New Placer Dome Gold Corp. expands Bolo Gold-Silver drill program and adds second drill rig at Kinsley Mountain gold project
VANCOUVER, BC, Aug. 24, 2020 /CNW/ - New Placer Dome Gold Corp. ("New Placer Dome" or the "Company") (TSXV: NGLD) (OTCQB: NPDCF) (FSE: BM5) is pleased to provide an update on its aggressive exploration program at the Kinsley Mountain Gold and Bolo Gold-Silver projects. New Placer Dome now has three rigs turning in Nevada, including reverse circulation (RC) track rigs at Kinsley Mountain and Bolo and a diamond core rig that has recently commenced drilling at Kinsley Mountain (Image 1 Below).
As of now, over 1,500 metres in 6 RC holes at Kinsley Mountain, and over 1,500 metres in 6 RC holes at the Bolo Gold-Silver project have been completed to date. Drilling at Bolo recently recommenced following a break for local drill crews. The drilling rate at Kinsley Mountain is now poised to increase with the addition of the diamond core rig. New Placer Dome expects to mobilize a second larger truck mounted RC drill rig to Kinsley next week and have a total of four rigs turning in Nevada.
The initial drilling at Kinsley Mountain is focused on expanding the high-grade Western Flank Gold Zone, which hosts a 1.54 million tonne indicated resource containing 302,000 ounces of gold at a grade of 6.11 grams per tonne2. The current Western Flank RC drilling intersected pyrite mineralized Secret Canyon shale lithologies visually similar to historical well-mineralized intercepts.
Drill chip samples from the first 5 holes completed at Bolo have now been submitted to ALS Global for multi-element geochemical and gold fire assay analysis. The first 5 RC drill holes at Bolo were designed to expand the vertical (down-dip) and down-plunge extension of the South Mine Fault Gold Zone where 2019 RC drill holes intersected significant gold mineralized zones; highlighted by drill holes BL-19-01 and BL-19-04, which returned assays of 3.34 grams per tonne (g/t) gold over 29.0 metres and 1.19 g/t gold over 122 metres starting at 79 metres down hole, respectively[1]2.
Based on the strength of visually mineralized RC drill intercepts combined with x-Ray florescence (XRF) gold pathfinder element analysis New Placer Dome has decided to expand the originally planned 3,500 metres RC drill program at Bolo. Additional drilling at Bolo will be guided by visual chip logging and real-time XRF gold pathfinder analysis, in addition to gold fire assay results as they are received from ALS Global.
Maximilian Sali, Founder and CEO comments "We now have three drill rigs turning in Nevada, two at Kinsley and one at Bolo. We are exceptionally encouraged with the progress and initial data so far at Bolo and have decided to increase our exploration spend and drill multiple additional holes. We look forward to releasing results soon. We are in the process of expediting certain holes for a faster turnaround time to release results to market."
1 See New Placer Dome Gold Corp. News Release Dated October 28, 2019. The true width of the mineralization is estimated to be 60-70% of the drilled width. |
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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)[2]. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly hosting Carlin-style gold mineralization. New Placer Dome also holds an option to acquire 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.
[2] 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). |
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Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of New Placer Dome Corp., and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
On behalf of the Board of Directors,
/s/ "Max Sali"
Max Sali, Chief Executive Officer
Neither the 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 news release.
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, receiving assay results, 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, decrease in the price of gold and other metals, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, 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.
SOURCE New Placer Dome Gold Corp.
Max Sali, Chief Executive Officer & Director, Tel: (604) 620-8406, Email: [email protected]; Karl Mansour, Paradox IR, Tel: (514) 341-0408, Email: [email protected]
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