- 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.
About NxGold
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.
Technical Disclosure
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.