VANCOUVER, BC, Feb. 1, 2021 /CNW/ – New Placer Dome Gold Corp. (“New Placer Dome” or the “Company“) (TSXV: NGLD) (OTCQB: NPDCF) (FSE: BM5) is pleased to report additional analytical results from five reverse circulation (“RC”) drill holes completed at the Company’s Bolo Gold-Silver Project. The second batch of holes intersected significant oxide gold and extended mineralization at depth in the South Mine Fault Zone, which remains open for expansion. The remaining four holes from the 2020 RC drill program are at ALS laboratories in North Vancouver awaiting prep and fire assays. The Bolo Gold-Silver Project is in a proven and prolific mining area within Nevada, USA.
The Bolo RC drill campaign, completed in November 2020, comprised 14 drill holes totaling 4,159 metres (13,645 feet). Seven of the ten holes for which assay results have been received to date have encountered significant oxide gold mineralization (Table 1). Laboratory assay results from four additional expansion drill holes are still pending.
- Hole BL20-06 was designed to test the down-dip and south plunging continuity of South Mine Fault Zone gold mineralization at depth. The hole intersected 25.91 metres grading 0.92 grams-per-tonne (g/t) gold (Au), within a broader zone of mineralization averaging 0.41 g/t Au over 97.54 metres1 (Figure 1). The hole successfully extended mineralization approximately 65 metres vertically beneath hole BL20-05, which returned gold values of 1.52 g/t Au over 7.62 metres, within a broader zone of 0.54 g/t Au over 97.54 metres2.
- Hole BL20-10 collared at the north end of the South Mine Fault Zone and intersected near surface oxide gold grading 1.23 g/t Au over 10.67 metres, within a broader zone of mineralization averaging 0.81 g/t Au over 19.81 metres1 (Figure 2).
The considerable length of the gold intercepts in BL20-06, and in BL20-05 above indicate that the mineralized structures hosting leachable gold in the South Mine Fault Zone have significant vertical and lateral extent. These results speak to the continuity and overall strength of the mineralized system at Bolo.
Hole BL20-10 intersected shallow oxide gold mineralization below 2019 drill hole BL19-07, which returned strong arsenic pathfinder values. A similar arsenic anomaly was encountered in BL20-10 coincident with the reported gold intercept. New Placer Dome’s technical team has established that pathfinder anomalies are a powerful vectoring tool to identify mineralized structures in the South Mine Fault Zone and elsewhere at the Bolo Gold-Silver Project.
Kris Raffle, P.Geo., and a director comments, “Our continued success in identifying oxide gold mineralization in the South Mine Fault Zone over multiple drill campaigns not only bolsters our understanding of the complex structural controls on mineralization at Bolo, but also presents the Company with a persuasive argument to explore other under-drilled or un-drilled areas of the Project with similar geological characteristics.”
1 The true width of mineralization is estimated to be approximately 60-70% of drill width.
2 See New Placer Dome news release dated October 20, 2020.
RC drilling at Bolo defines a 1.2 kilometer north-south trending corridor of gold-silver mineralization containing the South Mine Fault Zone, Uncle Sam, and Northeast Extension zones. Gold mineralization at Bolo exhibits characteristics of classic Carlin-type mineralization, including strong subvertical structural control in addition to evidence of gold mineralization extending laterally at low angles within favorable silty carbonate units.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Global (“ALS”), Vancouver Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of New Placer Dome and the QP. RC drill samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250 gram split to 85% passing 75 microns. Gold determination was via standard atomic absorption spectroscopy (“AAS”) finish 30 gram fire-assay (“FA”) analysis, in addition to 48 element ICP-MS geochemistry. For any samples assaying over 0.1 ppm gold an additional 30 gram cyanide leach analysis is completed whereby the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.
New Placer Dome follows industry standard procedures for the work carried out on the Bolo Gold-Silver Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. New Placer Dome detected no significant QA/QC issues during review of the data. New Placer Dome is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
About New Placer Dome Gold Corp.
New Placer Dome Gold Corp. is a gold exploration company focused on acquiring and advancing gold projects in Nevada. New Placer Dome’s flagship Kinsley Mountain Gold Project, located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI 43-101 indicated resources containing 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes)3. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly hosting Carlin-style gold mineralization. New Placer Dome also owns 100% of the Troy Canyon Project, located 120 km south of Ely, Nevada. New Placer Dome is run by a strong management and technical team consisting of capital market and mining professionals with the goal of maximizing value for shareholders through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
The scientific and technical information contained in this news release as it relates to the Bolo Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB and a Director of New Placer Dome, and Christopher Livingstone, P.Geo. (BC) Project Geologist of APEX Geoscience Ltd. of Edmonton, AB, both “Qualified Persons” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
3 Technical Report and updated estimate of mineral resources on the Kinsley Project, Elko County, Nevada, U.S.A., effective January 15, 2020 and prepared by Michael M. Gustin, Ph.D., CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under New Placer Dome Gold Corp.’s Issuer Profile on SEDAR (www.sedar.com).
On behalf of the Board of Directors,
/s/ “Max Sali”
Max Sali, Chief Executive Officer
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Forward Looking Information
This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, conducting exploration work on its projects, receipt of further assays, other statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, 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. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; * competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company’s history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company’s projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company’s prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, government regulations and policies, litigation, exchange rate fluctuations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, decrease in the price of gold and other metals, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.