Staking Program Being Carried Out to Increase the Diamond Jim Mine Project
23 November 2013 - 8:15AM
Nevada Gold Corp (OTCQB:NVGC) is pleased to report that a
staking program is being carried out to enlarge the Diamond Jim
Mine project in the Island Mining District north of Elko, Nevada.
When completed the size of the property will have been expanded by
approximately 60% for a total of 53 claims. A surface program of
geological mapping and sampling is in progress as well as
preparation and planning to open the underground workings in the
next phase of the program.
The Island Mountain Mining District, which hosts the Diamond Jim
Property, is comprised of two major tectonically-bounded
stratigraphic sequences. The lower sequence is an autochthon
comprised of three different steeply-dipping units. This is
overlain by an allochthon consisting of a "chaotic assemblage of
imbricate thrust plates" (Columbus Mines Inc. internal report,
1985). This has in turn then been broken and displaced by
northeasterly, northerly, and northwesterly trending high-angle
extensional faulting.
Locally, the Diamond Jim Property is situated in an area of
structurally and stratigraphically controlled silver-lead
mineralization hosted predominantly in the phyllite. This area is
very structurally complex and poorly understood. The main structure
is a northeast trending strongly silicified and brecciated vein
that dips steeply to the west. Initial mapping indicates that this
structure has a strike length of a least 6800 feet (2073 m). The
high-grade epithermal mineralization is reported to be
predominantly along imbricate thrust faults that occur at right
angles to the main contact vein. That is, northeast striking
with dips of 20 to 30 degree to the southeast. The silver
mineralization occurs as argentiferous galena, sphalerite and
tennantite as cavity filling, minor replacement pockets, stringers
and replacement lenses.
About Nevada Gold Corp
Nevada Gold Corp (OTCQB:NVGC) is a publicly traded US
exploration company focused on precious metals targets in the gold
rich area of North Eastern Nevada. To date, Nevada State has
produced over 200 million ounces of gold with Nevada accounting for
almost 84% of the US annual gold production. Most recently the
company has a acquired an option to earn a 75 percent interest in
the former producing silver/lead and gold mine called the Diamond
Jim Mine located in Northern Nevada State.
The Diamond Jim Mine in Elko County consists of 35 claims and is
located in northeastern Nevada, 20 miles (32 km) south of the Idaho
border, 69 miles (111 km) north of the city of Elko and 260 miles
(418 km) northeast of the city of Reno. The property lies on the
easterly end of the northeast-trending Midas trend, one of Nevada's
several important epithermal gold belts. The Midas trend hosts a
number of significant to world-class gold districts such as
Midas-Ken Snyder Mine and the Jerritt Canyon Mine (recently
produced its 8 millionth ounce of gold). These mines produce mainly
from epithermal vein systems favorable for small but profitable
high-grade operations and Carlin-type sediment-hosted deposits
amenable to large-scale open-pit bulk mining.
Nevada Gold Corp plans to conduct an initial surface exploration
program as well as seek a permit to reopen the old mine workings to
verify pervious exploration results. In addition to the Diamond Jim
property, the company also has an option on another gold property
located in Nevada's Long Canyon Gold Trend.
Company Website: http://www.nvgoldcorp.net
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Notice Regarding Forward-Looking
Statements:
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things,
that the company will be able to expand its board of directors with
members who will be able to assist in raising capital or
negotiating future acquisitions, the formation of a Technical
Advisory Committee or the activities of such Committee,
or that North Eastern Nevada will produce another world class
deposit or that we will be a participant in any such discovery, or
that past production from the region is any indication of future
production.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration. We are not in control of metals prices and
these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form 10-K
for the most recent fiscal year, our quarterly reports on Form 10-Q
and other periodic reports filed from time-to-time with the
Securities and Exchange Commission.
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