by National Instrument 43-101
has reviewed the information provided in this news release. About
NSGold NSGold Corporation is a mineral exploration company actively
exploring for gold in Nova Scotia, Canada. NSGold's principal
property is the Mooseland Gold Property. NSGold's shares are listed
on the TSX Venture Exchange under the symbol NSX. Forward-Looking
Statements This news release contains statements that may
constitute "forward-looking information" or "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking information and statements may
include, among others, statements regarding the future plans,
costs, objectives or performance of NSGold Corporation ("NSGold"),
or the assumptions underlying any of the foregoing. In this
news release, words such as "may", "would", "could", "will",
"likely", "believe", "expect", "anticipate", "intend", "plan",
"estimate" and similar words and the negative form thereof are used
to identify forward-looking statements. Forward-looking
statements should not be read as guarantees of future performance
or results, and will not necessarily be accurate indications of
whether, or the times at or by which, such future performance will
be achieved. No assurance can be given that any events
anticipated by the forward-looking information will transpire or
occur, or if any of them do so, what benefits that NSGold or its
shareholders will derive. Forward-looking statements and
information are based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond NSGold's
control. These risks, uncertainties and assumptions include,
but are not limited to, those described under "Risks and
Uncertainties" in NSGold's Management Discussion and Analysis for
the Year ended December 31, 2010, which is available on SEDAR
at www.sedar.com, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. NSGold does not intend, nor does NSGold undertake
any obligation, to update or revise any forward-looking information
or statements contained in this news release to reflect subsequent
information, events or circumstances or otherwise, except if
required by applicable laws. Neither 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 release. NSGOLD CORPORATION
CONTACT: Glenn A. HolmesChief Executive Officer, NSGold
Corporation(902) 798-1148glenn.holmes@nsgoldcorp.com
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