VANCOUVER, Oct. 19, 2017 /CNW/ - NXGOLD LTD.
("NxGold" or the "Company"), (NXN:TSXV) is
pleased to advise that a Type B Water Licence (2BE-KUU1721) has
been issued by the Nunavut Water Board in respect of the Kuulu
Project in Nunavut. This
licence authorizes water use and waste management associated with
camp and drilling activities for the Kuulu Project. Upon renewal of
the existing Land Use Licences, KVL311B01 and KVRW12E01, all
licenses and permits will have been issued to permit the Company to
drill test high priority gold targets at the Kuulu Project.
As previously announced on June 19,
2017, the Company has also obtained a positive decision from
the Nunavut Impact Review Board for the Kuulu Project.
The Company continues its dialogue with the Kivalliq Inuit
Association and remains optimistic that it will secure renewal
of the Land Use Licences in due course,.
Condor North Consulting ULC., has been retained to perform a
detailed interpretation of the results of the Kuulu VTEM Plus
survey that was undertaken in June to refine geophysical targeting
on the Kuulu Project and their final report is pending.
Chicobi Project Update
The Company has been informed that acquisition of high
resolution seismic data along the 11 kilometer Chicobi survey line
is now complete. This survey line was undertaken with NxGold
as an industry partner to the Seismic Discovery Program
co-ordinated by the Mineral Exploration Research Centre at the
Harquail School of Earth Sciences, Laurentian University.
Additional geophysical, geochemical and geological data is
currently being acquired to support an integrated interpretation of
the seismic data.
The Company has scheduled an airborne VTEM Plus and magnetics
survey for late October 2017.
This survey will leverage existing high-quality survey data
by merging the new data completed by NxGold with historical data
resulting in strong property coverage which will help to define and
prioritize drilling targets.
Chris McFadden, Chief Executive
Officer of NxGold stated: "We are very pleased to be issued the
Water Licence for Kuulu as it represents the second to last
outstanding permit required and now only the renewal of the
existing Land Use Licenses are required for the Company to
undertake our anticipated maiden drill program. We will
continue to work closely with the Kivalliq Inuit Association and
the local community to seek renewal of the Land Use Licences as
soon as we can. Meanwhile the commencement of geophysical and
seismic work at Chicobi is exciting and we are looking forward to
the results of the first systematic and detailed exploration
program on this extensive land package in the heart of the prolific
Abitibi Greenstone Belt, Quebec."
About NxGold
NxGold is a Vancouver-based
exploration company. NxGold has 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).
Additionally, the Company has entered into an earn-in agreement to
earn up to a 100% interest in the Chicobi Project located within
the prolific Abitibi Greenstone Belt in Quebec.
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.
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.